The Trump administration is considering moves that would stem the flow of money from U.S. investors to China, Bloomberg and other news outlets report and Axios has confirmed.
Why it matters: If carried out, the moves would escalate the U.S.-China fight beyond the scope of trade and tariffs.
Fox News' Chris Wallace criticized Trump defenders on Friday, saying that their spin on the whistleblower complaint is "deeply misleading" to the public.
Elliott Management has revived its call for Marathon Petroleum to be split into three businesses.
Why it matters: Marathon is the largest U.S. oil refiner by capacity, but activist investor Elliott wants it to separate its refining business from its pipeline and gas station units.
The New York Times defended its decision to publish a story identifying the whistleblower as a male CIA officer, as executive editor Dean Baquet said it reported "limited information" about his identity so readers could "make their own judgments about whether or not he is credible."
The big picture: Federal whistleblowers are protected by law. Readers and some in the national intelligence community expressed concern that revealing too much detail in media reports could put the officer's life and reputation in danger and deter future whistleblowers.
Marijuana advocates scored a big win Thursday with the passage of the SAFE Act through the U.S. House of Representatives, but the market was less enthusiastic.
What it means: The Secure and Fair Enforcement Banking Act would allow marijuana companies to more easily do business with federally insured banks in the U.S.
The mood has shifted and balance sheets and profits seem to matter to equity investors again, as the recent debuts of large, money-losing companies have been punished by the market.
Driving the news: Shares of smart stationary bike company Peloton opened down 7% and closed 11% below their $29 IPO price to mark the third-worst performance for an IPO that raised more than $1 billion since the financial crisis, Bloomberg data showed.
Peloton CEO John Foley told Axios on Thursday that he isn't too concerned about how the connected fitness company's share price has fallen sharply in its first day of post-IPO trading.
"I'm following it like everyone else, but trying not to take it too personally or getting too discouraged after a couple hours of sideways trading. Obviously, we'd rather have it going the other way, but I don't think it's a reflection on our fundamentals or the excitement of investors who came in. This is a long journey."
Lumber mills in the U.S. have been a casualty of President Trump's trade war with China, as a significant dip in demand has pushed hardwood lumber prices down, the Wall Street Journal reports.
Why it matters: Chinese buyers were critical for lumber after the 2008 financial crisis, as American construction and furniture production dropped. Now, Beijing's retaliatory tariffs on as much as 25% of lumber and wood imports are draining the U.S. industry.
Peloton Interactive last night raised $1.16 billion in its IPO, giving it an initial market cap of around $8.1 billion.
Why it matters: It's a much-needed IPO win for both New York's tech startup market and lead banker J.P. Morgan, both of which were reeling from WeWork's spontaneous combustion.
It's still early days in a possible impeachment process, but "it would be complacent to think that the impeachment process just adds another ring to the circus," cross-asset strategists at JPMorgan warn in a note to clients.
What they're saying: They point out 4 important variables about the expected impeachment drama in Washington:
