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Top White House economist rejects ‘trickle down’ criticism, says tax cuts will lead to growth

“Trump has touted the passage of the House tax reform bill as a victory” writes Sarah Westwood for washingtonexaminer.com. In a briefing with reporters, Hassett said “trickle down” economics is the name people give to tax cuts when they don’t favor those cuts.Hassett said the tax reform bill passed by the House this week contains all three of President Trump’s must-have provisions: a 20 percent corporate tax rate, middle class tax cuts, and a simplification of the tax code.He said the White House, which has spent weeks working with Congress…

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SailPoint valued at more than $1 billion on first day of trading after IPO

“Okta shares finished Friday 72% above their April IPO pricing of $17” writes Wallace Witkowski for marketwatch.com. An additional 1.5 million shares were made available to underwriters to cover overallotments.All told, with 91.1 million shares outstanding including overallotments, Friday’s closing price values the company at “unicorn” levels with a $1.18 billion market cap.That compares with an operational loss of $8.2 million, a net loss of $10.8 million on revenue of $95.4 million in 2015.SailPoint SAIL, +8.33%  shares closed up 8.3% at $13, after surging 25% in early trade to touch…

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News Stocks 

This Is What Post-IPO Life Will Look Like For Spotify

“So, Spotify will live or die by meeting investor-set subscriber growth targets?” writes Mark Mulligan for wordpress.com. What complicates matters further though is the relationship between user growth and stock price. Spotify’s life as a public company will be as much about managing expectations as it will be about driving growth.Instead, investors will be applying forensic scrutiny to Spotify’s user and revenue metrics. Source: wordpress.com Share This:

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Era of ultra-low inflation could draw to close as globe recovers, says Draghi 

“Global economic growth could stoke a rise in inflation across the world, ending the era of flat prices – and ultra-low interest rates, Mario Draghi has indicated” writes Tim Wallace for telegraph.co.uk. The head of the European Central Bank said low rates are still needed to support the economy for now as inflation remains subdued, but this may not last for much longer.Inflation has stayed stubbornly low despite rock-bottom rates since the financial crisis in part because globalisation has introduced more cheap goods and low-cost labour to developed economies. But…

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The S&P 500 hasn’t done this in 52-years

“While uncertainty over tax reform may have some investors in wait-and-see mode of late, progress was made Thursday when the House passed its version of tax reform by a 227 to 205 vote” writes Suzanne O’halloran for foxbusiness.com. But as the Senate is preparing to vote on its own tax reform bill, some are skeptical that it will pass.Plus, U.S. companies such as Walmart (WMT), Caterpillar (CAT) and Apple (AAPL), are posting profit and sales growth. 74% of the corporations that have reported 3Q results have exceeded estimates with profit…

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Wal-Mart’s strong sales help it keep pace with Amazon

“Still, it faces a continued uphill fight against Amazon, which should capture about half of total holiday sales growth, according to consulting firm Bain & Co” writes Bloomberg News for seattletimes.com. Boosting food sales has also has been key to Wal-Mart’s rebound.The online growth figure now includes sales from Jet.com, which it acquired in the third quarter of last year.Wal-Mart’s grocery-pickup option, which lets customers order food online and then fetch it at a store, has helped. Source: seattletimes.com Share This:

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Metro Seattle’s personal income growth slowed in 2016

“At an average $64,553, metro personal income remained well ahead of the national average of $42,246” writes Special To The for seattletimes.com. The Seattle-Tacoma-Bellevue metropolitan area turned in fairly strong growth — 4.5 percent — in per-capita personal income for 2015.Personal income is counted from all sources, from wages and rents to government transfer receipts.Last year, income growth slowed down nationally: Up only 1.6 percent on a per-capita basis.Per-capita personal income is a gold-standard measure of well-being, but it has its limitations. Source: seattletimes.com Share This:

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Markets News 

How the ETF market is both growing and shrinking, in one chart

“Perhaps inevitably, an ETF that tracks the ETF industry was launched in April” writes Markets Reporter for marketwatch.com. One fund sponsor filed for an ETF related to blockchain; a different firm did the same later that day.However, while the number of funds has been rising, so has the number of fund closures, as seen in the following chart, derived from Morningstar Direct data. Source: marketwatch.com Share This:

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Goldman Sachs’ lending platform is booming

“As such, Goldman Sachs is likely to remain the dominant incumbent in the digital lending space for the foreseeable future” writes Maria Terekhova for businessinsider.com. Other banks may be tempted to emulate Goldman Sachs’ move into lending, but they should proceed with caution.Goldman Sachs launched its digital consumer lending platform, Marcus, in October 2016, and was already displaying rapid growth in June, when it announced it had originated $1 billion in loans in just eight months.Although consumer credit demand in the US is growing, and Goldman Sachs’ success with Marcus may tempt more of its…

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Wal-Mart’s earnings, sales top Street expectations, sending shares higher

“The Arkansas-based company on Thursday reported strong growth online, with e-commerce sales growing 50 percent in the fiscal third quarter” writes Lauren Thomas for cnbc.com. This included sales growth of 4.3 percent for Wal-Mart’s U.S. business, 4.1 percent growth for Wal-Mart’s international stores, and 4.4 percent growth at Sam’s Club.After acquiring Jet.com, the big-box retailer’s online sales have skyrocketed, as Wal-Mart has brought other brands including Bonobos, Modcloth and Moosejaw into its portfolio.Wal-Mart also raised its full-year earnings expectations, taking an aggressive stance heading into the important holiday season. Source: cnbc.com…

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