ADG 5/28: Balance Beam
The European Union is drafting emergency powers that could compel chipmakers to override contracts and enable joint purchasing to strengthen its semiconductor supply chain, a move driven by fears of economic coercion amid U.S.-China tensions. In the United States, former Fed officials warned that inflation expectations risk becoming unanchored as the personal consumption expenditures index posted 3.8% headline growth, while Fed officials signal a reluctance to cut rates. Meanwhile, rising borrowing costs are pressuring speculative‑grade issuers, exemplified by Sophos’ struggle to refinance a $2.4 billion loan amid lender pushback. Despite these headwinds, equity markets rallied, with the S&P 500 gaining another 0.6% and approaching a 20% year‑to‑date rise.
ADG 5/21: Price Check
The U.S. Justice Department has charged four major shipping‑container manufacturers—including Hong Kong‑based Singamas and China’s CIMC—accusing them of a multi‑year price‑fixing conspiracy that doubled container prices from 2019 to 2021. In parallel, Walmart reported first‑quarter results that missed consensus, with...
ADG 5/5: Narrow Shoulders
The SEC proposed rule changes that would let public companies file a new Form 10‑S on a semiannual basis instead of the traditional quarterly Form 10‑Q, giving firms flexibility in interim reporting. At the same time, spring earnings season is delivering a...
ADG 5/4: Dissents and Sensibility
Prediction‑market contracts on Kalshi show traders assigning GameStop only a 26% chance of completing a cash‑and‑stock acquisition of eBay by 2026, despite the deal’s $55.5 billion valuation far exceeding GameStop’s roughly $11.9 billion market cap. Meanwhile, the Federal Open Market Committee recorded...
ADG 4/28: Retire Fire
Average daily trading in the SPDR S&P 500 ETF fell to 64.8 million shares, well below its 52‑week average, signaling muted participation in the current market rally. RE/MAX Holdings surged more than 20% on Friday and is being acquired by Real...
ADG 4/24: The Bold and the Beautiful
Thrive Capital announced its first investment through the new Thrive Eternal vehicle, taking a stake in the San Francisco Giants, signaling a venture‑capital push into sports franchises. Meanwhile, Clearlake Capital co‑founders are focusing on sports deals, with a near $3.9 billion...
ADG 4/21: Securities Blanket
The U.S. Supreme Court signaled support for the SEC’s broad disgorgement authority, indicating the agency need not prove direct investor harm before seizing illicit profits. Enforcement activity has slumped, with the SEC filing only 56 actions in the past year—a...
ADG 4/20: Brake Dancing
Edmunds reports that 30.9% of trade‑ins for new vehicles carried negative equity in Q1 2024, the second‑highest quarterly reading on record. The average underwater balance rose to $7,183, a 42% increase over the past five years, while 90.2% of those...
ADG 4/17: No Island Unto Itself
South Korea’s National Pension Service (NPS) announced it will drop the long‑standing 15% ceiling on foreign‑currency hedging for its overseas assets, using that figure as a baseline and allowing higher hedges when needed. The NPS oversees roughly $1 trillion in assets,...
ADG 4/14: Sideline Reporter
New Jersey’s NJ Transit is weighing a price tag of more than $100 for round‑trip tickets from Penn Station to MetLife Stadium for upcoming FIFA World Cup matches, a steep jump from the usual $12.90 fare. Meanwhile, Treasury Secretary Scott...
ADG 4/13: Squeeze Box
New research shows consumer‑grade AI chatbots struggle with medical diagnosis when patient information is sparse, often converging on a single answer too quickly. Meanwhile, Intel’s stock jumped 58% in early April, the best nine‑day rally ever, after announcing a $14.2 billion...
ADG 4/9: Tik Tok
The Justice Department has opened a probe into the NFL’s antitrust practices surrounding its TV‑rights packages, raising questions about consumer access to games. Meanwhile, the software sector faces a looming credit crunch as roughly $330 billion of high‑yield loans are set...
ADG 4/7: Two Way Player
Delta Air Lines announced higher baggage fees—$45 for the first bag, $55 for the second and $200 for a third—citing a surge in jet‑fuel costs that have more than doubled since the start of 2026. Global jet fuel averaged $209...
ADG 4/6: Wait-and-See-Change
BlackRock has filed with the SEC to launch a Nasdaq‑100 ETF under the ticker IQQ, likely charging a 12‑basis‑point fee that undercuts Invesco’s QQQ, which carries an 18‑bps charge and manages about $375 billion. Invesco’s shares dropped more than 5% after...
ADG 3/31: Interval Training
U.S. banks are tightening credit for private‑credit vehicles as borrowing costs for business development companies have risen to roughly 2% above the Secured Overnight Financing Rate, squeezing fund managers' interest income. At the same time, redemption pressure on non‑public BDCs...