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Money

Are ESGs all that Ethical?

Michael and Adam discuss whether ESG portfolios are really responsible or if conscious investing is just another Wall Street gimmick. The conversation evolves into an overarching discussion on morality.   

ExxonMobil shares drop on reports of SEC investigation

Shares of ExxonMobil (XOM) closed down 4.81% today on a Wall Street Journal report that the Securities & Exchange Commission was investigating a whistleblower complaint alleging that the company overvalued assets in the Permian Basin oil shale geology. The whistleblower complaint alleges that during a 2019 internal assessment workers were forced to use unrealistic assumptions about how quickly wells could be drilled to reach a higher valuation.

Wall Street dips as present (retail sales) stinks and future (vaccines and stimulus) disappoint

The present--or more precisely the very recent past--didn't look so good this morning, January 15. U.S. retail sales declined by 0.7% in December and the Commerce Department revised November to a drop of 1.4%. The unadjusted blue of sales rose by just 0.6% year over year in 2020. That's the smallest gain in 11 years. Nobody expected the December retail sales numbers to be anything other than grim, however, and by themselves these figures wouldn't have been enough to dent stock prices. The market has a strong recent history of looking past any negative news in the present because with the roll out of coronavirus vaccines with future looks so promising. But the future also disappointed today.

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