Early Warning Signs of Recession Flash Faintly in U.S. Jobs Data (Bloomberg)
Take a peek below the headline jobs data, however, and there are signs that the labor market is losing some momentum. Temporary-help employment, which peaked prior to the last two recessions, is showing signs of topping out. And a broad labor-market index constructed by Federal Reserve economists -- and monitored by Chair Janet Yellen -- has fallen for three straight months, the first time that’s happened since 2009.
Puerto Rico's Bondholders Divided in Fight Over Federal Rescue (Bloomberg)
Hedge funds that own about $5 billion of Puerto Rico’s general-obligation bonds, which are guaranteed under the island’s constitution, are fighting the House measure that would give the U.S. territory ability to write off some of its $70 billion in debt. Firms that own securities backed by sales taxes are working to ensure its passage, seeing it as a way to protect their investment from a cascading series of defaults.
Argentina Returns to Debt Markets With $16.5 Billion Sale (WSJ)
The government originally marketed a deal between $10 billion and $15 billion, but it sold $16.5 billion after finding overwhelming investor demand. Underwriters for the bond offering received $70 billion in orders for the debt, according to people familiar with the matter. “This is the biggest demand in history for a bond from an emerging market country or company,” Alfonso Prat-Gay, Argentina’s new finance minister, said at a news conference in Argentina Tuesday.
Best Undergraduate Business Schools of 2016 (Bloomberg)
1. Villanova 2. Notre Dame 3. Boston College
Cheating? Don't Do It On This High-Tech Mattress (HP)
A new high-tech mattress detects hanky-panky and informs the owner via a mobile app. Reacting to a report that Spain has a high rate of infidelity, a Spanish mattress firm didn’t take the news lying down, the Local in Spain reports. Durmet developed the Smarttress and its “Lover Detection System.” Twenty-four ultrasonic sensors measure “suspicious movement” in the bed, transmitting data of the tryst, including a 3D mattress model to show where most of the exertion is taking place.
ETFs’ ‘Spider Woman’ Argues for a Bitcoin Fund (Reuters)
When one of the first exchange-traded funds launched in 1993, securities lawyer Kathleen Moriarty received a gift from her legal assistant: a Spider-Man comic-book cover altered to depict the superhero facing off against a hulking Securities and Exchange Commission. Twenty-three years later, Ms. Moriarty’s ability to navigate the arcane rules that govern financial markets and products has built her a reputation as a top lawyer in the ETF business and earned her the nickname “Spider Woman.” Her latest challenge is convincing regulators that a bitcoin ETF is appropriate for the market. That isn’t necessarily an easy sell, given the explosion of ETFs across the market and their fraught role in a market meltdown last August.
Saudi Arabia Picks JPMorgan, Klein for Aramco IPO (Bloomberg)
JPMorgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker who runs his own boutique, have been selected to advise on state-owned Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter.
Starboard's Smith warns a full board sweep is not always possible (Yahoo)
At Yahoo, Starboard is working to repeat a feat that earned the hedge fund headlines two years ago, when it won all 12 seats at Darden Restaurants Inc (DRI.N). Replacing an entire board "seems to work really well," Smith said at the 13D Monitor's Active-Passive Summit. A full sweep, he said, helps activist investors gain trust with management and lays the groundwork for a true partnership. But he also acknowledged that companies are far more ready to find solutions so they can avoid the embarrassment and disruption of an expensive proxy fight. Starboard won 12 board seats at Darden in 2014, and Smith just stepped off the board after 18 months of working on a turnaround.
Dad uses Millennium Falcon drone to remove daughter's tooth (UPI)
A California dad was recorded using a Star Wars Millennium Falcon drone to do what the Force couldn't -- remove his daughter's loose tooth. The video, filmed Wednesday, shows Marin County dad Kelly Starrett launching his Millennium Falcon drone while a piece of string connects the aircraft to a loose tooth in the mouth of his daughter, Caroline. "I love you, Chewwy!" Caroline says with a full mouth. The drone takes off and speeds off with Caroline's tooth in tow.