Tag Archives: SEC

Financial Daily Dose 6.23.2020 | Top Story: White House Suspends Work Visas for Hundreds of Thousands

BY: Michael D. Reif | June 23, 2020

On Monday, the White House announced its plan to extend a “freeze on ‘green cards’ for new immigrants” and to “suspend H-1B, L-1, J and other temporary work visas for skilled workers, managers and au pairs through the end of the year,” ostensibly to “protect 525,000 jobs as part of [its] response to job losses … Continue reading

Financial Daily Dose 6.22.2020 | Top Story: In Reversal, U.S. Gov’t Will Reveal Details of PPP Loan Recipients

BY: Michael D. Reif | June 22, 2020

After weeks of “backlash over a lack of transparency,” the Treasury Department has agreed to make public information detailing “borrower information for recipients of millions of small-business loans through the $660 billion Paycheck Protection Program.” The disclosures will apply to companies receiving more than $150k through the PPP and will include “business names, addresses, demographic … Continue reading

Financial Daily Dose 6.18.2020 | Top Story: SEC Intervenes to Halt Bankrupt Hertz’s Planned Stock Sales

BY: Michael D. Reif | June 18, 2020

Some rare last-minute SEC intervention forced Hertz to suspend its planned sale of up to $500 million in shares of the bankrupt car-rental company while the agency undertakes a closer review of the offering- WSJ and Bloomberg and MarketWatch and Law360 PepsiCo’s Quaker Oats responded rapidly to the furor that followed a Monday TikTok post … Continue reading

Financial Daily Dose 6.8.2020 | Top Story: Bureau of Labor Statistics Admits Massive Undercount of May Jobless Figures

BY: Michael D. Reif | June 8, 2020

So about those May jobs numbers . . . . The return of 2.5 million jobs in May was a welcome and largely unexpected surprise. But the Bureau of Labor Statistics admitted later on Friday that the unemployment rate—reported as falling from 14.7% in April to 13.3% in May—“would have been three percentage points higher … Continue reading

Financial Daily Dose 5.13.2020 | Top Story: Uber in Talks to Acquire Food-delivery Startup Grubhub

BY: Michael D. Reif | May 13, 2020

Uber and Grubhub are in talks to join forces, “aiming to create one giant player in food delivery as more people turn toward those services in the coronavirus pandemic.” Uber reportedly approached Grubhub with a potential takeover offer that, after a counter from Grubhub, would value the deal around $6.1 billion – NYTimes and WSJ … Continue reading

Financial Daily Dose 5.12.2020 | Top Story: Fed Launches ETF Buying in Effort to Aid Credit Markets

BY: Michael D. Reif | May 12, 2020

For the first time, the Federal Reserve system will begin buying corporate bonds—all part of the central bank’s efforts to “support the economy and financial system in the coronavirus crisis.” The NY Fed will kick things off with hundreds of billions in ETFs, which it views as “a fast way to direct money rapidly into … Continue reading

Financial Daily Dose 5.6.2020 | Top Story: California Sues Uber and Lyft Over Alleged Violations of State’s New Gig-worker Protection Law

BY: Michael D. Reif | May 6, 2020

California has sued ride-hailing companies Uber and Lyft over alleged violations of a new state law that requires companies to treat gig workers as employees “if they control how workers perform tasks or if the work is a routine part of the company’s business” – NYTimes and WSJ and Bloomberg and Law360 Airbnb will cut … Continue reading

Financial Daily Dose 4.29.2020 | Top Story: White House Declares Meat Processing “Critical Infrastructure” Even as Unions Object Over Safety Concerns

BY: Michael D. Reif | April 29, 2020

Despite [actually, more likely because of] a rash of recent closures at meat processing facilities due to COVID-19 outbreaks, the White House issued an executive order classifying the slaughterhouses as “critical infrastructure” in an effort to “prevent looming shortages of pork, chicken and other products as a result of the coronavirus” – NYTimes and WSJ … Continue reading

Financial Daily Dose 3.27.2020 | Top Story: Weekly unemployment claims in US top 3.3 million in COVID-19-shaken economy

BY: Michael D. Reif | March 27, 2020

Anticipated House passage later today of the $2 trillion COVID-19 stimulus bill helped swing markets back to a bull run (though let’s keep that bubbly corked, shall we?). The news was enough for Wall Street to shrug off a staggeringly big unemployment report, at least for a day, and we’ll be watching carefully to see … Continue reading

Financial Daily Dose 3.25.2020 | Top Story: Markets Jump On New Congressional Stimulus Deal Agreement

BY: Michael D. Reif | March 25, 2020

Tuesday was one of those rare Bear Market good days. Renewed optimism about a forthcoming Congressional stimulus deal (including the estimated $2 trillion it encompasses) and more time to digest the Fed’s commitment to warding off economic disaster left traders in a buoyant mood. The Dow jumped a full 11%, and the S&P 500 was … Continue reading