25 November 2019

1) American retailers, such as Home Depot are facing a new crime wave driven by drugs and fueled by the opioid crisis. Known as organized retail crime, people steal for crime rings in exchange for cash they can buy drugs with. The stolen merchandise is then resold at pawnshops, online or directly to a buyer. Worst yet, the thieves are using violence against store employees who try to stop the open theft, even using guns and knifes. The store is left to just stand and watch as thieves roll shopping carts of merchandise out the door to sell for drugs.

2) The tuna supplier Bumble Bee Foods announced they are filing for Chapter 11 bankruptcy protection to be purchased by its largest creditor FCF Fishery, for $925 million dollars. Bumble Bee’s debt burden has forced the bankruptcy, which in turn was caused by a $25 million dollar fine for forming a cartel with Chicken of the Sea and Starkist to fix prices. The fine was levied by the Department of Justice. Additionally, the popularity of packaged tuna has been declining with a 42% per capita drop over the last 30 years.

3) There are growing fears that phase one of the China-American trade deal may not get signed before the additional tariffs take effect in mid-December. Phase one would not eliminate tariffs on either side, instead would address issues of intellectual property and financial services access including sizeable purchases by China of American agricultural products. Phase one is considered a starting point for resolving trade differences.

4) Stock market closings for – 22 NOV 19:

Dow          27,875.62    up    109.33
Nasdaq       8,519.88    up      13.67
S&P 500      3,110.29    up         6.75

10 Year Yield:    unchanged   at    1.77%

Oil:    up   at    $57.93

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