The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, official activities get under way Wednesday. The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year, post-July 4 tradition.
Dismal monthly inflation data hit stocks Friday with tech, internet and media taking a beating and Goldman Sachs slapping rare ‘sell’ rating on Netflix and a few others. The bank downgraded the streamer from ‘neutral’ on economic and competitive jitters and cut its price target to $186 from $265 – the lowest on the Street.
Stocks were flattened Monday by a wave of angst over the fast-spreading Omicron variant, exacerbated by pending interest rate hikes and economic tightening the Fed signaled last week, and after Sen. Joe Manchin scuttled President Biden’s key social policy legislation. All major indexes fell on the first day of a shortened trading week ahead of