Tag: Wall Street

After 92 Years, Exxon Is Booted from the Dow Jones Industrial Average: A Nod to Sustainable Energy?

Tina Marie (Ms. Cat)

After 92 Years, Exxon Is Booted from the Dow Jones Industrial Average: A Nod to Sustainable Energy?

Yesterday, S&P Dow Jones Indices made the stunning announcement that Exxon Mobil, which has been in the Dow Jones Industrial Average for 92 years, will be replaced in the index before trading begins next Monday, August 31, by Salesforce, a company that went public in 2004. (Exxon Mobil became a component of the Dow in 1928 under the name Standard Oil of New Jersey.)

Two other companies are also being replaced in the Dow before trading begins on Monday. The biotech company, Amgen, will replace the more traditional pharmaceutical company, Pfizer. Industrial technology products company, Honeywell International, will replace Raytheon Technologies.

Related:

Pfizer Got Kicked Off the Dow Just as Things Were Looking Up

The Fed Created an Emergency Lending Program to Hold Interest Rates Down; the Tiny Country of Sri Lanka Was the Major User

Tina Marie (Ms. Cat)

The Fed Created an Emergency Lending Program to Hold Interest Rates Down; the Tiny Country of Sri Lanka Was the Major User

Related:

Fed Chair Powell Had 4 Private Phone Calls with BlackRock’s CEO Since March as BlackRock Manages Upwards of $25 Million of Powell’s Personal Money and Lands 3 No-Bid Deals with the Fed

BlackRock Authored the Bailout Plan Before There Was a Crisis – Now It’s Been Hired by three Central Banks to Implement the Plan

Bezos sells more than $3 billion in Amazon shares

Tina Marie (Ms. Cat)

Bezos sells more than $3 billion in Amazon shares

The sales were part of a prearranged 10b5-1 trading plan, according to the filings. Earlier this year, Bezos sold more than $4.1 billion worth of shares in the company. The sales this week bring his total cash out in 2020 to slightly more than $7.2 billion so far. He still owns more than 54 million shares, worth more than $170 billion, making him the richest person in the world.

Trump’s perfect storm of a Kodak deal is getting new scrutiny

Tina Marie (Ms. Cat)

Trump’s perfect storm of a Kodak deal is getting new scrutiny

On the surface, the Trump administration found a creative way to help a large and struggling U.S. manufacturer in a hard-hit city — Rochester, N.Y. — by potentially providing capital to transition into producing chemicals for pharmaceuticals. But the stock surge was based only on a letter of intent — not an actual loan — from a new and little-known government agency called the U.S. Development Finance Corporation that was created to provide foreign aid and is run by White House Senior Adviser Jared Kushner’s former roommate Adam Boehler.

Memo to Biden: Cut Your Ties to Larry Summers

Tina Marie (Ms. Cat)

Memo to Biden: Cut Your Ties to Larry Summers

There is growing concern about Biden among progressives because he has made the decidedly ill-advised move of using the infamous Larry Summers as an advisor. Summers is the man who played an outsized role in the creation of Frankenbanks on Wall Street in 1999 with his push to repeal the Glass-Steagall Act and the deregulation of derivatives in 2000 as Treasury Secretary in the Clinton administration.