For the first time in its history, the US federal government has more than $20 trillion in outstanding debt.
The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by various parts of the government, also known as Intragovernmental Holdings.
The amount of debt held by the fe
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The US government just passed $20 trillion in debt for the first time ever
-
Private equity is trying to poach young bankers mere weeks into their jobs
Wall Street recruitment season is coming earlier and earlier every year.
Recruiters for some of the world’s largest and most prestigious private equity firms are firing off meeting invitations a full three months sooner than four years ago, Bloomberg News’ Yueqi Yang reports.
Junior analysts — the most entry level position at most banks — are getting a flurry of recruitment emails just months after they've graduated college and started at desks on banks across Wall S -
CREDIT SUISSE: GrubHub’s recent acquisition may take time to pay off (GRUB)
Fresh on the heels of the company’s $287.5 million Eat24 acquisition, Credit Suisse analyst Paul Bieber has downgraded GrubHub, citing “uncertainty on acquisition accretion.”
“We are lowering our rating as we believe shares reflect an optimistic scenario for accretion from recent acquisitions,” he wrote in a note published Monday morning.
In short, Credit Suisse believes any growth from the Eat24 buyout will be slow, and could take a full year to materialize. -
Stock pickers are piling into these 9 stocks
Bank of America Merril Lynch released its lastest equity and quant strategy analysts' list of the most overowned stocks held by active managers.
The list is part of a new report on active manager holdings that the bank sent to clients on Friday.
According to BAML, the "overowned" list includes companies that meet the following criteria:"Stock is 1.5x or more than its weight in the S&P 500 in the fund manager composite, and more than 35% of funds in the sample hold the stock."The list ra -
This is how Tesla was able to increase range for some Florida owners fleeing Hurricane Irma (TSLA)
Late last week, as Irma was bearing down on Florida as a Category 5 hurricane, and many inhabitants of the state were evacuating, a lone Tesla owner contacted the carmaker and asked for an increase in range to be able to escape the storm more easily.
That owner, according to Tesla, did not have the current base Model S or X with a 75 kWh battery pack. For a period of time, Tesla sold the Models S and X with a 75 kWh pack that was limited by software to 60 or 70 kWh. For $6,500, owners could upgr -
STOCKS SOAR TO A NEW RECORD: Here's what you need to know
Stocks soared to a new record high as investors sought out risky assets after Hurricane Irma caused less damage than originally thought.
The S&P 500 climbed 1% as fears over escalating North Korea tensions ebbed, erasing last week's 0.6% loss in the benchmark index. Meanwhile, both the Dow and the more tech-heavy Nasdaq surged 1.1%.
First up, the scoreboard:
Dow: 22,057.37, +259.58, (+1.19%)
S&P 500: 2,488.11, +26.68, (+1.08%)
Nasdaq: 6,432.26, +72.07, (+1.13%)
US 10-year yield: 2.13%, + -
The iPhone X is rumored to have an OLED screen — here's what OLED is and how it's different from past iPhones (AAPL)
Apple is set to announce a slew of new products on Tuesday, including three new iPhones: the iPhone 8, iPhone 8 Plus, and iPhone X.
There are said to be several major differences among the three phones, but one of the biggest changes is the screen — the iPhone X will have a new OLED screen, while the iPhone 8 and 8 Plus will have an LCD screen like Apple's previous phones.
The OLED technology is new for Apple, but anyone who uses Samsung phones (or the Google Pixel, or the new Essential Ph -
RBC: Google is in the ‘crosshairs’ of antitrust regulators — and should be kicked out of FANG (GOOGL, GOOG)
Google is facing heavy antitrust regulation risk from around the world.
If hit by these regulations, the company could have to pay more to acquire users, putting a dent in its bottom line.
Google made headlines after it was served with the largest fine in the history of the European Commission, but it looks like that fine may not be the end of the company's troubles.
The fine from the European Commission for about $2.9 billion was levied because the company's search results for s -
Bernie Sanders' unconventional healthcare plan is getting backing from a lot of big-name Democrats
Bernie Sanders is getting some serious support in his push to reform the US healthcare system.
Sanders on Wednesday will roll out a Medicare-for-all bill, which aims to extend the Medicare program, federally funded insurance for people over the age of 65, to all Americans.
A single-payer healthcare push has previously been well outside the mainstream for most Democrats. But Sanders' legislation has picked up support from high-profile Democrats.
Sen. Cory Booker of New Jersey on Mo -
China reverses course after the yuan's recent strengthening
China is reversing course and loosening some financial restrictions after the yuan's appreciation in 2017.
The People's Bank of China will remove an October 2015 measure that made it more expensive for onshore banks to use currency forwards, as well as a January 2016 reserve requirement on foreign banks' yuan deposits, according to the Wall Street Journal's Lingling Wei.
The yuan weakened against the US dollar by about 0.6% on Monday after the news crossed the wires.
Both measures were orig -
China just reversed 2 policies to keep the yuan from sliding
China is reversing course and loosening some financial restrictions after the yuan's appreciation in 2017.
The People's Bank of China will remove an October 2015 measure that made it more expensive for onshore banks to use currency forwards, as well as a January 2016 reserve requirement on foreign banks' yuan deposits, according to the Wall Street Journal's Lingling Wei.
The yuan weakened against the US dollar by about 0.6% on Monday after the news crossed the wires.
Both measures were orig -
Republicans are about to roll out their last-ditch effort to repeal Obamacare
Republican Sens. Lindsey Graham and Bill Cassidy on Monday were set to roll out a last ditch effort repeal and replace the Affordable Care Act in the near-term.
The Graham-Cassidy bill would maintain a significant portion of the structure of previous GOP attempts at a healthcare overhaul in the first half of the year. But it contains some notable differences in an attempt to appeal to more moderate members of the party.
The bill, however, faces an uphill battle and a short wi -
Wall Street is facing a gloomy reality
It couldn't have started out much better for Wall Street in 2017.
First-quarter revenues boomed, ginning up hopes that a moribund 2016 was the end of a steady, four-year decline for banking.
The scorecard: $42 billion in first-quarter revenues at the top-12 banks, including $21.4 billion from fixed income trading — a 14% and 20% increase, respectively, according to data from industry consultant Coalition.
But high hopes have since been reined back in.
At an -
Tesla is popping after releasing its next generation of Superchargers (TSLA)
Tesla is surging higher after announcing the next generation of its Superchargers, aimed at dense cities.
Shares are trading up 5.06% at $360.76 on Monday as the company addresses concerns city dwellers have with their vehicles. Owning a garage is a rarity in large urban centers, so an overnight charge might be hard to come by for many. The electric car maker is rolling out new chargers in Boston and Chicago.
"Supercharger stations in urban areas will be installed in convenient locations, -
CEO Jeff Bezos has ordered big changes at Amazon's TV division — but he gave a sign he disagreed with its strategy months ago
Amazon CEO Jeff Bezos has ordered a major TV strategy overhaul at Amazon Studios, according to Variety.
Over the past few days, two shows related to F. Scott Fitzgerald — “The Last Tycoon” and “Z: The Beginning of Everything” — abruptly got the ax. And Bezos reportedly wants the team to focus on getting a big-time drama hit like “Game of Thrones.”
While these cancellations might seem to come out of nowhere, there was actually a public sign earlier -
Equifax is getting crushed — and traders are betting it's going to get so much worse (EFX)
Equifax has already plunged 18% since it announced last week that hackers may have the personal details of nearly half the US population.
Options traders are betting that this is only the start.
As of Monday, the options contracts with the largest outstanding bets on the stock profit from a decline of 15% to 19% over the next five weeks, according to data compiled by Bloomberg.
More specifically, the two contracts represent wagers that Equifax's stock price — which closed at $123.23 on Fri -
Equifax is getting crushed — and traders are betting it's going to get so much worse
Equifax has already plunged 18% since it announced last week that hackers may have the personal details of nearly half the US population.Options traders are betting that this is only the start. As of Monday, the options contracts with the largest outstanding bets on the stock profit from a decline of 15% to 19% over the next five weeks, according to data compiled by Bloomberg.
To get more specific, the two contracts represent wagers that Equifax's stock price &mdash -
Goldman Sachs' head of HR is leaving (GS)
Goldman Sachs' global head of human capital management is leaving the firm at the end of the year.
Edith Cooper, who spent 21 years at Goldman Sachs, will retire from the firm at the end of the year, according to a memo seen by Business Insider. She will then become a senior director.
"During her nine years as head of HCM, Edith modernized the ways in which we recruit, develop and retain our people, enhancing our world-class talent organization," Goldman Sachs CEO Lloyd Blankfein said -
Trump's deal with Democrats may make his massive tax cut plan even harder
President Donald Trump reached across the aisle on Wednesday and agreed to a deal with Democratic leaders to extend the debt ceiling, fund the government, and provide billions of funds for Hurricane Harvey relief and recovery.
But though the deal avoided a series of looming deadlines with potentially disastrous consequences, it may have also scrambled Trump's next big economic policy push: tax reform.
The White House is focused on what Trump called "the biggest tax -
The iPhone X is facing 'severe short supply' and will be hard to find (AAPL)
It's going to be really hard to get your hands on an iPhone X when it comes out.
The latest sign that Apple's new high-end phone is going to be difficult to find comes from KGI Securities analyst Ming-Chi Kuo, who is tapped into Apple's Asian supply chain.
"Due to component supply constraints, we estimate current production of the OLED iPhone at less than 10k units per day, which means the model will remain in severe short supply for a while," Kuo wrote in a note distributed to inves -
UBS: Here’s how Kroger can survive Amazon’s push into groceries (KR)
Shares of Kroger, the No. 2 US grocery chain, tanked last week after the company said it would only give annual — not long term — guidance going forward.
For the second quarter, Kroger's same stores sales (excluding fuel) and total revenue both beat analyst expectations, but the guidance shift left UBS analysts Michael Lasser and Mark Carden feeling un-enthused.
“Had it not been for the fact that KR left some doubt about its long-term outlook, its 2Q would -
One moment on '60 Minutes' made it perfectly clear how Steve Bannon fools so many people
In an interview on CBS's '60 Minutes,' former White House adviser Steve Bannon pushed back against the idea that the United States is a nation of immigrants.
He did so by oversimplifying some complicated pieces of American history while sounding confident.
In fact, you'll find that a lot of his worldview is just that — an overconfident oversimplification.
Former White House adviser Steve Bannon was interviewed on "60 Minutes" on Sunday, and there was one moment that made it crystal clear h -
Nordstrom is testing a tiny new store that doesn't sell clothes (JWN)
Nordstrom is testing a store concept that's a fraction of the usual size and doesn't sell clothes.
The new Nordstrom Local store, opening October 3 in West Hollywood, California, will be 3,000 square feet, compared with 140,000 square feet for the average department store, reports Suzanne Kapner at The Wall Street Journal.
"It will contain eight dressing rooms, where shoppers can try on clothes and accessories, though the store won't stock them," Kapner writes. "Instead, personal stylists -
Wall Street's 'compensation season' is approaching, and it's not looking good
In banking it will soon be “compensation season,” the autumn months when firms set bonuses for their employees. Given that this is a global phenomenon there is, surprisingly, little competitive intelligence to help compensation committees do their work.
Here’s some news: Although final results of OptionsGroup’s 2017/18 compensation report will not be available until November we already forecast a decline in total compensation pools for many of the world&rs -
We compared Whole Food prices today to what they were 2 years ago — and what we found shocked us (AMZN)
Whole Foods' efforts to destroy its "whole paycheck" reputation are finally paying off following its acquisition by Amazon.
The total cost of a 24-item basket of items from the grocery chain dropped by $18.76 over the last two years.
Business Insider compared the prices of 24 items purchased at a Whole Foods in Richmond, Virginia, in November 2015 to the prices of the same 24 items purchased at a location in Durham, North Carolina, in September 2017.
In 2015, the -
Insurance stocks are rising as Hurricane Irma damage is likely to be less than expected (FNF, PGR, FAF, ACGL, CB, ALL, NAVG, SIGI, CINF, KINS)
Hurricane Irma continues to rampage across Florida, knocking out power in much of the state. However, damage caused by the storm is looking to be less than expected, and insurance stocks are rising on the news.
Irma has been downgraded to a tropical storm Monday morning after hitting the Florida keys as a category 4 hurricane. The S&P insurance exchange traded fund is up 2.06% on Monday morning, as reports from the affected areas in Florida roll in.
The ETF was falling in the -
Morgan Stanley thinks Goodyear is a good bet if you're worried about electric cars taking over the world (GT)
Investors are concerned that electric cars are poised to dominate the transportation future, so they've rewarded Tesla with a massive market capitalization and punished the stock of traditional automakers, such as Ford and General Motors.
Even though old-line car companies, along with suppliers and dealers, have enjoyed record annual sales of 17.5 million and 17.55 million new vehicles in 2015 and 2016, optimism about the industry is in short supply.
Morgan Stanley analyst Adam Jonas thinks ther -
Apple is rising ahead of Tuesday's 'game changing' iPhone X launch event (AAPL)
Apple is expected to announce the details of the new iPhone on Tuesday and investors are driving the stock price higher in anticipation.
Apple is trading 2.0% higher on Monday ahead of the launch event.
Last year, the iPhone maker slipped slightly lower on the day before the event and gained 0.46% as investors watched the iPhone 7 launch event day-of. The iPhone X is expected to be much more exciting than its predecessor, however.
Amit Daryanani, an analyst at RBC Capital M -
AB InBev on how it plans to surpass Heineken in the UK
Budweiser is one the beer brands owned by AB InBev.AB InBev has unveiled its plans to grow the business over the next 12 months, with craft brands, new partnerships and Budweiser’s World Cup sponsorship playing a key role.
The business is currently the world’s biggest brewer after merging with SABMiller last year, making approximately £42bn in revenue more than its rival Heineken in 2016.
However, this isn’t the case in the UK. Heineken has recently looked to increase it -
Tesla owners in Boston and Chicago are getting new Superchargers designed specifically for cities (TSLA)
Supercharging is a tremendous perk of Tesla ownership. The company's cars can be recharged quickly using the fastest available charging at nearly 400 locations in the US.
In about an hour a depleted Tesla vehicle battery can be restored to full charge; Supercharging used to be free for all Tesla owners, but recently Tesla has begun leveling a fee for new owners who buy a Model S or X vehicle, if they exceed a yearly credit cap.
Tesla doesn't want owners to use the Supercharger network for -
Market legend Art Cashin's note from the first day US markets opened after 9/11
Monday marks the 16th anniversary of September 11, 2001, the date of the deadliest attacks on US soil since Pearl Harbor.
To remember the day and honor its heroes, legendary New York Stock Exchange floor trader and director of floor operations for UBS Art Cashin republished his original comments from September 24, 2001, when markets re-opened in New York.
His writings captured the mood in the city at the time. We included an excerpt below:
"Monday, September 24, 2001.
On this day, in S -
TOP ANALYST: Starbucks could be making a huge mistake when it comes to digital rewards (SBUX)
Starbucks digital rewards program — My Starbucks Rewards — now has 13 million members. Their purchases accounted for 36% of the coffee chain's $21.32 billion in sales last year.
But Starbucks could be making a big mistake when it comes to how it on-boards new members to the program, according to RBC Capital Markets analyst David Palmer.
“For a while, Starbucks was on-boarding rewards members and active digital users at an extremely rapid clip, but that has slowed,” -
GOLDMAN SACHS: 2 big reasons the stock market is safe from a correction
Clients of Goldman Sachs can't stop asking about the possibility of a major stock market downturn.
And can you really blame them for worrying? After all, it's been 14 months since the S&P 500 has seen a 5% sell-off and 19 months since a full-blown 10% correction.
Still, Goldman says fear not, for a couple of key factors are still working in favor of a prolonged stock market expansion.
The first is a lack of investor euphoria — the type of unabashed confidence that has historically lef -
10 things you need to know today (SPX, SPY, QQQ, DIA, SNAP, AMZN, AAPL)
Here is what you need to know.
Hurricane Irma hammers Florida. Irma made landfall in the Florida Keys as a Category 4 hurricane on Sunday morning; it was downgraded to Category 1 on Monday as it continued to make its way across Florida.
Parliament is set to vote on Theresa May's EU Withdrawal Bill. Members of Parliament will vote Monday evening in London on the bill, which will allow all existing European Union laws to be transferred over to British law, after which the government will be free t -
The creator of Wall Street's 'fear gauge' says people don't understand it as well as they should
One of Wall Street's most popular positions is betting that nothing will happen in the markets.
Every day, traders across the US place bets that volatility will continue to decrease as stocks continue to climb higher and higher. And for the most part, they've profited from those bets.
Since the CBOE's volatility index, or VIX, otherwise known as Wall Street's fear gauge, was launched in January 1993, more than 30 trading products have been created to let investors bet on its levels. And since th -
Deciphering Gen Z: Why brands need to transform their marketing
The next generation has arrived. With Gen Z we’re beginning to see a fascinating new cohort of teens and young adults who are part traditionalist, part exceedingly modern tech-natives. The eldest Z-ers are now 22 and entering the workplace, and the youngest already influence billions of pounds of annual spend in the UK through their parents.
The burning question for many brands is ‘how can we create brands and messages that resonate with them?’. Marketing agency Jaywing i -
YouTube, iPhone, Marmite: Everything that matters this morning
YouTube advertises to advertisers
YouTube is running its first ad campaign aimed at marketers as it looks to convince them up spend more money with the video platform. The campaign, which is running across digital channels including Twitter and LinkedIn, features YouTube influencers and aims to showcase the types of audiences found on YouTube, including sports fans, gamers and young parents.
The campaign is set to run for six weeks, according to Ad Age, which means it will be airing during Ad We -
Morrisons, John Lewis, Facebook: Everything that matters this morning
Morrisons profits soar as Potts turnaround continues to impress
Morrisons saw pre-tax profits surge 40% in its first half of the financial year as like for like sales rose 3%.
This means the big four supermarket has now achieved seven consecutive quarters of sales growth.
Particularly impressive has been its collaboration with Amazon Fresh of which Morrisons supplys with own-label food and drink items. Morrisons brought in £14m of incremental profit from wholesale, services, interest and o -
Google, Nestle, Thomas Cook: Everything that matters this morning
Google slammed for sex discrimination
Google has been accused of systematic discrimination against female employees in a class-action lawsuit filed on behalf of all women employed by the company in California over the past four years.
The lawsuit alleges women are paid less than men for doing a similar job, denied promotions and “segregated” into lower-paid roles. According to the Guardian, the class-action names three plaintiffs who offered specific stories of Google “assignin -
Google, Mothercare, VW: Everything that matters this morning
Google appeals €2.4bn fine over search engine results
Google is appealing against a record €2.4bn (£2.2bn) fine imposed by the European Union for its abuse of the search engine market in building its shopping comparison service.
The search engine giant is accused of artificially and illegally promoting its own price comparison service in searches, thereby denying consumers free choice and failing to allow rival firms to compete on a level playing field.
The EU claims that the man -
Apple, Instagram, Unicef: Everything that matters this morning
Apple finally reveals its iPhone X
After suffering a major leak earlier this week, the tech company finally revealed its latest iPhone models at a media event yesterday evening. Like the leak papers suggested, it is launching a high-end ‘iPhone X’ model that is Apple’s most expensive phone yet.
It costs £999 for a 64 gigabyte capacity version and an eye-watering £1,149 for 256GB. It also uses a facial recognition system to recognise its owner rather than a fingerpri -
Why young marketers are taking a different route to the top
It has arguably never been a more exciting time to build a career in marketing. It is fast-paced and continually evolving, creating numerous opportunities to progress. But a recent report shows that when it comes to advancing into the top roles internally, there is a big chance you could be overlooked.
During the first half of 2017, 72% of publicly reported CMO appointments were external candidates, up from 64% during the same period in 2016, according to research by Russell Reynolds Associates. -
Hack your commute: Cut down your cortisol
Or, in other words, relax. “Easier said than done,” you might argue, but there’s a serious reason commuters need to keep their stress levels manageable. Over time, the frustrations of getting into work each day can cause long-term health problems such as hypertension (high blood pressure), which increases the chance of a stroke or heart attack.
Stress also affects concentration, and the longer the commute, the worse the effect, according to a 2006 study in the Health Psychology -
WARC Awards: Effective Social Strategy winners
via warc.comGLOBAL: Campaigns for BT Sport, Headspace, JetBlue, KFC and Reese’s have been awarded Golds in the Effective Social Strategy category in the 2017 WARC Awards which recognise next-generation marketing effectiveness.The Effective Social... -
Netflix and Amazon face stiff Indian competition
via warc.comMUMBAI: Netflix and Amazon, two US giants of video streaming, are investing large sums on original content for the Indian market, but industry rivals warn they will find India a very different proposition to the US and other developed markets. ... -
FT aims for 1m circulation via live events
via warc.comLONDON: The Financial Times, the UK’s leading business newspaper, is successfully using its global live events programme as part of a broader strategy to boost its circulation to one million.In addition to its digital efforts, the publisher... -
Digital display ads drive global adspend
via warc.comGLOBAL: Global advertising expenditure is forecast to grow 4% to $558bn by the end of 2017, driven by digital display formats, in particular social media in-feed ads and online video.According to the latest Advertising Expenditure... -
Amazon could launch in Australia in October
via warc.comSYDNEY: Retailers in Australia have been anticipating the arrival of Amazon since April, but it now appears the US e-commerce giant is poised to launch as early as next month, giving it time to exploit the pre-Christmas sales boom.That is... -
Ad agencies turn to OpenSlate for brand safety
via warc.comNEW YORK: An increasing number of leading ad agencies are signing up to use digital verification and measurement tools provided by OpenSlate, a video analytics firm, which checks YouTube to ensure ads are served where they should be.GroupM,... -
Nissan renews Champions League sponsorship and shifts focus from awareness to engagement
Nissan is renewing its sponsorship of the UEFA Champions League for another three years as it claims the partnership has been a huge success in increasing the visibility of the brand and therefore its sales.
The Japanese car marque took over the sponsorship from Ford in 2014. And since that time both its brand strength and sales have improved.
It is now the 43rd most powerful brand in the world, according to Interbrand, with a value of $11bn in 2016. That was up 22%, making it one of the rankin
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