Financial Daily Dose 11.13.2019 | Top Story: Buffeted by Changing Consumer Demands, Dean Foods Declares Bankruptcy

Demolition of an old house
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Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.”  Industry experts have noted that the company’s attempts to streamline in recent years haven’t kept up with declining sales, making yesterday’s announcement close to inevitable – WSJ and Bloomberg and MarketWatch and Law360 and CNBC

Just a day after we learned that Google’s muscling its way into the health sector, the Journal reports that the company is partnering with financial companies to offer checking accounts to consumers. Why ever would it care about that? The data, my friends. It’s all about the data – WSJ

As recent WeWork drama has shown us, SoftBank’s $100 billion Vision Fund investments haven’t always worked as planned. Turns out that Masa Son’s tech-focused largesse, much of which has benefited companies with the business model of hiring contractors to deliver services, has in fact led to a far less laudable pattern around the globe: “a distinctly modern version of the bait-and-switch” – NYTimes

Overstock.com shares hit a seven-year low late Tuesday after the company revealed that the SEC has expanded its investigation into the enterprise to include “the stock plans of some of its executives” – WSJ and MarketWatch

Still struggling in the aftermath of the downfall of former CEO Carlos Ghosn, automaker Nissan posted a 54.8% decrease in net income in Q3 as compared to a year ago—a troubling figure that hits at a time when the entire industry is coping with a “slump in global auto sales” – NYTimes

Meanwhile, European automakers are still waiting anxiously to learn whether the White House will delay planned tariffs on their wares, a threat made months ago in an apparent effort to “pressure the global auto industry to locate more car manufacturing inside the United States.” Economists have estimated that the proposed 25% tariffs on cars and car parts could “raise the price of a new car by $1,400 to $7,000, weighing on American consumers” – NYTimes

Drug giant AbbVie dropped $30 billion in bonds on the markets this week in an effort to help fund the company’s acquisition of Allergan. It had “little trouble” with the sale, “taking advantage of investors’ strong demand for higher-quality business debt” – WSJ

For real this time—the CFPB told a California federal court that an “outline of proposals” for rules “implementing  a nearly decade-old mandate to collect small-business lending data” are in the works. Just given them another year. Promise – Law360

A former McDonald’s employee has filed a class-action lawsuit against the company and a Michigan-based franchisee over claims that they failed to adequately respond to allegations of sexual harassment in their restaurants – MarketWatch

Blockchain, the technology undergirding cryptocurrencies that was supposed to take even a crypto-averse business world by storm, has apparently lost some of its luster – Bloomberg

Even as it waffled on a previously announced commitment to rollback tariffs and threatened new ones, the White House teased the coming of phase one of a trade deal with China on Tuesday – WSJ and Bloomberg and MarketWatch and Law360

Now, Fed Chair Powell has a chance to weigh in on the state of the economy (and the impact of that as-yet-unsigned trade deal) in two days of testimony on the Hill – Bloomberg and WSJ

It wasn’t an utterly smooth debut for Disney+, but many of the tech issues appeared linked to high user demand, a [possibly] good problem for the Mouse to face as establishes an oversized-shoe-shaped toehold in the streaming video market – WSJ and NBCNews

Big win for the SEC in a SDNY courtroom this week, with a jury finding that day-trading firm Avalon FA and “two lifelong friends defrauded investors in what the SEC called a market manipulation scheme and a parade of ‘outright lies’ that raked in $28 million” – Law360

I mean, I’m still Bittman ride or die, but I’m kinda loving the idea of virtually shopping and co-cooking Thanksgiving dinner with Alison Roman – NYTimes

MDR

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