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Tag: legal services

  • Donald Trump indicted in Stormy Daniels case — first former U.S. president to ever be criminally charged

    Donald Trump indicted in Stormy Daniels case — first former U.S. president to ever be criminally charged

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    The Teflon Don is facing his biggest test.

    After years of investigations and probes into Donald Trump for a wide variety of alleged crimes, a Manhattan grand jury voted Thursday to indict him, marking the first time in U.S. history a former president will face criminal charges.

    The indictment has yet to be unsealed so the specifics of the charges weren’t immediately clear, but the Manhattan district attorney has alleged that Trump had broken the law for his role in a hush-money payment to porn star Stormy Daniels at the height of the 2016 presidential election to silence her story claiming they once had an affair. Despite years of various investigations, Trump had so far avoided prosecution.

    The New York Times was first to report the indictment, which was confirmed by Trump’s lawyers, Joe Tacopina and Susan Necheles, late Thursday. “President Trump has been indicted,” they said in a statement. “He did not commit any crime. We will vigorously fight this this political prosecution in court.”

    In his own statement, Trump called the indictment “political persecution and election interference at the highest level,” and accused Democrats of “cheating” and “weaponizing our justice system.”

    In an emailed statement Thursday, a spokesperson for Manhattan District Attorney Alvin Braggs said arrangements are being made for Trump’s surrender: “This evening we contacted Mr. Trump’s attorney to coordinate his surrender to the Manhattan D.A.’s Office for arraignment on a Supreme Court indictment, which remains under seal. Guidance will be provided when the arraignment date is selected.”

    There were news reports that Trump would turn himself in next week, and in an email to MarketWatch, Necheles said Trump’s arraignment is expected to be Tuesday.

    Also see: Donald Trump has been indicted. Could he still run for president?

    The hush-money charges mark an extraordinary turn of events for Trump, who has been under investigation for election interference in Georgia and the storage of classified documents at his Florida mansion, as he seeks to make a political comeback with a run for the White House in 2024.

    Daniels, whose real name is Stephanie Clifford, was paid $130,000 by Trump’s then-personal lawyer, Michael Cohen, after she had approached the National Enquirer offering to sell her kiss-and-tell story about having sex with Trump at a celebrity golf tournament in 2006.

    Clifford then signed a non-disclosure agreement and the National Enquirer never published the story — a tabloid journalism practice known as “catch and kill.”

    Cohen initially made the payment using money he took from a home equity loan on his house, and funneled it to Clifford through a shell company he created in Delaware. Cohen, who  pleaded guilty in 2018 in federal court to campaign finance violations for his role in the payoff, said he was directed to make the payment by Trump who later reimbursed him.

    That payment was recorded by Trump’s company as being for legal services. Federal prosecutors had argued that the payments amounted to illegal, unreported assistance to Trump’s campaign.

    Trump was never charged in the federal probe but was listed in court documents as “co-conspirator number one.”

    The former president has denied having an affair with Clifford and has characterized her selling the story as extortion.

    Cohen had also been involved in orchestrating an earlier “catch-and-kill” payment in 2016 to former Playboy bunny Karen McDougal, who was given $150,000 for her story of having an affair with Trump by the National Enquirer, which then never ran an article. 

    The editor and publisher of the National Enquirer were given non-prosecution agreements in exchange for their cooperation with the federal investigation. 

    Trump has been facing an FBI investigation into his keeping boxes of highly classified documents after he left the White House following his defeat by President Joe Biden in 2020. He also has been subject to a grand jury probe into his alleged tampering with the election process in Georgia.

    His real estate company, the Trump Organization, has been the subject of a lawsuit by the New York Attorney General’s office for allegedly falsifying business and tax records. The Manhattan district attorney had similarly looked into Trump’s business practices but has so far declined to press charges.  

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  • Alibaba’s Shakeup Is Unrivaled. What It Means for the Stock.

    Alibaba’s Shakeup Is Unrivaled. What It Means for the Stock.

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    Alibaba


    stock was on track for its best day in months after the Chinese technology giant announced that it would split itself into six units, opening the door for its subsidiary businesses to go public.

    Akin to Alibaba (ticker: BABA) shifting from conglomerate to holding company, the move is designed to unlock shareholder value and foster market competitiveness, said the group, which is one of China’s largest and most important companies. It’s a nod both to investors who have weathered years of losses for the stock—caused largely by regulatory pressures—as well as regulators who have hammered Alibaba and the rest of the Chinese tech sector over competition concerns since late 2020.

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  • Trump’s legal team seeks to throw out special grand jury report on 2020 election interference in Georgia | CNN Politics

    Trump’s legal team seeks to throw out special grand jury report on 2020 election interference in Georgia | CNN Politics

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    CNN
     — 

    Attorneys for former President Donald Trump have asked for a judge to toss the final report and evidence from a special grand jury in Georgia that spent months investigating efforts by Trump and his allies to overturn the 2020 election.

    Trump’s attorneys also are asking that a judge disqualify the Fulton County District Attorney’s office from overseeing the investigation, according to a new court filing.

    “President Donald J. Trump hereby moves to quash the SPGJ’s [special purpose grand jury’s] report and preclude the use of any evidence derived therefrom, as it was conducted under an unconstitutional statute, through an illegal and unconstitutional process, and by a disqualified District Attorney’s Office who violated prosecutorial standards and acted with disregard for the gravity of the circumstances and the constitutional rights of those involved,” Trump’s attorneys wrote in the filing.

    The motion to quash the special grand jury’s work and disqualify the district attorney’s office from pursuing any charges in the case is Trump’s first effort to intervene in the long-running investigation conducted by Fulton County District Attorney Fani Willis, a Democrat. It signals the aggressive approach Trump’s attorneys are likely to take in fighting any potential charges Trump could face.

    So far, no one has been charged in Georgia.

    Willis’ office is considering bringing racketeering and conspiracy charges, CNN reported Monday.

    CNN has requested comment from the Fulton County District Attorney’s office.

    The wide-ranging objections by Trump’s attorneys cover a number of decisions by the judge who oversaw the grand jury, the conduct of the Fulton County district attorney and a variety of interviews last month by the special grand jury’s foreperson.

    A special grand jury investigating Trump and his associates concluded its work in December and a judge overseeing the panel made small slivers of the report public in February. After the partial release, a foreperson for the panel went on a media tour during which she indicated roughly a dozen individuals had been recommended for criminal charges.

    The foreperson, Emily Kohrs, declined to say whether the special grand jury recommended criminal charges for Trump, telling CNN last month: “There may be some names on that list that you wouldn’t expect. But the big name that everyone keeps asking me about – I don’t think you will be shocked.”

    Special grand juries in Georgia can issue subpoenas and collect evidence, such as documents and testimony, but they cannot issue indictments. Instead, they write a final report that includes recommendations on whether anyone should face criminal charges. Then it’s up to the district attorney to decide whether to seek indictments from the regularly seated grand juries.

    Trump’s attorneys raised objections to several issues related to the special grand jury process, including the series of interviews by the foreperson and a recent media interview with other members of the special grand jury, who spoke to the Atlanta Journal-Constitution anonymously.

    “The results of the investigation cannot be relied upon and, therefore, must be suppressed given the constitutional violations,” Trump’s attorneys argued in the new filing. “The foreperson’s public comments in and of themselves likewise violate notions of fundamental fairness and due process and taint any future grand jury pool.”

    Trump’s team also argued that Willis’ office should have been disqualified from overseeing the entire case when we she was blocked from investigating now-Georgia Lt. Gov. Burt Jones, a Trump ally who served as a fake elector after the 2020 election. They also took issue with the media interviews Willis has provided.

    “The resulting prejudicial taint cannot be excised from the results of the investigation or any future prosecution,” Trump’s attorneys wrote, adding that the media interviews “violate prosecutorial standards and constitute forensic misconduct, and her social media activity creates the appearance of impropriety compounding the necessity for disqualification.”

    Trump’s legal team raised objections as well with how Fulton County Superior Court Judge Robert McBurney oversaw the grand jury and interviews he provided after the panel’s work concluded. CNN was among the media outlets to interview McBurney.

    “The Supervising Judge made inappropriate and prejudicial comments relating to the conduct under investigation as well as potential witnesses invocation of the Fifth Amendment,” according to the Trump attorneys. “He improperly applied the law and subsequently denied appellate review while knowing his application of the law in that manner had vast implications on the constitutionality of the investigation.”

    They argued that McBurney was incorrect in determining the special grand jury was a criminal investigative body, a decision that weighed heavily with other judges who forced out-of-state witnesses to comply with subpoenas they received to appear before the panel.

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  • Alibaba’s Recovery Has Momentum. This Is One Potential Risk.

    Alibaba’s Recovery Has Momentum. This Is One Potential Risk.

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    Analysts are increasingly upbeat about


    Alibaba


    stock in the wake of the group’s quarterly earnings, which supported the narrative that the Chinese tech company’s recovery is on track. But a familiar challenge may be returning.

    Shares in Alibaba Group Holding (ticker: BABA) lost almost half their market value in 2021 as Beijing cracked down on the Chinese technology sector. Things were equally difficult in 2022. Regulatory pressure continued, while economic growth slowed on the mainland, battering Alibaba’s bottom line, as a result of broad lockdowns intended to stamp out Covid-19.

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  • Alibaba Stock Jumps After Earnings Beat. Chinese Lockdowns Still Weighed.

    Alibaba Stock Jumps After Earnings Beat. Chinese Lockdowns Still Weighed.

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    Alibaba


    reported better-than-expected earnings in the final three months of 2022, giving Wall Street exactly what it wanted as analysts remain positive on the Chinese tech giant. 

    But there are signs that the destructive Covid-19 lockdowns that hurt the world’s second-largest economy last year continue to linger.

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  • Trump leadership PAC spent more than $16 million on legal services in 2022 | CNN Politics

    Trump leadership PAC spent more than $16 million on legal services in 2022 | CNN Politics

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    CNN
     — 

    Donald Trump’s leadership PAC spent more than $16 million on legal services in 2022, according to a tally of the Save America PAC distributions through the end of December. The number represents a massive set of bills from lawyers at a time when the former president faces multiple criminal inquiries, lawsuits and other challenges.

    The money appears to be largely geared toward firms representing Trump and his business and family interests. The disbursements show that Save America PAC paid more than $12.5 million to 16 law firms that have aided in his representation, either in the criminal matters or other legal disputes, according to CNN’s review of the data and additional reporting. Some of those law firms also represent others who’ve been sought out as subjects in the inquiries around Trump.

    The firm of a Trump defense attorney, Alina Habba, took in nearly $2 million from Save America in 2022. Habba Madaio & Associates has represented him opposite a New York State attorney general probe and in other lawsuits.

    Another firm, van der Veen, Hartshorn and Levin, which has lawyers who represented Trump in his 2021 impeachment proceedings and also represented a Trump Organization entity in New York, was paid $1.4 million, according to federal election records. And the two law firms of Trump’s primary criminal defense attorneys, Evan Corcoran and James Trusty, were each paid $1.2 million, Save America PAC reported.

    Some law firms receiving Save America’s payments represent close contacts of Trump’s, such as McGuireWoods, which represents his former chief of staff Mark Meadows.

    The large law firms McGuireWoods and Squire Patton Boggs, which represents former Trump White House speechwriter staffers, received almost $900,000 and $250,000, respectively, while several smaller law firms that represent key witnesses in ongoing investigations received payments into the hundreds of thousands of dollars.

    In all, nearly 30 law firms received at least $100,000 from Save America PAC.

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  • China Sets New Rules for Overseas IPOs. What It Means for DiDi, Alibaba, and Others.

    China Sets New Rules for Overseas IPOs. What It Means for DiDi, Alibaba, and Others.

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    China has announced new rules on overseas IPOs, potentially sparking the resumption of Chinese companies listing in New York.

    Under the new rules, the China Securities Regulatory Commission (CSRC) will vet any overseas listing applications, effective from March 31. The regulator has the power to block such IPOs, and the rules make clear listings must not endanger national security.

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  • CFO of Alex Murdaugh’s former law firm testifies she confronted him about missing funds the morning his wife and son were killed | CNN

    CFO of Alex Murdaugh’s former law firm testifies she confronted him about missing funds the morning his wife and son were killed | CNN

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    CNN
     — 

    The double murder trial of Alex Murdaugh continued Thursday with testimony about the disgraced attorney’s alleged financial crimes, which prosecutors have suggested were about to be revealed when Murdaugh allegedly killed his wife and son in an effort to distract from those schemes.

    The testimony of Jeanne Seckinger, the chief financial officer of Murdaugh’s law firm, was heard Thursday morning without the jury present as Judge Clifton Newman weighs whether to allow the state to present the evidence of the alleged financial crimes, for which Murdaugh faces 99 charges separate from the murder case.

    The morning of June 7, 2021 – the same day of the murders – Seckinger confronted Murdaugh about $792,000 in missing funds, she said Thursday, testifying that legal fees should have been made payable to the law firm, then known as PMPED, and not to individual attorneys.

    But Seckinger and other members of the firm realized in May 2021 they had not received a fee check stemming from a settlement signed in a case Murdaugh shared with another attorney, Chris Wilson, Seckinger testified, which was a concern.

    “Either he’s got a check he hasn’t turned into us that is properly payable to PMPED or he’s received a check payable to him,” Seckinger said.

    Seckinger testified she confronted Murdaugh on June 7 and told him she had reason to believe he had received the funds himself and that he needed to prove to her he had not.

    “He assured me that the money was there, and that he could get it,” Seckinger said.

    Prosecutors indicated in pretrial filings they believed Murdaugh killed his wife, Margaret “Maggie” Murdaugh and his 22-year-old son Paul Murdaugh to distract attention from various illicit schemes he was running and which the state contends were about to come to light when they were killed.

    “Ultimately,” prosecutors wrote in a motion, “the murders served as Murdaugh’s means to shift the focus away from himself and buy himself some additional time to try and prevent his financial crimes from being uncovered, which, if revealed, would have resulted in personal legal and financial ruin for Murdaugh.”

    At the time, Murdaugh was facing a lawsuit from the family of 19-year-old Mallory Beach, who was killed in February 2019 when a boat, owned by Murdaugh and allegedly driven by Paul, struck a bridge piling.

    Murdaugh’s financial records – which state court filings said “would expose (Murdaugh) for his years of alleged misdeeds” – could have been disclosed following a hearing in the civil case scheduled for June 10, 2021, three days after the killings.

    Prosecutors’ motion contends the missing $792,000 had already been spent. But the hearing was canceled after Maggie and Paul’s deaths, Seckinger said Thursday, and the firm opted not to confront Murdaugh about the missing money.

    “Alex was distraught and upset and not in the office much” after the killings, Seckinger said. “And nobody wanted to harass him about nothing that we thought was really missing, when we had several months till the end of the year to clear it up. So we were not going to harass him at that point in time.”

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  • Tesla, GM, Lucid, Alibaba, and More Stock Market Movers

    Tesla, GM, Lucid, Alibaba, and More Stock Market Movers

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  • ChatGPT passes exams from law and business schools | CNN Business

    ChatGPT passes exams from law and business schools | CNN Business

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    CNN
     — 

    ChatGPT is smart enough to pass prestigious graduate-level exams – though not with particularly high marks.

    The powerful new AI chatbot tool recently passed law exams in four courses at the University of Minnesota and another exam at University of Pennsylvania’s Wharton School of Business, according to professors at the schools.

    To test how well ChatGPT could generate answers on exams for the four courses, professors at the University of Minnesota Law School recently graded the tests blindly. After completing 95 multiple choice questions and 12 essay questions, the bot performed on average at the level of a C+ student, achieving a low but passing grade in all four courses.

    ChatGPT fared better during a business management course exam at Wharton, where it earned a B to B- grade. In a paper detailing the performance, Christian Terwiesch, a Wharton business professor, said ChatGPT did “an amazing job” at answering basic operations management and process-analysis questions but struggled with more advanced prompts and made “surprising mistakes” with basic math.

    “These mistakes can be massive in magnitude,” he wrote.

    The test results come as a growing number of schools and teachers express concerns about the immediate impact of ChatGPT on students and their ability to cheat on assignments. Some educators are now moving with remarkable speed to rethink their assignments in response to ChatGPT, even as it remains unclear how widespread use is of the tool among students and how harmful it could really be to learning.

    Since it was made available in late November, ChatGPT has been used to generate original essays, stories and song lyrics in response to user prompts. It has drafted research paper abstracts that fooled some scientists. Some CEOs have even used it to write emails or do accounting work.

    ChatGPT is trained on vast amounts of online data in order to generate responses to user prompts. While it has gained traction among users, it has also raised some concerns, including about inaccuracies and its potential to perpetuate biases and spread misinformation.

    Jon Choi, one of the University of Minnesota law professors, told CNN the goal of the tests was to explore ChatGPT’s potential to assist lawyers in their practice and to help students in exams, whether or not it’s permitted by their professors, because the questions often mimic the writing lawyers do in real life.

    “ChatGPT struggled with the most classic components of law school exams, such as spotting potential legal issues and deep analysis applying legal rules to the facts of a case,” Choi said. “But ChatGPT could be very helpful at producing a first draft that a student could then refine.”

    He argues human-AI collaboration is the most promising use case for ChatGPT and similar technology.

    “My strong hunch is that AI assistants will become standard tools for lawyers in the near future, and law schools should prepare their students for that eventuality,” he said. “Of course, if law professors want to continue to test simple recall of legal rules and doctrines, they’ll need to put restrictions in place like banning the internet during exams to enforce that.”

    Likewise, Wharton’s Terwiesch found the chatbot was “remarkably good” at modifying its answers in response to human hints, such as reworking answers after pointing out an error, suggesting the potential for people to work together with AI.

    In the short-term, however, discomfort remains with whether and how students should use ChatGPT. Public schools in New York City and Seattle, for example, have already banned students and teachers from using ChatGPT on the district’s networks and devices.

    Considering ChatGPT performed above average on his exam, Terwiesch told CNN he agrees restrictions should be put in place for students while they’re taking tests.

    “Bans are needed,” he said. “After all, when you give a medical doctor a degree, you want them to know medicine, not how to use a bot. The same holds for other skill certification, including law and business.”

    But Terwiesch believes this technology still ultimately has a place in the classroom. “If all we end up with is the same educational system as before, we have wasted an amazing opportunity that comes with ChatGPT,” he said.

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  • Bob Bauer: The man behind Biden’s classified documents strategy | CNN Politics

    Bob Bauer: The man behind Biden’s classified documents strategy | CNN Politics

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    CNN
     — 

    President Joe Biden was facing the prospect of an imminent federal investigation after the discovery of classified documents at his former Washington office in November – and it was up to Bob Bauer, his personal attorney, to break the news to the White House, two sources familiar with the matter said.

    Bauer is now the driving force behind a strategy that has focused on cooperating with investigators and trying to zero out Biden’s legal risk but that has also drawn criticism for worsening the president’s political and PR woes.

    He finds himself at the center of the legal maelstrom swirling below Biden’s presidency – and has managed a drip-drip-drip of bad news for the president in recent months, with four subsequent discoveries of additional documents since that first November 2 search. The latest came following a nearly 13-hour search the FBI carried out at the president’s Wilmington, Delaware, home on Friday with the permission of Biden’s attorneys.

    A veteran Democratic attorney and former White House counsel under President Barack Obama, Bauer has developed a knack for telling powerful people things they need – but don’t necessarily want – to hear, multiple former colleagues said. Part of it lies in his matter-of-fact delivery, they said. The rest comes down to what several described as an unflappable demeanor, even amid spiraling crises.

    “He’s fearless in terms of delivering news to a client,” said Valerie Jarrett, a top Obama adviser who worked alongside Bauer in the White House. “He never blinks. You don’t have to wonder whether or not he’s going to get weak-kneed.”

    And so, when Jarrett and two other senior advisers agreed they had to tell Obama news he “did not want to hear” on what she described as a “highly sensitive and personal matter,” they sought out Bauer.

    Bauer reprised his role as bearer of bad news on November 2. After a White House official transmitted Bauer’s initial heads-up to Biden, Bauer later gave the president a more fulsome briefing, laying out the beginnings of a strategy to navigate the fallout, which continues to guide the White House’s public and private posture and which has come under heated public scrutiny.

    That criticism has focused most acutely on the White House’s first statement earlier this month, which acknowledged the discovery of classified documents at the Penn Biden Center office in November, but omitted the discovery of a second batch of documents at Biden’s Wilmington home in late December.

    “I’m kind of surprised by it because Bob is usually pretty savvy about this stuff,” a former Obama White House official who worked with Bauer said of the critical omission.

    Like the decision not to disclose the initial discovery of classified documents for more than two months, people familiar with the matter said Biden’s team wanted to avoid public disclosures that could be viewed as getting ahead of and undermining DOJ’s investigation.

    For months, Bauer was part of the small circle of aides involved in weighing what to disclose and when. That included lawyers inside the White House, like White House special counsel Richard Sauber, and Anita Dunn, Biden’s top communications adviser and Bauer’s wife. Keeping the information closely held was intentional, even as it risked leaving key messaging advisers out of the loop, because the legal concerns were driving the decision-making process.

    The group aware of the matter remained exceedingly small – even as it expanded to include Biden’s chief of staff Ron Klain and his senior adviser Mike Donilon – until it became inevitable that the president’s team would need to prepare for it to leak out in the media, people familiar with the details said.

    The aides understood that not revealing the discovery of a second batch of documents at Biden’s home in that initial statement would generate criticism, but they decided to adhere to Bauer’s legal strategy – wagering that losing some credibility with the press was less important than losing credibility with DOJ officials, according to a source familiar with the matter. Biden’s team also believed that making a more fulsome disclosure would not have lessened the public furor, the source said.

    Above all, Biden’s team is motivated by a desire to cooperate and draw DOJ’s investigation to a close. That mentality motivated Biden’s team to quickly agree to an FBI search of his Wilmington home, according to a source familiar with the matter, just nine days after Biden’s attorneys carried out their last search of the property.

    That source said Biden’s legal team viewed the FBI search as inevitable, particularly after the discovery of additional documents at the Wilmington home, and decided “the faster this happened, the better.”

    “This is a team that has consistently demonstrated they’re far more interested in the long game than whatever the issue of the day driving Twitter may be,” a second person familiar with the strategic planning said. “There’s an understanding that people outside may not get that, but this isn’t some kind of dramatic shift – it’s where they’ve always been even if it doesn’t satisfy the Beltway crowd.”

    There would be no divergence from the carefully constructed plans to highlight Biden’s agenda and no changes to his day-to-day schedule. Biden officials would publicly highlight the sharp differences between the Biden and Trump documents investigations, with those distinctions also driving their process behind the scenes.

    Weighing heavily on that thinking was a mid-November letter from DOJ’s National Security Division that directed Biden’s legal team not to review or move materials and asked for full cooperation, a source familiar with the matter said, which Biden’s legal team understood as issuing minimal public statements about the ongoing investigation.

    Bauer also wanted to avoid creating a precedent of proactively sharing new information about the case and taking the risk of providing an incomplete picture of an ongoing investigation, the source said – one that DOJ might be compelled to correct.

    In practice, the White House’s incomplete first public statement on the documents not only undercut the administration’s stated commitment to public transparency; it also caused a ripple effect at the Justice Department, where Attorney General Merrick Garland was preparing to name a special counsel.

    Garland had initially planned to leave out details of the investigation during that announcement, according to people briefed on the matter. But the White House’s omission of the Wilmington documents prompted DOJ officials to change course, the people said, and Garland instead laid out a timeline that revealed the second batch of documents had been found weeks earlier – and that the White House knew.

    The White House’s omission of that detail in the initial statement embodied the enduring tension between a legal and communications strategy, and while Bauer’s former colleagues said he was always mindful of both, his focus was on providing the best legal advice.

    “Bob is politically sophisticated – he understands all of that – but when he’s functioning in the role of lawyer, he behaves like one, which is to say he is conservative in securing, safeguarding the legal interests of his client,” said David Axelrod, a former senior adviser to Obama who worked with Bauer at the White House.

    Nearly a dozen former colleagues and friends who spoke with CNN unanimously described Bauer as a brilliant and savvy attorney who is cautious and rarely rattled. They invariably called him “collaborative,” “brilliant” and a true “lawyer’s lawyer” who demonstrated tremendous integrity in his professional life.

    “There is no lawyer in the country who is better equipped to handle a matter like this than Bob Bauer. Full stop,” said Kathy Ruemmler, a former White House counsel who served as Bauer’s principal deputy during the Obama administration.

    “The stakes don’t get any higher than this,” said Ben Ginsberg, a veteran Republican election lawyer and Bauer’s decades-long friendly rival. “But Bob spent 40 years on high-stakes matters and representing presidents, public officials and high-profile candidates. From (Biden’s) perspective, Bob is the right person for this.”

    Biden’s selection of Bauer to serve as his personal attorney was hardly a surprise to people inside the White House.

    Even before serving as general counsel on Biden’s 2020 campaign, where he navigated sexual assault accusations made against Biden by a former Senate staffer, Bauer had been a sounding board and adviser, including when Biden was weighing a run for president following the death of his son Beau in 2015. Bauer worked out an agreement with his law firm to act as an adviser to Biden as he deliberated whether he was ready to mount a bid for the Democratic nomination.

    Bauer took the lead on preparing Biden’s 2020 campaign for what they knew could be a messy Election Day – or even week. Then-President Donald Trump and his allies had made more than clear that if things didn’t go their way, they wouldn’t go down easy. Biden campaign officials – and the candidate himself – relied on what one person described as Bauer’s ability to see through the fogginess as they braced for the deluge of conspiracy theories and lies from their opponent.

    “Biden has always had total confidence in what Bob tells him,” one person familiar with the men’s relationship said. “You don’t hear him second-guessing him, which isn’t really true for the rest of the team.”

    Bauer has also become one of the few people to earn the deep trust of both Obama and Biden, whose innermost circles display little overlap. Bauer has served as personal attorney to both men and was among only a handful of aides who received a thank you in the acknowledgments of Biden’s 2017 memoir.

    Don Verrilli, the former solicitor general who served as Bauer’s deputy when he was White House counsel, witnessed up close Obama’s trust in Bauer. And during Zoom meetings between Biden and members of his vice presidential search committee, which Bauer headed, Verrilli saw a similar trust develop.

    “It was just evident how much respect (Biden) had for Bob and how much he trusted Bob,” Verrilli said.

    Dunn, the White House’s senior adviser for communications, is also among the few to crack both inner circles. Bauer and Dunn now find themselves paired in confronting the Biden documents case. People who have worked with the couple previously say they hold each other’s viewpoints in high regard, even if those don’t always align.

    “If you didn’t know they were married, you wouldn’t know they were married. They’re professionals,” said Ruemmler. “He gives his point of view, she gives her point of view. They don’t always agree.”

    Bauer’s strategy of maximum cooperation could be put to the test as special counsel Robert Hur takes over the case.

    US Attorney John Lausch’s initial review of the Biden’s documents matter was not a full-blown criminal investigation, and he did not use a grand jury. Even an interview with a key witness – Biden attorney Pat Moore, who first discovered the classified material at the Washington office – appears to have been an informal conversation that did not generate a 302 form that the government uses to memorialize interviews.

    Now Hur, who has yet to formally take up the role, is in the process of assembling his team, and legal experts expect he will use a grand jury.

    Biden’s legal team has stressed they plan to continue to cooperate with the investigation, but a source familiar with the matter said disagreements could eventually emerge with the Department of Justice about what future cooperation actually looks like.

    Bauer could, for example, confront the question of whether to make the president available to answer questions from investigators. The White House has not ruled out a presidential interview.

    “We’re not going to get ahead of that process with the special counsel and speculate on what they may or may not want or ask for,” said Ian Sams, a spokesman for the White House Counsel’s Office.

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  • Alibaba, XPeng, Goldman Sachs, and More Stock Market Movers Tuesday

    Alibaba, XPeng, Goldman Sachs, and More Stock Market Movers Tuesday

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  • Tesla is a ‘soft landing’ stock, says Goldman Sachs. Here are its picks for a gentle economic landing and stocks for a recession.

    Tesla is a ‘soft landing’ stock, says Goldman Sachs. Here are its picks for a gentle economic landing and stocks for a recession.

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    Pour one out for the beleaguered economists, who for once got an important indicator, the consumer price index, right on the nose, after CPI fell 0.1% in December, while core prices rose 0.3%.

    “The 2021 surge in durable goods demand normalized, and the resulting collapse in durable goods price inflation was stunningly fast,” says Paul Donovan, chief economist of UBS Global Wealth Management.

    “The commodity wave of inflation is fading, and that leaves the profit margin expansion in focus,” he adds. What a good time for earnings season to be upon us, and what do you know, it is, kicking off with the banking sector on Friday before broadening out next week.

    Strategists at Goldman Sachs have a new note out, saying that the market is pricing in a soft landing even though the trend of earnings revisions points to a hard landing.

    They’re not that optimistic — even in the soft-landing scenario, the team led by David Kostin say the S&P 500
    SPX,
    +0.40%

    will end the year right around current levels, at 4,000. But they identify 46 stocks that could benefit — profitable, cyclical companies that are trading at price-to-earnings valuations below their 10-year median, among other factors.

    One name jumps out: Tesla
    TSLA,
    -0.94%
    ,
    which trades at 22 times forward earnings versus the 10-year median of 117 times. But the other 45 names are less flashy, ranging from Capital One
    COF,
    +1.81%

    and Carlyle Group
    CG,
    +0.54%
    ,
    to a host of industrials including 3M
    MMM,
    +0.12%
    ,
    Parker-Hannifan
    PH,
    +0.73%

    and Otis Worldwide
    OTIS,
    +0.42%
    .
    As a whole, these typically $10 billion companies are trading at 12 times earnings, versus 17 times usually.

    In the hard landing scenario, S&P 500 profit margins would shrink by 125 basis points, to 10.9% — about in line with the median peak-to-trough decline during the eight recessions since 1970, which has been 132 basis points. Consensus expectations are for a 26 basis-point margin decline.

    The Goldman team also have a 36 stock screen for a hard landing — profitable companies in defensive industries with a positive dividend yield. They’re typically food, beverage and tobacco companies as well as software and services companies — including Costco Wholesale
    COST,
    +0.58%
    ,
    Kroger
    KR,
    -0.99%
    ,
    Altria
    MO,
    +0.48%
    ,
    Tyson Foods
    TSN,
    +0.23%
    ,
    Microsoft
    MSFT,
    +0.30%
    ,
    MasterCard
    MA,
    -1.13%

    and Visa
    V,
    -0.25%
    .
    As a whole, these $37 billion companies are trading at 22 times earnings vs. a historical 24 times.

    The market

    After a 2.3% advance for the S&P 500
    SPX,
    +0.40%

    over the last three sessions, U.S. stock futures
    ES00,
    +0.39%

    NQ00,
    +0.58%

    declined on Friday.

    The yield on the Japanese 10-year bond
    TMBMKJP-10Y,
    0.511%

    exceeded 0.5%, the Bank of Japan’s yield cap, ahead of next week’s rate decision , prompting a second day of aggressive bond purchases from the central bank.

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

    The buzz

    Fourth-quarter earnings were rolling out from Bank of America
    BAC,
    +2.20%
    ,
    JPMorgan Chase
    JPM,
    +2.52%
    ,
    Citigroup
    C,
    +1.69%

    and Wells Fargo
    WFC,
    +3.25%
    ,
    and outside of banks, Delta Air Lines
    DAL,
    -3.54%
    ,
    BlackRock
    BLK,
    +0.00%

    and UnitedHealth
    UNH,
    -1.23%
    .

    JPMorgan shares slumped after forecast-beating earnings, though investment bank revenue came in light of estimates. Delta shares also declined after topping earnings estimates.

    Tesla
    TSLA,
    -0.94%

    cut prices of Model 3 and Model Y vehicles in the U.S. and elsewhere by up to 20%. The electric vehicle maker stock dropped 6%.

    Virgin Galactic
    SPCE,
    +12.34%

    surged after saying it’s on track to launch space-tourism flights in the second quarter.

    Apple
    AAPL,
    +1.01%

    says CEO Tim Cook requested, and received, a pay cut after investor criticism.

    The University of Michigan’s consumer-sentiment index is due at 10 a.m. Eastern, and Minneapolis Fed President Neel Kashkari and Philadelphia Fed President Patrick Harker are due to speak.

    Tyler Winklevoss said charges by the Securities and Exchange Commission brought about Gemini Trust for allegedly offering unregistered securities were “super lame” as it seeks to unfreeze $900 million in investor assets.

    Best of the web

    There’s a bull market in swearing on corporate earnings calls.

    The West is now preparing to send tanks to Ukraine in what could be another escalation of its conflict with Russia, which on Friday claimed victory in the eastern town of Soledar.

    A look back at photos of Lisa Marie Presley, who died at age 54.

    Top tickers

    Here were the most active stock-market tickers as of 6 a.m. Eastern.

    Ticker

    Security name

    BBBY,
    -30.15%
    Bed Bath & Beyond

    TSLA,
    -0.94%
    Tesla

    GME,
    -0.68%
    GameStop

    AMC,
    +0.80%
    AMC Entertainment

    MULN,
    -8.59%
    Mullen Automotive

    NIO,
    -0.08%
    Nio

    APE,
    -2.56%
    AMC Entertainment preferreds

    AAPL,
    +1.01%
    Apple

    SPCE,
    +12.34%
    Virgin Galactic

    AMZN,
    +2.99%
    Amazon.com

    Random reads

    Like a scene out of “Stranger Things” — there’s uproar after new restrictions on the Hasbro
    HAS,
    +0.21%

    game Dungeons & Dragons.

    Starting next month, Starbucks
    SBUX,
    +1.30%

    rewards will be less generous for most items, though iced coffee will be easier to get.

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

    Listen to the Best New Ideas in Money podcast with MarketWatch reporter Charles Passy and economist Stephanie Kelton.

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  • Southwest, NIO, AMC, Tesla, and More Stock Market Movers Tuesday

    Southwest, NIO, AMC, Tesla, and More Stock Market Movers Tuesday

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  • German police arrest 25 on suspicion of an armed coup led by suspected far-right extremists

    German police arrest 25 on suspicion of an armed coup led by suspected far-right extremists

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    BERLIN (AP) — Thousands of police carried out a series of raids across much of Germany on Wednesday against suspected far-right extremists who allegedly sought to overthrow the state in an armed coup.

    Federal prosecutors said some 3,000 officers conducted searches at 130 sites in 11 of Germany’s 16 states against adherents of the so-called Reich Citizens movement. Some members of the grouping reject Germany’s postwar constitution and have called for the overthrow of the government.

    Justice Minister Marco Buschmann described the raids as an “anti-terrorism operation,” adding that the suspects may have planned an armed attack on institutions of the state.

    Prosecutors said 22 German citizens were detained on suspicion of “membership in a terrorist organization.” Three other people, including a Russian citizen, are suspected of supporting the organization, they said. A further 27 people are being investigated.

    Weekly Der Spiegel reported that locations searched include the barracks of Germany’s special forces unit KSK in the southwestern town of Calw. The unit has in the past been scrutinized over alleged far-right involvement by some soldiers.

    Federal prosecutors declined to confirm or deny that the barracks was searched.

    Along with detentions in Germany, prosecutors said that one person was detained in the Austrian town of Kitzbuehel and another in the Italian city of Perugia.

    Prosecutors said those detained are alleged to last year have formed a “terrorist organization with the goal of overturning the existing state order in Germany and replace it with their own form of state, which was already in the course of being founded.”

    The suspects were aware that their aim could only be achieved by military means and with force, prosecutors said.

    Some of the group’s members had made “concrete preparations” to storm Parliament with a small armed group, according to prosecutors. “The details (of this plan) still need to be investigated” to determine whether any of the suspects can be charged with treason, they said.

    The group is alleged to have believed in a “conglomerate of conspiracy theories consisting of narratives from the so-called Reich Citizens as well as QAnon ideology,” according to the statement. Prosecutors added that members of the group also believe Germany is ruled by a so-called ‘deep state;’ similar baseless claims about the United States were made by former President Donald Trump.

    Prosecutors identified the suspected ringleaders as Heinrich XIII P. R. and Ruediger v. P., in line with German privacy rules. Der Spiegel reported that the former was a well-known 71-year-old member of a minor German noble family, while the latter was a 69-year-old former paratrooper.

    Federal prosecutors said Heinrich XIII P. R., whom the group planned to install as Germany’s new leader, had contacted Russian officials with the aim of negotiating a new order in the country once the German government was overthrown. He was allegedly assisted in this by a Russian woman, Vitalia B.

    “According to current investigations there is no indication however that the persons contacted responded positively to his request,” prosecutors said.

    A further person detained by police Wednesday was identified by prosecutors as Birgit M.-W. Der Spiegel reported that the woman is a judge and former lawmaker with the far-right Alternative for Germany party.

    The party, known by its German acronym AfD, has increasingly come under scrutiny by German security services due to its ties with extremists. It declined to comment immediately on the report.

    Prosecutors said that apart from a council of leaders, or Rat, the group had tasked several members with the formation of an armed wing. Led by Ruediger v. P., the they planned to obtain weapons and conduct firearms training. It was unclear how far advanced these plans were.

    Germany’s chief federal prosecutor planned to make a statement on the case later Wednesday.

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  • Apple, Alibaba, NIO, and More Stock Market Movers Monday

    Apple, Alibaba, NIO, and More Stock Market Movers Monday

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    Stock futures traded lower Monday as investors remained keyed on interest rate policy from the Federal Reserve and as a surge in China stocks over a loosening of Covid-19 restrictions in the country failed to boost U.S. equities.

    Here are some stocks that could make moves Monday:

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  • Appeals court ends special-master review of Trump documents, in win for Justice Department

    Appeals court ends special-master review of Trump documents, in win for Justice Department

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    WASHINGTON — A federal appeals court on Thursday ended an independent review of documents seized from former President Donald Trump’s Florida estate, removing a hurdle the Justice Department said had delayed its criminal investigation into the retention of top-secret government information.

    The decision by the three-judge panel represents a significant win for federal prosecutors, clearing the way for them to use as part of their investigation the entire tranche of documents seized during an Aug. 8 FBI search of Mar-a-Lag o. It also amounts to a sharp repudiation of arguments by Trump’s lawyers, who for months had said that the former president was entitled to have a so-called “special master” conduct a neutral review of the thousands of documents taken from the property.

    The ruling from the Atlanta-based U.S. Court of Appeals for the 11th Circuit had been expected given the skeptical questions the judges directed at a Trump lawyer during arguments last week, and because two of the three judges on the panel had already ruled in favor of the Justice Department in an earlier dispute over the special master.

    The special master litigation has played out alongside an ongoing investigation examining the potential criminal mishandling of national defense information as well as efforts to possibly obstruct that probe. Attorney General Merrick Garland last month appointed Jack Smith, a veteran public corruption prosecutor, to serve as special counsel overseeing that investigation.

    It remains unclear how much longer the investigation will last, or who, if anyone, might be charged. But the probe has shown signs of intensifying, with investigators questioning multiple Trump associates about the documents and granting one key ally immunity to ensure his testimony before a federal grand jury. And the appeals court decision is likely to speed the investigation along by cutting short the outside review of the records.

    The conflict over the special master began just weeks after the FBI’s search, when Trump sued in federal court in Florida seeking the appointment of an independent arbiter to review the roughly 13,000 documents the Justice Department says were taken from the home.

    A federal judge, Aileen Cannon, granted the Trump team’s request, naming veteran Brooklyn judge Raymond Dearie to serve as special master and tasking him with reviewing the seized records and filtering out from the criminal investigation any documents that might be covered by claims of executive privilege or attorney-client privilege.

    She also barred the Justice Department from using in its criminal investigation any of the seized records, including the roughly 100 with classification markings, until Dearie completed his work.

    The Justice Department objected to the appointment, saying it was an unnecessary hindrance to its criminal investigation and saying Trump had no credible basis to invoke either attorney-client privilege or executive privilege to shield the records from investigators.

    It sought, as a first step, to regain access to the classified documents. A federal appeals panel sided with prosecutors in September, permitting the Justice Department to resume its review of the documents with classification markings.

    The department also pressed for access to the much larger trove of unclassified documents, saying such records could contain important evidence for their investigation.

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  • Dow down by more than 500 points as Fed officials point to more rate hikes, China protests rattle markets

    Dow down by more than 500 points as Fed officials point to more rate hikes, China protests rattle markets

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    U.S. stocks tumbled on Monday as protests in China raised the risks to global growth and Federal Reserve policy makers said more interest-rate increases are needed to control inflation.

    How stocks are trading
    • The Dow Jones Industrial Average was down 523 points, or 1.5%, at 33,824, near its session low.

    • The S&P 500
      SPX,
      -1.65%

      retreated 68 points, or 1.7%, to 3,958.

    • The Nasdaq Composite shed 195 points, or 1.7%, dropping to 11,031.

    U.S. stocks had notched weekly gains last week for the second time in three weeks. The Dow rose 1.8%, the S&P 500 advanced 1.5% and the Nasdaq gained 0.7%.

    What’s driving markets

    Wall Street started the week in a downbeat mood as traders absorbed the impact of unrest in China and assessed interest-rate commentary by a pair of Fed officials on Monday.

    St. Louis Fed President James Bullard told MarketWatch that he favors more aggressive interest-rate hikes to contain inflation, and that the central bank will likely need to keep interest rates above 5% into 2024. Meanwhile, his colleague John Williams, president of the New York Fed, said that U.S. unemployment could climb to as high as 5% next year, versus October’s rate of 3.7%, in response to the central bank’s series of rate hikes.

    Overseas, Hong Kong’s Hang Seng Index
    HSI,
    -1.57%

    closed down by 1.6% and most equity indexes across Asia also fell, with the exception of India’s, on concerns about unrest in China. Those concerns also spilled over into commodity markets, where West Texas Intermediate crude for January delivery
    CLF23,
    +0.93%

     briefly fell to less than $74 per barrel before recovering and settling at $77.24 a barrel on the New York Mercantile Exchange. Meanwhile, copper prices HG00 were off 0.9% at $3.594 per pound.

    “What people are worried about is the potential for protests in China to spread and whether the population is reaching its breaking point,” said Derek Tang, an economist at Monetary Policy Analytics in Washington. “At the same time, Fed speak is ramping up and the message is there’s more hikes to come. So investors aren’t finding relief.”

    Signs that economic activity in China will continue to be disrupted by the protests or by additional anti-COVID measures will likely continue to weigh on commodity prices, analysts said. Meanwhile, concerns about global growth helped to support government bond markets earlier on Monday, when the yield on the 10-year note
    TMUBMUSD10Y,
    3.693%

    briefly traded at its lowest level since October.

    The unprecedented waves of protest in China “have caused ripples of unease across financial markets, as worries mount about repercussions for the world’s second-largest economy,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “As demonstrations spread across the country from Beijing to Xinjiang and Shanghai, reflecting rising anger about the zero-Covid policy, a sustained recovery in demand across the vast country appears even further away.”

    But the news wasn’t all bad: Reports of strong online Black Friday sales helped boost shares of Amazon.com Inc.
    AMZN,
    +0.29%
    ,
    which were up 0.6%.

    Investors can expect more information about the health of the U.S. economy in what’s shaping up to be a busy week for U.S. economic data: Later this week, investors will receive the ADP employment report followed by the November jobs report. Revised data on third-quarter gross domestic product is due on Wednesday, along with the Fed’s Beige Book report. Federal Reserve chair Jerome Powell is set to speak publicly on Wednesday, and a closely watched gauge of inflation is due on Thursday.

    Read: ‘We see major stock markets plunging 25% from levels somewhat above today’s,’ Deutsche Bank says

    Single-stock movers

    Jamie Chisholm contributed to this article.

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  • Many investors are betting on an inflation peak. Here’s why a former hedge-fund manager says they’re wrong.

    Many investors are betting on an inflation peak. Here’s why a former hedge-fund manager says they’re wrong.

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    Investors are waking up to big trouble in big China. Stock futures and oil prices are falling after angry anti-COVID zero protests swept the country.

    “This is a sudden powerful new distraction for markets when this week was supposed to be about incoming U.S. data,” sum up strategists at Saxo Bank. They say watch companies exposed to China, “given forward earnings are likely to be downgraded following further China lockdowns and protests.” 

    Before China grabbed the spotlight, holiday weekend sales, jobs and inflation data that due this week, as well as remarks by Fed Chairman Jerome Powell were the big focus.

    Other questions are now swirling. Will China-related falls in oil prices lend to the peak inflation theory? And what about China’s post-COVID economic rebirth?

    Onto our call of the day, which says it’s time to short long bonds because of sticky food inflation — thanks to China. It comes from Russell Clark, a former hedge-fund manager who has spent the last 20 years focusing on that market, macro and short selling. 

    He notes investors have been scooping up the the iShares 20 years+ Treasury Bond ETF
    TLT,
    -0.34%
    ,
    a liquid exchange-traded fund that buys long-dated bonds, even as with U.S. inflation hovering at 1970 highs.

    “The reason that people are getting bullish bonds I believe is that the yield curve has inverted. And every time that has happened, you have a recession and you want to get out of equities and into bonds,” says Clark. A yield curve inversion occurs when long-term interest rates drop below short term rates. The inversion of 2 and 10-year Treasury yields is at its steepest since the 1980s.

    Clues may lie in Japan’s poorly performing bond market. “Not only has it been prescient in leading the U.S. bond yields lower from 1999 onward, in 2020 the JGB market was also prescient in signaling the future U.S. treasury sell off,” he says.


    Russell Clark

    And what Japan is likely seeing that U.S. investors aren’t right now is China-driven food inflation. That’s something the Fed will find it tough to ignore, he said.

    Since the since the 1980s, food commodity prices have followed raw commodity prices higher, If the Fed wants to work that down, it will raise interest rates. For example, falling natural-gas prices
    NG00,
    -3.37%

    would help ease fertilizer costs for farmers.


    Russell Clark

    Clark points out that China is the world’s biggest food importer, with much higher prices than the U.S.

    “Pork, which is the most consumed meat in China, is now 3 times more expensive than the U.S. market, and has recently doubled in price. As Japan is also a large importer of pork, perhaps this was the reason the JGB market sold off before the U.S.,” he said.

    Beef is also a major import for China, and yes, prices are much higher than that of the U.S.

    “In essence, I am saying that China is exporting food inflation to the rest of the world, and I don’t see that ending at the moment. JGBs seem to agree – and when I look at the index value of US Food CPI on a log basis, I keep thinking that is says interest rates are going higher not lower,” said Clark.

    He sees food inflation looking secular, rather than cyclical, due to the demands of an increasingly urbanized China. “Secular food inflation implies POLITICAL pressure to have higher interest rates. US treasuries look a short to me, just as everyone has gotten long,” he said.

    The markets

    Stock futures
    ES00,
    -0.73%

    YM00,
    -0.54%

    NQ00,
    -0.72%

    are falling, and Treasury yields
    TMUBMUSD10Y,
    3.684%

    TMUBMUSD02Y,
    4.467%

    and oil
    CL.1,
    -3.12%

    also are falling. The Japanese yen
    USDJPY,
    -0.61%

    is seeing some safe-haven bids. The Hong Kong Hang Seng Index
    HSI,
    -1.57%

    closed down 1.5%.

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

    The buzz

    An apartment-building fire in a locked-down city that killed 10 appeared to spark protests across China, calling for the President Xi Jinping to step down and zero-COVID policies to stop. A BBC reporter was arrested and beaten. Meanwhile, lockdowns mean China farmers are destroying crops they can’t sell.

    And similar unrest at China’s Zhengzhou Foxconn
    2317,
    -0.50%

    factory is expected to cause a shortfall of 6 million Apple
    AAPL,
    -1.96%

    iPhone Pros this year.

    Pinduoduo shares
    PDD,
    -1.44%

    are soaring after the China-based mobile marketplace reported profit and revenue beats.

    MGM Resorts 
    MGM,
    -0.42%
    ,
    Las Vegas Sands 
    LVS,
    +0.26%

    and Wynn Resorts 
    WYNN,
    -0.57%

    higher in premarket after Macao tentatively renewed their casino licenses.

    Retailers are in focus after Black Friday online sales topped a record $9 billion. That’s as some wonder if Cyber Monday is still a thing.

    St. Louis Fed President James Bullard will sit down for an interview with MarketWatch on Monday, at 12 noon Eastern. New York Fed President John Williams address the Economic Club of New York at the same time. Fed’s Powell will speak on Wednesday, along with several other Fed officials this week.

    A busy data week starts Tuesday with home-price indexes and consumer confidence data. GDP, the PCE price index for October — a favored gauge of the Federal Reserve and November employment data are also on tap this week.

    Best of the web

    ‘I believe the economy is the biggest bubble in world history,’ warns ‘Rich Dad, Poor Dad’s Robert Kiyosaki.

    Iran was calling for the U.S. to be expelled from the Qatar World Cup.

    Lab study shows next COVID strain will be more deadly.

    The tickers

    These were the top-searched tickers on MarketWatch as of 6 a.m. Eastern:

    Ticker

    Security name

    TSLA,
    -0.19%
    Tesla

    GME,
    -1.99%
    GameStop

    AMC,
    -1.70%
    AMC Entertainment

    AAPL,
    -1.96%
    Apple

    COSM,
    +34.06%
    Cosmos Holdings

    AMZN,
    -0.76%
    Amazon.com

    BBBY,
    -2.70%
    Bed Bath & Beyond

    MULN,
    -2.39%
    Mullen Automotive

    APE,
    +0.83%
    AMC Entertainment Holdings preferred shares

    DWAC,
    +6.44%
    Digital World Acquisition Corp.

    Random reads

    Chinese woman on a mission to visit everyone else’s lonely elderly relatives.

    ‘Gaslighting’ is Merriam Webster’s word of the year. No, really.

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

    Listen to the Best New Ideas in Money podcast with MarketWatch reporter Charles Passy and economist Stephanie Kelton

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