· Why would Warren Buffett own 7% of Sears’ REIT (Seritage)?
· Thinking of everyone in Houston: Revisiting the economic impact of Sandy and Katrina and why would homebuilders be hurt by Harvey? Also: why Houston is better positioned than New Orleans to recover.
· What to look for in today’s speech on tax cuts.
· Brookfield said to be putting Las Vegas’ Hard Rock casino up for sale with JPMorgan.
· ADP’s estimates for August payrolls surpass expectations; show largest gain in 5 months.
· PayPal is turning to its old nemesis, plastic, to help it expand beyond the digital realm with a 2% cash-back card.
· Blurry vision: Warby Parker’s value gets cut.
· Apple builds out a $1B+ data center in…Iowa.
· UK consumer borrowing cools as slowdown, BOE action take toll
US GDP growth revised to 3% in Q2; increase marks the largest gain in 2 years What’s behind the strength?
Second estimates for Q2 GDP were lifted by stronger spending on goods and services as well as non-residential investment,partially offset by a larger decrease in state and local government spending.
· Spending on goods and services were revised higher in the second of three estimates for Q2 GDP, led by an 8.9% increase in spending on durables. Note: the strength wasn’t from autos but “recreational goods” (iPhones, anyone?); GDP ex-autos actually rose by 3.1%.)
· Residential investment contracted but at a smaller pace than previously estimated; non-residential investment saw gains from all three major sub-categories (equipment, structures and intellectual property.)