What we’re reading (3/2)
“Target Earnings Top Estimates As Sales Rise 21%, Boosted By A Surge Of Post-Holiday Shoppers” (CNBC). “Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and store traffic picked up in January. The big-box retailer has benefited as shoppers look for easy and safe ways to buy groceries and other items during the pandemic. Its 2020 sales grew by more than $15 billion — greater than its total sales growth over the prior 11 years.”
“Breached Software Firm SolarWinds Faces SEC Inquiry After Insider Stock Sales” (Washington Post). “Relatively unknown just a few months ago, SolarWinds has been in the hot seat since hackers exploited vulnerabilities in its software to breach at least nine government agencies and about 100 companies. Last week, members of Congress questioned SolarWinds chief executive Sudhakar Ramakrishna about whether private companies like his can be trusted to protect the country from future attacks.”
“Democrats Unveil An Ultramillionaire Tax On The Top 0.05% Of American Households” (Business Insider). “Sen. Elizabeth Warren of Massachusetts, who has long been a proponent of a wealth tax, introduced the Ultra-Millionaire Tax Act with Rep. Pramila Jayapal of Washington and Rep. Brendan Boyle of Pennsylvania. A press release said the proposed tax would apply to 0.05% of households. It would place a 2% tax on household net worth between $50 million and $1 billion and a 3% tax on household net worth over $1 billion.”
“Inside The Complicated Business Of Disguising 5G Equipment” (CNN Business). “For years, artificial cacti have lined the sandy roadsides of North Scottsdale, Arizona. They look real at first glance but tucked inside are antennas and radio equipment that provide 4G LTE wireless connectivity to the area. Large concealment structures like this, which in this case are about 24 feet tall, have become so good it's sometimes hard to tell the real cacti from the fakes.”
“Get Ready For More Bond-Market Scares” (The Economist). “The week in financial markets has got off to a breezy start, belying the turmoil of last week…[i]t is all in marked contrast to last week, when anxiety about inflation gripped America’s bond market. The steady fall in bond prices since the start of the year had suddenly quickened to a pace that threatened a destabilising rout.”
