Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From coal-powered electric vehicles to Portugal's investment-grade impersonation, here are four charts that tell you what you need to know in business today.

Wait Until Next Year?
So much for that sure-fire 2017 rebound in technology IPOs.
Source: Bloomberg
Note: The figures exclude IPOs in which companies sold less than $5 million in stock.
Even China's heavy coal dependence doesn't eliminate the long term benefits of switching to electric vehicles.
Source: Union of Concerned Scientists, Intergovernmental Panel on Climate Change, Argonne National Laboratory, Bloomberg New Energy Finance, Energy Information Administration, Bloomberg Gadfly analysis
Note: Assumptions as per accompanying column, including China's 2016 mix of electricity generation.
Prime Numbers
Major customer overlap means that Amazon risks cannibalizing Whole Foods sales rather than gaining new customers.
Source: Kantar Retail ShopperScape
Peripheral Star
Despite what the yield says, Portugal is still a long way from being reliably investment grade.
Source: Bloomberg

And don't miss Stephen Gandel on the wane of a crucial market tailwind: "Stock buybacks, after years of steadily increasing, are on the retreat. According to S&P Dow Jones Indices, companies in the S&P 500 spent roughly $120 billion on stock repurchases in the second three months of 2017. It's not a huge decrease from a year ago, but it's the fifth consecutive quarter in which the trailing 12-month figure for buybacks has dropped, the first time that's happened since the market meltdown in the Great Recession."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at