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This morning Democrats said they would vote for a disaster relief package for victims of Hurricane Harvey if Republicans attached the measure to a three-month extension of the debt-ceiling. If Congress doesn’t raise the ceiling on the amount of debt that the U.S. Treasury can sell, estimates say that the government will not be able to pay at least some of its bills after September 29. House Speaker Paul Ryan ridiculed the proposal, saying he saw no reason to link the two issues and that Congress should simply pass the disaster relief package without a rider raising the debt ceiling. Ryan’s statement seemed to indicate that the Speaker thought he had enough Republican votes in the House to pass a disaster relief bill. And a few hours later House Republicans passed a $7.85 billion disaster relief bill that is a downpayment on what could rise to become a $120 billion total. But before you could say, “So the Democrats’ idea of a three-month extension is dead,” President Donald Trump sided with the opposition partyread more
Happy Labor Day. Which also marks the end of summer, sigh. (Although the financial markets in the United States are closed, hurrah!) Hope you’ve had a great season of sun and fun.read more
How will Apple’s new iPhone match up with the competition from Samsung’s Note 8? Here’s what we know
Back on August 24 I wrote a post rating the snazz of the new Note 8, the top of the line smartphone that Samsung had just introduced. The Note 8, I wrote, set the bar for the high end of the smartphone market that Apple’s new phone would have to jump at its introduction this fall.
Now obviously we know a lot about the Note 8. The phone is in the hands of tech journalists (and soon consumers) who can try out and describe actual features of the phone. Nobody has put his or her hands on an iPhone 8 yet. But that doesn’t mean that we don’t know anything about that phone.
On August 17 Alibaba Group Holding (BABA) reported another blowout quarter. Non-GAAP earnings per share climbed 65% and revenue rose 56%. And… on its conference call Alibaba repeated its guidance for 45% to 49% revenue growth for fiscal 2018. Below the top line, the numbers were stunningly good too.read more
On August 1 Cummins (CMI) reported second quarter earnings of $2.53 a share. That was 3 cents a share below Wall Street estimates. Revenue climbed 12% year over year to $5.08 billion, significantly above the $4.8 billion projection. For the full 2017 year, the company told Wall Street to expect revenue growth of 9% to 11% or $19.08 billion to $19,43 billion vs the $18.52 billion Wall Street estimate. The company had earlier forecast revenue growth of 4% to 7%. I really don’t have any worries about Cummins in the near term. In the longer term, however, the company faces an incredibly difficult transition from a world of truck engines built around internal combustion technologies (gasoline and diesel) to world of hybrids and electric engines.read more
On August 16 Tencent Holdings (TCEHY) reported second quarter year over year revenue growth of 59%. That was the highest revenue growth in the last seven years and beat the analyst consensus by 7 percentage points. Earnings growth wasn’t too shabby either at 68.9% But Tencent, China’s online gaming giant and owner of We Chat, continues to show a troubling downward trend in operating marginsread more