My Two-for-Tuesday morning train WFH reads:
• Why Stocks Took a July Vacay From Fundamentals: A discouraging economy took a backseat to technicals and relative valuations. Inflation will have a lot to say about how long that lasts. (Bloomberg) see also Three things to remember as earnings expectations get slashed: Estimates for S&P 500 earnings in 2022 now stand at $227.77 per share as of July 28, according to FactSet. This is down 0.8% from the $229.63 per share estimate as of June 30. For 2023, analysts expect EPS of $245.61, down 2.0% from the $250.59 estimate as of June 30. (TKer)
• Retail’s ‘Dark Side’: As Inventory Piles Up, Liquidation Warehouses Are Busy: Consumers are buying fewer discretionary goods and returning more. To clear their shelves, retailers are selling to liquidators at steep discounts. (New York Times)
• Job Switchers Are Earning a Lot More Than Those Who Stay Even if you’re happy at your job, getting a new job for more pay is a good strategy as inflation eats into paychecks. (Wall Street Journal) see also Calling In Sick or Going on Vacation, Workers Aren’t Showing Up This Summer Employers struggle with staffing as high Covid-19 infection rates, a longstanding labor shortage and vacation season converge. (Wall Street Journal)
• Black Knight Mortgage Monitor: “Record-Setting Slowdown in Home Price Growth” June marked the greatest deceleration in home price growth on record, and this month’s coincided with the largest single-month gain in homes listed for sale in 12 years. (Calculated Risk)
• Made-in-Vietnam Electric Vehicles Are Heading to the U.S. Market VinFast is the latest startup to test American EV demand—and with a novel pricing strategy (Wall Street Journal) see also Inside Ferrari’s Plan to Enter the Electric-Car Market The luxury sports-car company aims to start selling a fully electric vehicle in 2025. Can it do that and still be Ferrari? (Wall Street Journal)
• The World Food Shortage Is Getting Worse. These Companies Have Solutions. Into the breach are stepping agricultural equipment, seed and fertilizer companies that hope to boost food production. Like vaccine makers Pfizer and Moderna , they could ease the fallout from a global crisis—by helping get more food out of less land—and also boost their profits along the way. (Barron’s)
• ‘Holy s–t’: Surprise Senate deal sets stage for record climate change package: An aggressive effort to sway Sen. Joe Manchin managed to salvage a package that its authors say will help drive sharp cuts in greenhouse gases. (Politico) see also Manchin and Schumer’s Astonishing Climate Deal: If passed, the energy provisions of the senators’ new bill would represent the most significant climate action in a generation. (The Atlantic) see also The two-week scramble that saved Democrats’ climate agenda Inside the private talks and public pressure that led to a deal between Joe Manchin and Charles Schumer. (Washington Post)
• It’s Time to Put Actual Veggies Back Into Veggie Burgers Sure, fake-meat companies can make a vegetarian burger that bleeds. But veggie burgers should be — and historically have been — so much more. (Eater)
• The Octopus Dreams of Crabs What do we know about how animals think, see, and feel? And should that change how we treat them? (Slate) see also Beavers are heat wave heroes Animals don’t have AC. But they have beavers. (Vox)
• Welcome to Chicago, Hot Dog Town, U.S.A. Just don’t even think about asking for ketchup. The Chicago dog has a special place in the city’s heart: a humble, affordable food that anyone can enjoy, across cultures, creeds and proclivities. With French fries, it’s lunch; on its own, a snack. A source of civic pride, the Chicago-style hot dog is a nexus for many people’s. (New York Times)
Be sure to check out our Masters in Business interview this weekend with Hannah Elliott, who covers all things automotive for Bloomberg. We discuss today’s wild car market, Motorcycles going electric, LA car culture, vehicles competing with Tesla, and all of her favorite hypercars, and why you should do the $10,000 Ferrari track course.
Is the 2022H1 GDP Decline…Fake?
Source: The Overshoot
