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Tag Archives: Companies & Markets

THE WOLF STREET REPORT

Why the Wave of Mega-IPOs Won’t Bail Out the San Francisco & Silicon Valley Housing Bubbles, Despite All the Hype. Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate “beer money.” I appreciate it immensely. Click on the beer mug to find out how: Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

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Used-Car Market Profits from Carmageddon

Many Americans are priced out of the new-car market. At wholesale auctions, used-vehicle prices rose 4.0% in March from March last year, according to Manheim, the largest auto-auction company in North America, which runs about 8 million vehicles through its auctions a year. In the chart of the Manheim Used Vehicle Value Index, which is adjusted for mix, mileage, and seasonality, note the spike through October 2018, alongside the spurt of the economy in Q2 and Q3, and the subsequent...

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Facebook Got Caught Phishing for Friends

“The company cannot be left to its own devices, and existing enforcement authorities haven’t done enough.” By Bennett Cyphers and Jason Kelley, Electronic Frontier Foundation: Once again, Facebook is in the news for bad security practices, dark design patterns, and secretly reappropriating sensitive data meant for “authentication” to its own ends. Incredibly, this time, the company managed to accomplish all three in one fell swoop. What happened? Last weekend, news broke that Facebook...

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Next Phase in Trucking Boom-Bust Cycle Has Started

From “capacity panic” to “overcapacity” in less than a year? This is one of the most cyclical industries, with legendary boom-and-bust cycles: Orders for Class-8 trucks plunged 67% in March compared to March last year, to 15,200 orders, the lowest March for orders since 2010, according to FTR Transportation Intelligence. These are the heavy trucks that haul consumer goods, equipment, commodities, and supplies across the US. This plunge comes after orders had already plunged 58%...

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Q1 Carmageddon for GM, Fiat-Chrysler, Toyota, Nissan, Mercedes, Mazda…

Ford wisely kept its mouth shut. The problem with Mercedes and BMW is that they don’t yet sell luxury pickups, though they’re finally figuring it out. The first quarter was not pretty for new-vehicle sales in the US. Deliveries fell 3.2% from Q1 last year, to 3.99 million vehicles. Unless a miracle happens – and miracles are rare in the auto industry – 2019 is going to be the third down-year in a row for the industry, and the fourth down year for GM, Ford, Fiat Chrysler, Toyota, and...

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What the Heck’s Going on in China’s Video-Game Market, the Largest in the World?

The Dragon in the Game Room has a situation.  By Adam H. Williams, Senior Associate at E911-LBS, LBSglobe.com, for WOLF STREET: The opening of mainland China’s video game market to the world, combined with the rapid adoption of smartphones in China, has helped drive the extraordinary rise in global video game sales of the last decade. China’s gaming-industry revenue soared tenfold from 2008 through 2017. In 2018, China’s 620 million video game players spent about $38 billion on video...

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Lyft Shares Plunge 10% in 4 Hours from “Pop” to Close

IPO investors tried to unload while they could. Lyft started trading today as a public company. It had lost $911 million last year. Investors have been subsidizing every ride. Outside of burning the money that its investors have handed it, Lyft does not seem to have a sustainable business model. To reduce the burn rate, it has cut the pay of its drivers. And hundreds of those drivers were protesting and went on strike today in Los Angeles, San Diego, and San Francisco to draw attention...

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Deutsche Bank Seeking a “Guarantee of Existence” with Monster-Merger?

Opposition Is Growing to Merger Between Deutsche Bank and Commerzbank. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The chief executive of eternally troubled Too-Big-To-Fail Deutsche Bank, Christian Sewing, believes the time is ripe for a merger with its national rival, Commerzbank, Germany’s two biggest, most dangerous lenders. So, too does his counterpart at Commerzbank, as does US private equity firm Cerberus, which owns 3% of Deutsche Bank and 5% of...

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How Can a Company with $1.8 Billion in Revenue Lose $1.9 Billion? WeWork Shows How

The financial world has gone nuts. WeWork isn’t a publicly traded company yet and doesn’t have to disclose financial information to the public, but it issued bonds in April 2018 and has to show its hapless bondholders some figures about its financial performance. WeWork made this presentation available to the financial media, including the Wall Street Journal and Bloomberg. The four standout numbers that were reported: Revenues in 2018 doubled to $1.82 billion Losses in 2018 more than...

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THE WOLF STREET REPORT

The Next Big Letdown for Stocks. Walls Street is hoping for rate cuts and a new bout of QE, expecting that a recession will force the Fed’s hand. Stocks have surged for three months based on that hope for a recession, rate cuts, and QE. But what if the Fed stopped tightening too soon, and instead of a recession, we’ll get slightly lower economic growth, but with some added inflation? (10 minutes) Enjoy reading WOLF STREET and want to support it? Using ad blockers – I...

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