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Markets, News & Commentary: March 11 2021

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Texas Attorney General Ken Paxton threatens to sue Austin officials if they don't lift local mask mandates

It makes sense that the executive order has the force of law and supersedes local rules and regulations. Keep in mind that the defiant local authorities are insisting on a right to enforce penalties that state authority has decreed they do not have. The municipality's legal power to penalize anyone derives from the state's general police power.

The AG's demand letter in full:

Denmark suspends use of AstraZeneca Covid vaccine over reports of blood clots

Denmark announced Thursday it will temporarily suspend the use of the coronavirus vaccine developed by AstraZeneca and the University of Oxford. The Danish Health Authority said it would temporarily stop using the shot in its vaccination program as a precaution “after reports of severe cases of blood clots in people who have been vaccinated with the COVID-19 vaccine from AstraZeneca.”

Mind On My Trades, My Trades On My Mind

Coupang, South Korea's Answer to Amazon, Debuts in I.P.O.

The company, which is sometimes called the Amazon of South Korea, is set to get a big endorsement on Thursday from Wall Street. Its shares are expected to begin trading in an initial public offering that will raise $4.2 billion and value the company at about $60 billion, the second-largest American tally for an Asian company after Alibaba Group of China in 2014. On Wednesday its shares were priced at $35, according to a person close to the company.

Meme stock trade appears to be picking up again

Shares of GameStop (NYSE:GME) jumped 18% in early trading on Wednesday, putting the video game retailer on track for its sixth session of gains, and even rose to an intraday high of $348.50.

Some are pointing to renewed WallStreetBets squeezes that began in January, though only about 20.5% of GameStop’s share float is sold short, the lowest in at least three years. Others may already be factoring in the coming stimulus checks and the Reddit trades that may follow. Younger investors, who are likelier to receive the direct payments, are more inclined to invest in so-called "meme stocks," said Randy Frederick, vice president of trading and derivatives for Charles Schwab.

Tech

Yes, You Can Get a Pair of New Sony Wireless Headphones for Under $40

Exclusive: Target PS5 restock scheduled for Thursday – what time and how to get it

Amazon: PS5 | PS5 Digital Edition – due for a restock next week 
GameStop: PS5 | PS5 Digital Edition – great source due to affordable bundles that stay in stock longer 
Walmart: PS5 | PS5 Digital Edition – just went out of stock Thursday 
Sony Direct: PS5 | PS5 Digital Edition – went out of stock Wednesday 
Target: PS5 |PS5 Digital Edition – you are here 
Best Buy: PS5 | PS5 Digital Edition – readying new stock, maybe for Friday 
B&H Photo: PS5 |PS5 Digital Edition 
Sam's Club: PS5 | PS5 Digital Edition 
Newegg: PS5 | PS5 Digital Edition 
Costco: PS5 
Adorama: PS5  
Antonline: PS5 

Apple Tilts to iPhone Playbook for Car as Automaker Talks Stall

Apple Inc. has a tried-and-true approach to launching new products: The company designs in-house, sources its own components, and works with a contract manufacturer to assemble it for sale.

As the tech giant plots a foray into the car market, it could adopt a similar strategy -- working with a lesser-known contract manufacturer -- after talks with some brand name automakers stalled.

To build a vehicle, Apple has three primary options: Partner with an existing carmaker; build its own manufacturing facilities; or team up with a contract manufacturer such as Foxconn or Magna International Inc.

Funzies

Thanks to Winfrey and royals, CBS morning show makes history

For the first time on record, CBS’ morning news show on Monday had a bigger audience than ABC’s “Good Morning America” and NBC’s “Today” show, the Nielsen company said.

The show featured Winfrey talking about her explosive interview with Prince Harry and Meghan that aired the night before on CBS, along with some outtakes that hadn’t been aired.


Photo Credit: Patrick Connor Sherrill on Unsplash

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