What we’re reading (9/27)
“Dow Slips Again After Entering Bear Market” (Wall Street Journal). “All three indexes spent much of the morning in the green, but it didn’t last. The Dow Jones Industrial Average, which entered a bear market on Monday, fell 125.82 points, or 0.4%, to 29134.99. That marked its sixth consecutive day in the red.”
“The British Pound Is On Parity Watch” (New York Times). “Investors expect the pound to reach parity with the dollar. Even after the Bank of England said it was ready to keep raising interest rates to head off inflation and prop up sterling, the pound fell; it is currently holding steady at roughly $1.08. Meanwhile, the yield on British government bonds, known as gilts, continued a record-breaking climb — which will also most likely push up some British mortgage rates.”
“Companies Downplayed Their Earnings. Here’s Why.” (Institutional Investor). “According to the latest note from the research firm New Constructs, some of the nation’s largest companies purposely understated their earnings in the first half of 2022. New Constructs CEO David Trainer argues that many companies may have done so to avoid reporting significant losses in the second half of the year, where fears of recession are mounting due to deteriorating economic conditions.”
“Feds Sought To Jail Father Charged In $100 Million New Jersey Deli Scam With Hong Kong-Based Son At Large” (CNBC). “Hometown International, which only had the deli and its less than $40,000 in annual sales to its name, and E-Waste, which had no discernible business, both ended up with market values of about $100 million. Both companies merged with other firms. The deli’s new owner, Makamer Holdings, closed the shop earlier this year, selling its remaining inventory for $700.”
“‘We Are Going To Drag Our Editors Into This’: The New York Times’ Labor Fight Is Demoralizing The Newsroom” (Vanity Fair). “‘There’s a feeling among the staff who have paid attention to the negotiations that the company’s negotiating team is disrespectful and does not value journalism in a way that other parts of the company at least claim to,’ the reporter said.”
