Jay Powell Isn't Here To Save Your Stonks [Forbes]
What matters right now is that Powell has one goal: to get the economy back to where it was before the pandemic, and rising rates are not going to stop him. If you want to know when he'll care about the stock market, then you've got to figure out how low the market needs to go before tightening the economy…. If the trend in yields keeps going, then the downtrend in expensive stocks will too, unless Powell decides it's derailing the economy. Next we hear from him will be March 17, so buckle up: this part gets bumpy.

U.S. economy adds 379,000 jobs in February as hiring speeds up [MarketWatch]
The increase in hiring last month was concentrated at businesses such as restaurants, retailers, hotels and entertainment venues as states eased restrictions on customer limits and public gatherings. Most other industries also added workers…. The increase in new jobs easily exceeded Wall Street expectations. Economists surveyed by Dow Jones and The Wall Street Journal had forecast 210,000 new jobs.

Reddit appoints Snap veteran Drew Vollero as CFO [Reuters]
Vollero, who served as Snap Inc’s first CFO and was a former executive of Mattel Inc, will lead Reddit’s finance team starting later this month and will report to Jen Wong, the company’s chief operating officer…. The appointment comes as the company is considering an IPO….

Shutterfly in Talks to Go Public Through SPAC Merger [WSJ]
The company is discussing a deal with a special-purpose acquisition company called Altimar Acquisition Corp. II that would value it at between $4 billion and $5 billion including debt…. Apollo bought the company in 2019 for around $2.6 billion including debt and then combined it with Snapfish LLC to create a bigger player in online-photo services.

Wells Fargo Urges Staff to Get Vaccines, Gives Time Off to Do So [Bloomberg]
Wells Fargo & Co., which has the largest workforce among U.S. banks, is encouraging employees to get vaccinated against Covid-19 and is offering paid time off for the inoculations…. “While we understand that choosing to be vaccinated is a personal decision, we encourage you to consider getting the vaccine when it’s available to you,” David Galloreese, head of human resources, said in the memo. “We encourage you to be educated about Covid-19 vaccines so that you can make an informed decision.”
The fourth-largest U.S. bank joins JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. in providing workers paid time off to get vaccines.

Mark Cuban’s Dallas Mavericks Are Accepting Dogecoin As Payment ‘Because We Can’ [Forbes]
Dallas Mavericks fans will be able to use dogecoin to purchase tickets to games and team merchandise, and transactions will be handled by BitPay, the world’s largest cryptocurrency payment provider…. Cuban told Mavericks fans who don’t understand dogecoin or cryptocurrency to ask their teenage children who use the video app TikTok: “They will be able to explain it all to you,” he said.

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trump-tweet1

Opening Bell: 3.19.18

Trump's tweets make stocks nervous; Brexit deal reached?; Jay Powell's no drama Fed; Man gives cop his Homer Simpson ID, hopes for the best; and more!

coins

Opening Bell: 6.18.20

The Robinhood bubble; Jay Clayton has questions about worthless stock; hoarding quarters; and more!

JC Penney Whit walker

Opening Bell: 5.18.20

Jay Powell tells old people we’re screwed; J.C. Penney might be screwed; gold is definitely not screwed, but Elon Musk’s plan to nuke Mars into habitability is (although he’s in line for a consolation prize); and more!

ItMnuchin

Opening Bell: 1.24.18

Steve Mnuchin graces Davos with his charm and beauty; London fundraiser bacchanal; Jay Powell confirmed; Town holds vigil for burned Taco Bell; and more!

KenGriffin

Opening Bell: 4.7.21

Pandemic punching bags bounce back; investors pour into space ETF without space stocks; Jay Powell might want to start looking for a new job; and more!

5GBioShield

Opening Bell: 5.29.20

White House won't be issuing bad news in an election year; people are still drinking coffee; Jay Powell gives Carl Icahn a parting gift; there’s no such thing as a “proprietary holographic nano-layer catalyst;” and more!

Opening Bell: 04.25.13

Apple Readies Its First Bond Offering (WSJ) Apple's announcement Tuesday that it plans to borrow for the first time could be as well received as its smartphone launches. Investors are desperate to take cash off the sidelines, even on high-quality securities that will yield relatively little. Despite its huge cash stockpile, Apple plans to issue debt to help fund dividend payments and stock buybacks in part because much of its cash is overseas. Raising money in the debt market would help Apple avoid the big tax bill that would come from bringing the cash back to the U.S. "We would likely buy the deal," said Matt Brill, a portfolio manager overseeing $40 billion of investment-grade bondholdings at ING Investment Management. Twitter Said To Bolster Security After AP Hack (Bloomberg) Two-step authentication will be introduced to make it harder for outsiders to gain access to an account, said the person, who declined to be identified because the information isn’t public. In addition to a password, the security measure usually requires a code sent as a text message to a user’s mobile phone, or generated on a device or software. Twitter’s defense against hacks involving the theft of passwords came under scrutiny this week after a hacker sent a false post about explosions at the White House, triggering a drop in the Standard & Poor’s 500 Index that wiped out $136 billion in market value. The attack came the same month the U.S. Securities and Exchange Commission said companies can use social-media sites to share market-sensitive news. It also threatened to complicate efforts by Chief Executive Officer Dick Costolo to establish the service as a viable business ahead of a possible initial public offering. Hoax Won't Deter Tweeting (WSJ) The Twitter hoax won't affect the company's disclosure plans or those of companies like Dell and Exxon Mobil, which have indicated they will use social media to communicate corporate news, according to company officials...Banks say they consider sites like Twitter an increasingly important news source and expect them to become essential outlets given the SEC's recent blessing of social media as a way for companies to disclose market-moving information. Virgin America Wants Fliers to 'Get Lucky' at 35,000 Feet (CNBC) The carrier on Monday introduced a cheeky new seat-to-seat ordering system. Without the assistance of an attendant, you can discreetly order a drink, snack or meal delivered to a fellow passenger onboard your flight. Your flirting begins on the airline's touch-screen personal entertainment system, located on the back of headrests. Call up the flight's digital seat map and send a cocktail, snack or meal to a fellow traveler onboard. After selecting items and paying with a credit card, a flight attendant delivers the goodies directly to the passenger's seat. After the delivery, you can follow up and chat with your object of affection with Virgin America's existing seat-to-seat chat platform via its Red in-flight entertainment system. The chat platform allows travelers to send text messages to other fliers. "I'm not a betting man, but I say your chance of deplaning with a plus-one are at least 50 percent," Branson said in the Get Lucky on Virgin America video posted on the airline's Facebook page. PIMCO's Rising Stars Pull In Money For Future After Gross (Bloomberg) Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy. Gross is overseeing a smaller share of Pimco’s mutual-fund assets and pulling in less of its cash. His $289 billion Pimco Total Return Fund got 19 percent of Pimco’s new mutual-fund deposits in the two years ended March 31, down from 42 percent in the prior period and 79 percent before that, Morningstar estimates. The portion of mutual-fund assets run by Gross fell to 63 percent as of March 31 from 84 percent a decade ago. ECB Says Ditching Austerity Would Not Help Euro Zone (Reuters) European Central Bank Vice-President Vitor Constancio said that seeking to stimulate economies by stopping measures aimed at cutting government debt could merely increase countries' borrowing costs rather than triggering growth. Deutsche Bank can't shake L.A. claims over foreclosure blight (Reuters) A judge has denied Deutsche Bank AG's bid to dismiss a lawsuit by the city of Los Angeles accusing it of letting hundreds of foreclosed properties fall into disrepair and illegally evicting low-income tenants, a representative for the city's attorney said on Wednesday. Los Angeles Superior Court Judge Elihu Berle allowed the 2011 civil enforcement action to proceed, according to the city attorney's office. The ruling was made during an April 8 hearing and a written decision was issued late on Tuesday, the city said. Traders Bet On A Sugar Rush (WSJ) Even as prices plumb nearly three-year lows, investors are betting that they will drop even more. Positions that profit when sugar prices fall hit an all-time high of 212,419 contracts—worth about $4.5 billion—on April 9. The number of these "short" contracts held by investors is up 65% from the start of the year. The wager is that Brazil, the world's biggest sugar producer, will report a record crop this year, leading to a huge global surplus. The harvest began in early April, and the weather has been ideal—dry and sunny. If growers' luck holds, prices could keep falling into late summer, when the total size of the crop begins to take shape, analysts say. 'The Rent is Too Damn High' guy is running for mayor, has an anthem to prove it (NYP, AnimalNY) McMillan has thrown his hat into the ring for the 2013 New York City mayoral race with a musicalanthem and accompanying YouTube video. "Jimmy McMillan, the political candidate whose slogan represents the one issue that all New Yorkers can agree on–that the rent is too damn high–is running for mayor," says Animal New York in the introduction to the video. "It's been two long years since I been on the scene, now I'm back in the game looking mean and lean," McMillan sings in the video. "The race may be different but the message is the same, R.I.T.D.H. is going to change the game!" "My mustache and haircut are too damn fly!"

ivanka

Opening Bell: 11.20.20

Izzy Englander will have your money for five years or not at all; a parting gift from Jay Clayton; a subpoena for Ivanka; and more!