Novavax Omicron shot strong performer: https://www.usnews.com/news/world/articles/2022-11-08/novavax-says-omicron-shot-shows-strong-immune-response-as-second-booster . However, Novavax has cut its revenue projections as demand is weak: https://money.usnews.com/investing/news/articles/2022-11-08/novavax-cuts-full-year-revenue-forecast .
CDC director recovers from COVID: https://www.usnews.com/news/us/articles/2022-11-08/cdc-director-walensky-recovers-from-covid .
WSJ: How flu spreads: https://www.wsj.com/articles/how-does-flu-spread-compared-with-covid-what-to-know-as-flu-cases-surge-11667882271 .
COVID surges in China: https://www.usnews.com/news/world/articles/2022-11-07/guangzhous-covid-outbreak-deepens-as-more-lockdowns-loom-in-china .
WSJ: TSMC eyes large Arizona plant: https://www.wsj.com/articles/chip-making-juggernaut-tsmc-eyes-multibillion-dollar-arizona-factory-expansion-11667973859 . This is a major US national security issue.
WSJ: Japan losing appetite for US Treasuries: https://www.wsj.com/articles/japans-waning-appetite-for-treasurys-fuels-anxiety-on-wall-street-11667879544 . This is an important aspect of the loss in liquidity in the US Treasury market.
Musk has sold nearly $4 billion of his Tesla shares since November 4: https://apnews.com/article/elon-musk-twitter-inc-technology-business-climate-and-environment-9ab47198753931c7bea91f6e678f1d17 . WSJ: More: https://www.wsj.com/articles/elon-musk-sells-almost-4-billion-of-tesla-stock-after-completing-twitter-takeover-11667957983 . Meanwhile, Musk bans impersonators from Twitter: https://www.wsj.com/articles/elon-musk-says-twitter-will-permanently-ban-users-who-impersonate-others-11667836289 . We learn Musk has a thin skin when people mock him on “his” platform. Combined with his tweet encouraging voters to vote Republican, Musk is not exactly promoting an open exchange of views.
WSJ: Meta layoffs near: https://www.wsj.com/articles/metas-mark-zuckerberg-says-he-is-accountable-as-company-preps-for-mass-layoffs-11667941107 .
WSJ: Reinsurance costs rise: https://www.wsj.com/articles/insurers-are-facing-a-steep-rise-in-reinsurance-rates-11667858056 .
Horrific loss of Russian troops in Donetsk: https://www.aol.com/news/more-400-russian-reservists-died-080317030.html . For weeks, we have been passing on reports that the Russian conscripts were being treated as cannon fodder. This tragic report indicates that has indeed come to pass, with the commanders deserting their men.
Rate of sea-level rise has doubled since 1993: https://news.yahoo.com/rate-of-sea-level-rise-has-doubled-since-1993-thanks-to-climate-change-report-finds-190610309.html . Given the hundreds of millions of people who live near the ocean’s edge, this trend has extremely ominous consequences. Think of the number of climate refugees the world will experience with the combination of drought, poor agricultural harvest and sea level rise.
Election results: Obviously, there is an avalanche of results to digest. As of 1:45 am Eastern on November 9, the expected Red Wave of GOP wins has failed to materialize. The Democrats are within one seat of retaining the Senate. Called races are a 47-47 split between the parties, while 2 of the remaining 6 seats are considered likely Democratic. The Georgia Senate race looks to be headed to a runoff. So if the Democrats win 1 of the 3 other races, they retain their 50 vote majority.
The House looks like a GOP majority, but much smaller than recent projections. In the contested governors’ races, Democrats Tony Evers in Wisconsin and Gretchen Whitmer in Michigan have won. Oregon also appears to have elected Democrat Tina Kotek in a bitter race here between 3 women.
In particular, some of Orange Julius’ hand-picked candidates appear to have lost, including Mehmet Oz in Pennsylvania. Also, his firebrand ally running for Arizona governor, Kari Lake, appears to have lost by a significant margin. A key driver in all of this looks like high Democratic turnout across the country.
California has a new billionaire: Record $2 billion Powerball jackpot goes to 1 ticket purchased at an LA area gas station: https://www.nbcnews.com/news/us-news/powerball-winner-record-19-billion-jackpot-announced-rcna56140 .
Note to Readers: Last night’s newsletter did not go out because the power failure of Friday night reoccurred on Monday, starting at 5:50 pm and, despite the promise of repair at 9:30 pm, was out until 12:45 am. I will post that newsletter as time permits, as I have meetings most of the day Wednesday. Thanks for reading – Jeff Furnish