Aug. 3 (Bloomberg) -- The following list comprises the most-read Bloomberg News reports from the past week.
To read any article, click on the story links shown below or go to READ 1W <GO>. See NI READSUMS <GO> for previous lists of the most-read stories. Lists are based on daily statistics through Friday, Aug. 1.
1. Stocks Slide With Oil as Dow Erases 2014 Gains; Dollar Advances
July 31 (Bloomberg) -- Global stocks sank the most in almost six months and the Dow Jones Industrial Average erased its gains for the year as corporate earnings disappointed and Argentina’s default stoked concern credit markets will deteriorate. Oil slid with corn as the dollar strengthened.
2. Morgan Stanley Said to Boost Junior Banker Salaries by About 25%
July 29 (Bloomberg) -- Morgan Stanley is raising base salaries for junior bankers by about 25 percent as part of an effort to improve working conditions and retention, according to people briefed on the matter.
3. Ackman Says ‘My Bad’ as Herbalife Presentation Lacks Bite
July 31 (Bloomberg) -- Hedge fund manager Bill Ackman has two words to sum up his Herbalife Ltd. presentation last week: “My bad.”
4. S&P 500 Caps Worst Week in Two Years While Treasuries, Gold Gain
Aug. 1 (Bloomberg) -- U.S. stocks followed European shares lower, extending the worst weekly loss for the Standard & Poor’s 500 Index in two years, amid growing concern about international credit markets. Treasuries rose with gold.
5. Argentina Unopposed to Bank Deal With Holdouts as Bonds Sink
Aug. 1 (Bloomberg) -- Argentina said it doesn’t oppose a deal sought by JPMorgan Chase & Co. and other banks that would allow the country to resume debt payments, as its dollar bonds sank following a default declaration by Standard & Poor’s.
6. Gross Says Time to Say ‘Good Evening’ to Asset Gains
July 30 (Bloomberg) -- Pacific Investment Management Co.’s Bill Gross said investors should say “good evening” to the prospect of future capital gains in asset markets as interest rates are set to rise while the economy grows at a slow pace.
7. Billionaire Cohen Still Beats Hedge Funds After Shutting SAC
July 30 (Bloomberg) -- Even after shutting down SAC Capital Advisors LP, Steven A. Cohen is still beating most hedge funds.
8. Former Wall Street Trader Moonlights as Argentina Taxi Mogul
July 28 (Bloomberg) -- After 23 years trading stock options at Goldman Sachs Group Inc., Merrill Lynch & Co. and his own hedge fund, Russell Abrams is piling into his most exotic gamble yet: as a Buenos Aires taxi impresario.
9. JPMorgan Said to Cut Hundreds of Tech Workers at Investment Bank
July 29 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. lender, is cutting hundreds of technology support employees in its corporate and investment bank amid a revenue decline, people with knowledge of the move said.
10. Growth Rebounds in Sign Prior U.S. Slump an Anomaly: Economy
July 30 (Bloomberg) -- The economic expansion in the second quarter picked up where it left off late last year, led by gains in consumer spending and business investment that indicate the U.S. slump at the start of 2014 was an anomaly.
1. Don’t Be Fooled by the Fed’s Placid Facade: Mohamed A. El-Erian
July 28 (Bloomberg View) -- One of the unwritten rules of modern central banking is that, unless compelled by events on the ground, officials should refrain from making big policy changes during the summer. With many traders on holiday, any sudden moves risk destabilizing markets.
2. Is Your New Pickup an Underwater Time Bomb?: Edward Niedermeyer
July 29 (Bloomberg View) -- America has had a rocky recovery from the 2007-08 financial crisis, but one group of Americans has done quite well: car dealers. Even as job and wage growth have stagnated, auto sales have uncoupled themselves from those traditional economic drivers to become one of the few sources of strength in the macroeconomic picture.
3. SEC’s Money Can’t Break Sacred Hooker-Client Bond: Matt Levine
July 29 (Bloomberg View) -- Pretty much the best line you’ll read in a financial regulatory article today is this one, from a Wall Street Journal story about the Securities and Exchange Commission’s whistleblower program: “We have a sacred bond with our clients,” he said. “Money can’t take precedence.”
4. If You Can’t Lose in an Argument, You’re a Loser: Barry Ritholtz
July 29 (Bloomberg View) -- Lately, I have been hearing an interesting type of argument. It is a form of debate that is both disingenuous and dishonest. We will call this the “Can’t Lose Argument,” or CLA. Worse than confirmation bias, it is a money-losing exercise in narcissism.
5. Will Russia Dance the Argentine Debt Tango?: Mohamed A. El-Erian
July 29 (Bloomberg View) -- As Argentina comes to the brink of a possible default on its sovereign debt, it’s worth considering another country that could find itself in a similar situation: Russia.
1. Jeff Koons Makes Million-Dollar Balloon Dogs, Sculptures
July 28 (Bloomberg) –- Jeff Koons’ artwork is the most expensive for a living artist. His iconic stainless steel sculptures sell for millions and in 2013 one of his balloon dogs broke the record for any living artist when it sold for $58.4 million at auction.
2. Greenspan Sees Eventual ‘Significant’ Stock Correction
July 30 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan talks about the outlook for financial markets, the U.S. economy and Fed policy.
3. Argentina Can’t Comply With Court Ruling, Kicillof Says
July 30 (Bloomberg) -- Argentina Economy Minister Axel Kicillof speaks at a news conference after Standard & Poor’s declared Argentina in default after the government missed a deadline for an interest payment on $13 billion of restructured bonds.
4. Fed Policy May Be Fueling a Credit Bubble, Grant Says
July 29 (Bloomberg) -- James Grant, editor of Grant’s Interest Rate Observer, talks about Federal Reserve policy and its potential impact on financial markets.
5. Former Baseball Pro Turned High-End Bat Maker
July 29 (Bloomberg) –- Pete Tucci was once a promising Major League Baseball prospect with the SanDiego Padres. A hand injury cut his playing career short but he made the big leagues another way, as a baseball bat manufacturer.
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