What we’re reading (9/16)
“#1536 - Edward Snowden” (The Joe Rogan Experience). Former CIA contractor turned whistleblower Edward Snowden was back on Joe Rogan’s wildly popular podcast this week for another 2.5-hour interview (he was on in late 2019 as well in an episode that generated tens of millions of views/downloads). Interestingly, around the 100-minute mark Snowden opines that the internet should be regulated as a public utility.
“The Best Stock In The S&P 500 is 105 Years Old” (CNN Business). “Apple, Amazon and Nvidia get all the attention on Wall Street, but those alluring tech titans have been left in the dust this year by a 105-year-old air conditioning company. Carrier Global's stock has been on fire since it broke away from United Technologies this spring to become an independent company. Carrier is up a stunning 143% on the year, easily making it the top stock in the S&P 500, according to a tally by Refinitiv.”
“Yelp Data Shows 60% Of Business Closures Due To The Coronavirus Pandemic Are Now Permanent” (CNBC). “As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed. That’s down from the 180,000 that closed at the very beginning of the pandemic. However, it actually shows a 23% increase in the number of closures since mid-July. In addition to monitoring closed businesses, Yelp also takes into account the businesses whose closures have become permanent. That number has steadily increased throughout the past six months, now reaching 97,966, representing 60% of closed businesses that won’t be reopening.”
“U.S. Retail Shopping Grew At A Slower Pace In August” (Wall Street Journal). U.S. retail spending rose 0.6% in August for the fourth straight monthly increase, but at a slower pace as some extra unemployment benefits ran out. The increase reported by the Commerce Department marks an eased pace than earlier in the summer when spending rebounded sharply from steep declines that occurred early in the coronavirus pandemic. July’s gain was revised lower, to a 0.9% increase from an earlier reading of a 1.2% rise.”
“This Isn’t Just JPMorgan’s Problem” (Dealbook). “JPMorgan Chase sent some of its workers home this week after an employee in its trading unit in Midtown Manhattan tested positive for the coronavirus, a person familiar with the matter told DealBook.”
