Weekly Flash Report 9/11 2020.09.15

The Markets and Economy

Nikola shares soared 40% on Tuesday after GM announcedit's investing $2B for an 11% stake in the e-truck maker. Experienced GM will be producing young Nikola's electric trucks.

Slack's quarterly sales jumped 49% last quarter, about the same as the previous two quarters.

AstraZeneca temporarily paused clinical trials of its experimental COVID-19 vaccine last week,with a participant in a U.K. study experiencing an unexplained illness.

Citigroup has appointed consumer banking head Jane Fraser as its next chief executive, making her the first woman to lead a major Wall Street bank.

Regulatory Chatter and Industry Trends

The Pension Benefit Guaranty Corporation has taken over responsibility for the McClatchy Company Retirement Plan, which covers more than 24,000 retirees. The agency estimates that McClatchy's plan is 57% funded with approximately $1.3Bin assets and $2.3B in liabilities.

Delphi retirees lose bid to have pension takeover by the Pension Benefit Guaranty Corporation (PBGC) reversed. A federal appellatecourt found that court adjudication is not required for PBGC to terminate a plan and that retirees had no property right to unfunded, vested benefits.

Investment News

 William Kohli, CIO of fixed income at Putnam Investments, will retire June 30, and Michael Salm was named co-CIO to work with Mr. Kohli.

William Blair tapped Columbia Threadneedle emerging markets debt veteran Clifford Lau to lead its newly opened office in Singapore.

What's Ahead?

Industrial Production– Sept.15, 2020 Retail Sales – Sept.16, 2020 EIA Petroleum Status Report – Sept.16, 2020 Jobless Claims – Sept.17, 2020 EIA Natural Gas Report – Sept.17, 2020 Consumer Sentiment – Sept.18, 2020 Baker-Hughes Rig Count– Sept.18, 202


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