What we’re reading (6/22)
“Share Buybacks Are Back At A Record Pace” (Axios). “Why it matters: Last year, stock buyback activity fell sharply as companies were hanging onto cash amid extreme uncertainty. The about-face shows that confidence is up, along with earnings. By the numbers: S&P 500 companies have approved plans for a whopping $567 billion worth of stock buybacks since the beginning of the year through mid-June, according to a new Goldman Sachs report. This is a record for this part of the year. It’s worth noting that Apple and Alphabet accounted for $90 billion and $50 billion, respectively, of those announcements.”
“Blackstone Bets $6 Billion on Buying and Renting Homes” (Wall Street Journal). “Blackstone Group Inc. has agreed to buy a company that buys and rents single-family homes in a $6 billion deal that’s a sign Wall Street believes the U.S. housing market is going to stay hot. The giant investment firm has reached a deal to acquire Home Partners of America Inc., according to people familiar with the matter. Home Partners owns more than 17,000 houses throughout the U.S., which it bought, rents out and offers its tenants the chance to eventually buy.”
“Meme Stock Investors Head To Oil Patch As Shale Producer Soars” (Investor’s Business Daily). “Meme stock traders are headed to the oil patch as Torchlight Energy Resources (TRCH) comes into focus. TRCH stock soared Monday. The Plano, Texas-based exploration and production company has assets in top shale plays like the Permian Basin and Eagle Ford formation.”
“Airlines Face A Bailout Backlash” (DealBook). “American Airlines confirmed yesterday that, amid delays trying to keep up with surging demand, it would cut nearly 1,000 flights in the first half of July…The airline’s move adds fuel to the debate about labor shortages. American said it had cut flights because of a shortage of pilots and airport workers. Critics said the airline should raise wages to attract more workers, especially since it received billions in government aid during the pandemic.”
“Investors Really Want A Bitcoin ETF, Van Eck CEO Says After SEC Delays Approval Again” (CNBC). “Van Eck’s bitcoin ETF proposal has hit yet another bump in the road, but its CEO isn’t backing down. The Securities and Exchange Commission said in a Wednesday filing that it will delay its decision on whether to approve the VanEck Bitcoin Trust a second time, extending its review process and requesting comment from interested parties on how the rule change could impact markets. Approval may only be a matter of time given the demand for the product, Van Eck Associates CEO Jan van Eck told CNBC’s ‘ETF Edge’ on Monday.”
