Daily Scoop 22-9-20

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Today's Scoop:Shaky

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Big Picture

1. More corporations are warning of lower profits ahead.

2. Home construction picked up in August.

3. Homebuilders might not keep up that momentum.

The Market: 

⬇️

-1.1%

S&P 500: 3,855.93

1Mo:

-7% 

| 1Yr:

-11%

| 5Yr: 

+54%

Markets wavered and drifted lower today on nervous anticipation of what new economic policy the Federal Reserve will announce tomorrow.

More companies are issuing early warnings of slowing profit

 and challenging business conditions.

Home construction spiked unexpectedly in August, but it might be short-term

. The Census Bureau reported that new construction starts for single-family homes rose 3.4% after declining for four months. Rising rents boosted the construction of multi-family housing to the highest level in nearly forty years. However, permits for future home building plunged to the lowest levels since the spring of 2020.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Opendoor

takes huge losses in tech-based house flipping

-

Tesla

completes its huge Shanghai expansion

- 

Johnson & Johnson

faces review of its Texas Two-Step on cancer

- 

Ford

delays gratification and spooks investors

- 

Meta's

expanding Reels APIs

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

The 

Texas Two-Step bankruptcy

has recently faced much controversy and media attention, particularly regarding Johnson & Johnson's handling of its cancer victim lawsuits. The corporate restructuring move allows companies to limit their exposure to legal claims on the whole company by transferring the liability to a smaller company with fewer assets. The larger company will split off a smaller part of its business, assign the issue's legal liability and some assets to it, and then file for bankruptcy with the smaller company. The bigger company and its assets are then shielded from future lawsuits on the issue, and any legal payouts will be limited to the new company's assets. It gets its name from a state with business-friendly policies. 

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