Adams requested a trade from the Jets on Thursday Market caps matter. The Detroit Auto Show public days would have been this week had it not been for the coronavirus pandemic. Here’s what Detroit missed and what’s ahead. Daily thread to exchange ideas and to share your thoughts
Major currencies are still largely trapped in narrow ranges after the dollar firmed in overnight trading, with cable notably the biggest loser in a fall to test 1.2400.
By Justin Low On Juneteenth, Michelle Browder led a group of artists downtown to Court Square armed with paint to mark the holiday with a tribute to the enslaved people.
On Thursday, All-Po safety Jamal Adams requested permission to seek a trade. This saga has been ongoing for months. Thursday morning, Adams said, “it may be time to move on.” Adams is seeking to become the highest-paid player on the Jets, which would put him over $17 million for New York. The highest-paid safety in the NFL is Bears safety Eddie Jackson, who averages $14.6 million a year. Reporters have said there are certain teams that Adams is willing to be traded to where he won’t request a contract extension right away.
For fun, let’s assume one of those teams are the 49ers:
Will the Niners trade for Adams? Those odds are slim. We went over the top unrestricted free agents on the 49ers for 2021, and it’s a lengthy list:
Will John Lynch pick up the phone and make an offer? That’s a safer bet. Lynch could offer one of the players listed above in the deal. The front office could also treat 2020 as an “all-in” year and treat Adams as a rental, ala Emmanuel Sanders, or Deion Sanders to put the team over the hump.
Many fans were hung up on Adams’s future contract situation, ignoring what his 2020 situation is. If the Jets trade Adams, the 49ers would be on the hook for only $3.5 million. That alone should get the ball rolling on any trade talks, knowing you can get a star player that’s under contract for two years. Adams not asking for an extension right away could put the team in a situation to extend Kittle, Warner, and Williams—which brings us to a few potential trade proposals.
Jets get: Jaquiski Tartt, Dante Pettis, and a second-round pick.
49ers get: Adams
To me, the Jets have to say yes. They get Tartt, who is on the final year of his deal and carries a base salary of $4.3 million in 2020. The 49ers help themselves by saving $4.75 million by trading Tartt. New York also desperately needs receiver help. Sweetening the deal by adding Pettis to go along with a second-rounder would get a trade done in my eyes. I know the NFL isn’t as high on Pettis as some fans are as he hasn’t accomplished much. Where he was drafted doesn’t matter two years later. Production does.
Jets get: Solomon Thomas, Ahkello Witherspoon, a second-round pick
49ers get: Adams
New York just drafted a safety in the third round of the 2020 draft, so they don’t need a safety in return. Thomas is a salary dump for the 49ers and gives the Jets depth along the defensive line. New York has $25 million in cap space, so Thomas, for $4 million in 2020 won’t be a dealbreaker. That’d be a dream scenario I’d imagine for San Francisco, though.
I’m not budging on the second-rounder as Adams is one of the top players in the league. San Francisco won’t be the only team inquiring about Adams, so they’ll have to make an offer worth listening to. Dallas offered a first-round pick and their nickel corner earlier this offseason, and that was turned down. Ahkello would be the best cornerback on the Jets roster. Witherspoon would get to play in a system where he could flourish. New York is pretty evenly split between zone and man coverage, but they are aggressive at the line of scrimmage. The Jets starting cornerbacks if the season started today: Arthur Maulet and Pierre Desir. Witherspoon also costs pennies. His base salary is $2.3 million, which any team would pay for a starter. Witherspoon is young with plenty of upside still, and a fresh start could serve him well.
In this hypothetical, San Francisco saves $6.4 million in cap space by dealing Spoon and Solly. After acquiring Adams, they’d still come out ahead $2.9 million in cap space.
Jets get: Kwon Alexander, Tartt, Pettis, fourth-rounder
49ers get: Adams, Jets fifth-rounder
Okay, let’s get weird. The Jets were expecting a big season from C.J. Mosley, but he only played two games after injuring his groin and attempting to come back too soon. In May, Mosley said he still wasn’t 100%. Alexander is insurance for Mosley but also gives the Jets two high-quality linebackers. This is the final year that Kwon’s cap number is affordable, so a trade can work. The 49ers would have to eat $3.1 million in dead money, but they get out of a contract they’d likely want to after the season anyway. Kwon’s dead money won’t change if he’s released next offseason.
In this trade, the 49ers would wind up in the red by about a million after you exchange all of the cap hits. Dre Greenlaw showed enough promise as a rookie where you’d be comfortable moving on from Kwon—in this situation. Pettis, or one of the receivers not named Deebo/Aiyuk/Hurd, and Tartt, who is a really good football player, should all be enough for New York to pull the trigger on a deal if their hands are tied.
San Francisco is in a position where they can offer a deal they feel comfortable making. They don’t have to be the Cowboys and overpay. It’s also nice that the Niners could involve players that will shed some cap, which, in turn, will allow the team to extend players they were planing on.
Adams is worth a rental. He’s an All-Pro for a reason. Tartt is good; Adams is a star. I wouldn’t put it past the 49ers to figure out a way to get Adams extended once he’s in the building. Hypothetically, the choice would be Adams over Trent Williams, and you could draft a tackle next year and use that money to extend Adams, who is 25. There are many scenarios out there where a trade can work in the short and long-term. It all starts with a phone call: your move, John.
Author: Kyle Posey
These Warren Buffett Winners Are Largely Carrying the Stock Market on Their Shoulders
Warren Buffett isn’t winning so far in 2020. Shares of his beloved Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) are underperforming the S&P 500 index by around 15%. Most of the individual stocks owned by Berkshire remain in negative territory year to date.
But this doesn’t mean that the Oracle of Omaha doesn’t have some winning stocks in Berkshire’s portfolio. Actually, two of Buffett’s winners are largely carrying the entire stock market on their shoulders.
Image source: Getty Images.
Warren Buffett is famous for not investing in companies he doesn’t understand. As a result, technology stocks haven’t played a big role in Berkshire’s investment strategy — at least that was the case until a few years ago.
In 2016, Buffett finally took a bite out of Apple (NASDAQ:AAPL). A big bite. It didn’t take very long for Apple to become the single-largest holding in Berkshire’s portfolio.
He became such a huge fan of Apple that he has referred to it as Berkshire Hathaway’s “third-largest business.” Buffett stated in an interview with CNBC earlier this year that Apple is “probably the best business I know in the world.” Apple has been a big winner for Buffett since 2016. It’s also been one of the legendary investors’ few winners so far this year, racking up a gain close to 20%.
There’s another huge tech stock that’s been an even bigger success story for Berkshire in 2020 — Amazon (NASDAQ:AMZN). Shares of the e-commerce giant have skyrocketed more than 40% year to date, making Amazon the top-performing stock in Berkshire’s portfolio.
However, Buffett didn’t take the lead with Berkshire’s investment in Amazon as he did with Apple. Even before a regulatory filing in May 2019 revealed that Berkshire had invested in Amazon, Buffett stated in an interview that one of his investment managers had initiated the purchase. He acknowledged, though, that he had “been a fan” of Amazon for a while and had “been an idiot for not buying it.”
It’s easy to examine the performances of the stocks in Berkshire’s holdings to see how Amazon and Apple stack up against the rest. What’s not so evident, at least on the surface, is how important the two stocks have been this year in driving the stock market higher.
For many Americans, the S&P 500 represents the overall stock market. Although the major index really doesn’t reflect the entire market, its market capitalization represents roughly 75% of the market cap of the entire U.S. stock market.
The S&P 500 index is weighted by market cap, with larger companies carrying greater weight in the index. As two of the three biggest companies in the world, Amazon and Apple together make up more than 9% of the S&P 500.
Just how much do Amazon and Apple carry the stock market on their shoulders? The S&P 500 is down around 5% year to date. Without the big gains by these two giant tech stocks, the index would be down around 8%. Just two stocks have caused the S&P’s year-to-date loss to close to half of what it would have been otherwise.
The top five companies in the S&P 500 — add Microsoft, Facebook, and Alphabet to the mix, along with Amazon and Apple — make up around one-fifth of the entire market cap of the index. Combined, the stocks of these companies have pushed the S&P 500 up by a little under 5% this year.
But there’s an open secret: A very small number of very big companies drive the overall stock market. It’s extremely difficult for the market to perform well when these tech giants are floundering. And when these big stocks are doing well, the overall market isn’t likely to perform too badly.
Amazon, Apple, and their technology peers seem likely to keep up their winning ways. That’s good news for Warren Buffett — and for the stock market.
Author: Keith Speights
Detroit auto show canceled: Here’s what we could have seen and done
Beer and brats served in an outdoor German biergarten is not what typically comes to mind when people think about the cars on the carpet at the Detroit Auto Show.
But that taste of Germany in the middle of Detroit was the plan this year.
It was called the German Haus, to be kitty corner from the TCF Center where Germany’s automotive industry and culture would be showcased on the sidelines of the auto show. The beer served there would be provided by Detroit’s own brewery, Atwater.
“People were so excited about the concept,” said Meredith Upward, vice present of events for the German American Business Council of Michigan, which was hosting German Haus. “The interior space had been sold, the exterior space had been sold. We had auto dealers lining up to display their German cars along Washington and Congress. Everything was looking very bright. Then, we all know the rest of that story.”
Organizers of the 2020 North American International Auto Show in Detroit cancelled the show in late March. The Federal Emergency Management Agency designated the TCF Center to become a field hospital for COVID-19 cases for at least six months. The state was on a stay-home order due to the pandemic.
This week would have been the public show days. Now the Motor City won’t have a car show until June 2021, making it more than two years since the last auto show in January 2019.
Here is a look at what cars the Detroit Three might have revealed and the impact on metro-Detroit by the show’s absence.
More: Detroit auto show canceled as TCF Center chosen for field hospital in coronavirus fight
More: See you next year, New York: Auto show canceled after initially being postponed
The show was scheduled to begin with the Motor Bella Italian and British vehicle street fest June 5-7; press and industry days June 9-11; the Charity Preview June 12, and the public show June 13-20.
For the automakers, the cancelled show is a missed opportunity to put new cars in front of potential consumers.
“Ford has two massive big programs this year, the new Bronco and the redesigned F-150,” said John McElroy, host at Autoline.tv. “One or the other would have debuted in Detroit.”
Ford will do online reveals of the Bronco on July 13 and the F-150 on June 25.
This year was to be the 2.0 version of the Detroit show. NAIAS organizers envisioned a reboot as they moved it from Michigan’s dreary winter to the dog days of summer. The clement weather opened up possibilities for new, outdoor events adjacent to the show.
For example, the popular Charity Preview was to expand to a two-party event: one indoors and one outdoors at Hart Plaza. There would have been two-ticket options offering indoor and outdoor entertainment, experiential displays, some of the city’s best eats and a “reimagined summertime dress code,” organizers said.
Also new was the Motor Bella car show near the Detroit Opera House. More than 100 Italian and British supercars from 12 brands, such as Ferrari and Rolls-Royce, would have been featured. Ferrari was bringing a lineup of cars for its own event in Parker’s Alley behind the Shinola Hotel as part of Motor Bella.
Those sideshows would have drawn a fresh crowd and possibly re-engaged some of the super luxury brands such as Lamborghini, Rolls-Royce and Ferrari to events near the show, said Karl Brauer, former executive publisher of AutoTrader and Kelley Blue Book.
“Essentially, the June Detroit Auto Show was supposed to be a way to build and create a Monterey car week in Detroit,” Brauer said, referring to the premium classic car show and auction held in Monterey, California, each August.
“That was the unfortunate thing,” Brauer said. “You would have seen a new show in a new time frame. You would have seen a whole spectrum of new, exciting and fun auto- related events built around the show. Hopefully, it’ll still happen.”
Attracting those premium brands is a boon to an auto show, said Paul Brian, an automotive freelance journalist who headed communications for the Chicago Auto Show for 20 years.
“Lamborghini has said it’s done with auto shows. Lamborghini doesn’t need an auto show and Ferrari doesn’t need an auto show. Auto Shows need them,” Brian said. “They’re the Rockettes of the auto show.”
But the show will go on next year, said Rod Alberts, NAIAS executive director, adding that nearly all of the shows partners and sponsors from this year are signed on for next summer.
Alberts predicted there will be “plenty of pent-up demand for the show both from consumers and from automakers who will want to show off their products.”
The German Haus is one of those whose committed to next year, Upward said. When the show was canceled, she moved all of the money paid to rent the building forward to next June. Upward is talking to sponsors now to rev-up making next year a big success, she said.
“The losses were more emotional than financial,” Upward said, of the show’s cancellation. “But this is the Motor City. I can’t imagine that people won’t be turning out for such a display of technology and cars.”
Last year 774,179 people attended the show, the NAIAS website said. And, seven out of 10 of those auto show attendees plan to buy a new vehicle within the next 12 months, Alberts said research shows.
Many of the show goers pour into nearby restaurants and hotels, which are booked from Ann Arbor to Windsor. The show’s estimated economic impact to the regional economy was $430 million, said David Sowerby, managing director and portfolio manager for Ancora. That equates to holding nearly two NFL Super Bowls a year in Detroit, he said.
So the cancellation added stress for Detroit businesses already suffering from the show’s absence in January and then the COVID-19 shut down order in place.
“(The show) brings down a whole bunch of people,” said Grace Keros, owner of American Coney Island on Lafayette near Campus Martius. “We were busy in the dead heat of winter in the past. I’m not just disappointed that the auto show isn’t here, it’s everything that’s not here after three months of coronavirus.”
Auto industry experts including Brauer, McElroy and Brian can only speculate as to which vehicles the Detroit Three would have revealed at the show had it gone on as planned. But here is what they say the media and consumers likely missed.
- The new Bronco SUV and/or Bronco Sport SUV likely would have been revealed after planned spring reveals of it was postponed.
- The redesigned F-150 pickup was to be revealed in May. Ford could have shown it in Detroit instead or a hybrid or electric version of it.
- The Mustang Mach-E was revealed at Consumer Electronics Show in January, but a follow-up could have happened in Detroit.
- Ford’s promised self-driving commercial vehicle in a concept or production version.
- The redesigned 2021 Cadillac Escalade full-size SUV might have been revealed.
- In March, GM provided the media with a glimpse of some of the 20 electric vehicles it said it will bring to market by 2023. It might have given the public a peek at some such as the electric Hummer pickup or the Cadillac Lyriq SUV.
- GM has Buick and GMC electric SUVs in the works, too.
- Chevrolet Equinox and Buick Envision are due for updated design, but the Detroit show might be too early to reveal those.
Fiat Chrysler Automobiles:
- For release in 2021 are a redesigned Jeep Grand Cherokee, Jeep Wagoneer and Jeep Grand Wagoneer, as well as a new three-row SUV.
- Another possibility was the high-performance Ram 1500 Rebel TRX pickup.
There are possible reveals from other brands and even newcomers. Lordstown Motors, a startup, had planned to show the world its all-electric Endurance pickup at the show and instead will reveal it to select media and online to the public later this month.
The Detroit Three automakers will also do virtual reveals of their vehicles later this summer. It is a bit of a blessing. A virtual reveal costs a fraction of the expense to participate in an auto show.
The cost to rent floor space, set up a display stand, do a car reveal to the media, provide food and drinks, fly in executives and pay crews to assemble and disassemble the stand can cost $5 million or more, said Brian, drawing on his years working the Chicago Auto Show until 2017.
Brian said it can easily be $2 million to $3 million just to execute the news conference, then pay crews overtime to switch the stand to a public display.
“That’s a big chunk of money to look at to get 25 minutes on the media’s schedule,” Brian said. “So the splash you need to make better be a damn good one.”
But the cost is worth it, said NAIAS boss Alberts. He said the virtual reveals of vehicles are “one-dimensional.”
“Virtual reveals have their place but provide minimal personal interaction and cannot cover the full gamut of the product characteristics,” Alberts said. “Journalists are able to write the best product stories when they experience the product with all their senses.”
Alberts said the actual shows also are proven to have a significant impact on driving showroom traffic and sales.
In recent years, many automakers had been streaming their live auto show reveals simultaneously online. But those virtual reveals had the background glitz and excitement of the media reacting to the car and the cameras flashing, Brauer said. With that missing, the thrill of the reveal is somewhat dulled.
Still, Brian said technology expands automaker’s choices and raises the question if a $5 million auto show expense is justifiable in the future.
Brian said auto shows have been declining in importance to many manufacturers for several years when they look for a return on the investment. The coronavirus-induced cancellation of the New York Auto Show, Detroit and others will only accelerate automakers’s waning interest.
“They’ve looked at the costs involved,” Brian said. “And the new marketing guy says, ‘If you give me $5 million, I won’t just have people strolling through a show who might or might not see our product. I can identify who our customer is and put your product in front of him or her on their screen five times a day. Will it be the same? No. But look what you’ll save. I’ll identify an actual customer, rather than spray and pray.”
Likewise, some automakers are doing their own reveals ahead of shows. Earlier this year, GM took a select group of auto journalists to Los Angeles to show them the redesigned Escalade ahead of the Chicago Auto Show in February. Brian was one of them.
“They controlled the message for the 36 hours we were together,” Brian said. “That way it’s not a 25-minute message, it’s a lot bigger message and a lot more focused message.”
But Brauer and McElroy say auto shows aren’t going away, especially during summer in the Motor City. Alberts added that because of the pandemic, the pendulum is swinging back to people preferring to own or lease vehicles rather than take public or shared transportation.
That desire to own a car makes auto shows all the more captivating to consumers, industry observers say.
“Once this pandemic is behind us and these shows are back up again, the automakers will be right back there,” McElroy said. “These shows are for the public. The public wants to go there and run their hands down the fender and really see the car.”
Read or Share this story: https://www.freep.com/story/money/cars/2020/06/20/detroit-auto-show-canceled-coronavirus-covid-19/3214788001/
Author: Jamie L. LaReau, Detroit Free Press
Trade ideas thread – European session 19 June 2020
Major currencies are still largely trapped in narrow ranges after the dollar firmed in overnight trading, with cable notably the biggest loser in a fall to test 1.2400.
But things are holding more calm and steady so far today, with equities also not showing much poise with US futures seen closer to flat levels at the moment.
The risk mood remains more tepid after the mixed tones yesterday again, in which we continue to see US stocks chop around amid coronavirus worries and dip buying.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
Mural, where a Montgomery slave market once was, honors black lives on Juneteenth
For decades, few outside of Texas and Southern Black communities knew or understood the significance of Juneteenth, the oldest celebration marking the end of U.S. slavery commemorated each year on June 19.
But, as weeks of protests spurred by multiple widely publicized deaths of Black Americans at the hands of police and emboldened vigilantes have engulfed the nation, what was once a lesser known holiday has sprung to national prominence.
On the eve of Juneteenth, Michelle Browder led a group of artists downtown to Court Square armed with paint, sidewalk chalk and roller brushes. Encircling the fountain, they spread out on the ground and outlined their declarative statement: Black Lives Matter.
Last SlideNext Slide
Browder, who owns More Than Tours and a nonprofit, said the artwork was a tribute to the men, women and children who were bought sold and traded on the ground where she stood.
“It was important to unveil this today because the Civil War started here on the second floor of that building,” she said gesturing to a seemingly innocuous structure across the street, where the telegram in 1861 was sent ordering Confederate troops to begin bombing Fort Sumter off the South Carolina coast.
“With the revolution that’s happening now, how could you not? 400 years later you’re still enslaving their children by killing them in the streets,” Browder said.
As the story of Juneteenth goes, in June of 1865, two and a half years after the Emancipation Proclamation went into effect on Jan. 1, 1863, freeing all enslaved Black people by way of executive order, word finally made its way to the enslaved population of Galveston, Texas, where whites had cruelly withheld the news of their freedom.
Hours after the artists had assembled at the fountain, Mayor Steven Reed issued a proclamation celebrating Juneteenth and called on Gov. Kay Ivey to make it an official holiday — noting that the state had chosen to mark three days annually to honor the Confederacy.
“We must embrace Alabama’s full legacy. Montgomery … stand[s] as tangible testament to the uncommon courage and tenacity of Civil Rights foot soldiers. However, their journey to freedom began in chains and in tunnels on our cities’ main streets,” Reed said in a statement.
“Juneteenth allows us to commemorate the symbolic and historical end of slavery while reflecting on the long road to racial reconciliation in America.”
Many Black citizens say that path has been mired by the country’s persistent unwillingness to confront the legacies of slavery and Jim Crow. The nationwide protests that began last month — after a Minneapolis police officer was filmed pressing his knee into George Floyd’s neck for more than eight minutes as he struggled to breathe — were a rejection of overzealous policing and misuse of power. But what started as a rallying cry against police brutality quickly morphed into a repudiation of white supremacy and the ways in which blackness is criminalized in American society.
Last SlideNext Slide
Not too far from the Square, locals gathered at Southern Poverty Law Center’s Civil Rights Memorial Center, where they released white rose petals into a reflection pool as people spoke tributes over the beating drum of a traditional West African healing ceremony to commemorate “Black Independence Day,” and the victims of institutional slavery and extrajudicial violence.
A portion of the ceremony was dedicated to victims of the Tulsa Massacre in Oklahoma, where in 1921 an affluent African American neighborhood known as “Black Wall Street” was firebombed and looted by white residents. It has been referred to as the “single worst incident of racial violence in American history,” but until recently was unknown to many non-black Americans, even in Tulsa.
President Trump, who is known to use racially insensitive propaganda to court political support, will hold a rally in the city on Saturday not far from where the massacre occurred. It was originally scheduled to take place on Juneteenth but was met with intense backlash from many, including SPLC, who denounced the move as a callous political stunt.
“Racial terror and violence are nothing new for the Black community,” said Tafeni English, director of the Memorial Center. “There’s been a shift in the movement and the ways in which were having these conversations. The community is still very unified in what they’re demanding, and it’s not anything that our ancestors didn’t ask for, which was freedom.”
Last SlideNext Slide
Back at the mural, the voices of James Brown and Gil Scott Heron cut through the air as people ambled around the fountain, snapping photos of the artwork displayed on the wrought iron fence that enclosed it. A portrait of pioneering Black journalist Ida B. Wells, who chronicled the country’s racial terror lynchings, stood a few paces down from a painted image of Martin Luther King Jr. set against the background of a bloody and tattered American flag riddled with what looked like bullet holes — a confronting commentary on Black America’s complicated struggle for freedom.
After living in Montgomery for more than 50 years, Ruth Hall never could’ve imagined a mural like this would exist downtown, at the emblematic fountain, no less.
“This moment is long overdue,” she said.
Contact Montgomery Advertiser reporter Safiya Charles at (334) 240-0121 or SCharles@gannett.com
Read or Share this story: https://www.montgomeryadvertiser.com/story/news/2020/06/19/montogomery-juneteenth-mural-where-slave-market-once-was-honors-black-lives-downtown-alabama/3213051001/
Author: Safiya Charles, Montgomery Advertiser