Melvin Backman
Quartz
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Past articles by Melvin:
One of oil’s founding families is divesting from fossil fuels, and slamming ExxonMobil in the process
In a historic break, the Rockefeller family is getting out the oil business. → Read More
Everyone is lowering their expectations for what it will take to declare an oil comeback
Back in June 2014, crude oil was more than $100 a barrel. Then it began its slump toward the mid-$30s, where it's priced now. And it's getting tougher for the oil industry to figure out what would represent even a partial return to previous heights. Reuters is reporting that a US shale producer in North Dakota is willing to settle... → Read More
Gold prices are at their highest in a year, but Deutsche Bank still says “buy”
The German investment is suggesting that investors buy gold, just in case. → Read More
“Freeze” is the new “cut” in global oil markets
So much for that idea. Saudi Arabian oil minister Ali al-Naimi made it extremely clear Tuesday at the CERAWeek energy conference in Houston, Texas that the global oversupply of oil is going to keep gushing. “There is no sense in wasting our time in seeking production cuts," al-Naimi said. "It will not happen. What is easier... → Read More
The next big shift in the global oil market is underway, and it centers on India
India is about to pass Japan as the third-largest oil-consuming country in the world. → Read More
Stock volatility has shut down the IPO market
The spigot on new offerings hasn't been this dry since 2011. → Read More
More bad news for El Chapo and his Sinaloa drug cartel
Authorities claim to have recovered assault weapons and "hundreds of pounds" of narcotics. → Read More
Sesame Street, now on HBO, continues a great tradition of brilliant television parodies
Despite moving to a new neighborhood in the form of a premium cable network, Sesame Street feels right at home alongside the prestige TV it has long skewered gently in the name of children's education. The show announced in August that episodes from its newest season would first air on HBO instead of its long-standing original home on public... → Read More
There’s a nostalgia-driven underground market for hip-hop’s favorite Girbaud jeans
Independent tailors are breathing new life into the early aughts' most recognizable denim. → Read More
Investment in the US oil industry hasn’t been this weak in decades
The crude crumble rolls on. Growth in US GDP, while slowing dramatically, still moved along at an 0.7% annual clip during the fourth quarter of 2015, putting the full-year growth rate (pdf) at 2.4%. But one subsection over the American economy is a giant, slow-motion train wreck: the oil industry. The sector is seeing its worst drop-off in... → Read More
Believe it or not, oil is back in a bull market
It may have been wrong to call oil's rise a dead cat bounce last week. Everyone's favorite cratering commodity has actually been having a pretty good run since Jan. 20. Brent crude today (Jan. 28) rose above $35 per barrel for the first time in about three weeks on news that OPEC and Russia might finally curtail their contribution to... → Read More
Boeing is in a transitional phase, but investors didn’t cut it any slack today
Investors weren't very keen on Boeing's latest quarter. Even though it beat profit expectations and hit its revenue targets, they still sent the stock down 7.8% today (Jan. 27) and erased $6.8 billion from its market value. What's the big fuss? It comes down to about 20 planes, or the difference between the number of planes Boeing delivered last... → Read More
Less than 1% of US universities netted nearly 30% of the money raised by schools in 2015
The Council for Aid in Education reveals its new ranking of the top fundraisers. → Read More
Hess is slashing its capital spending and oil exploration budget by 40% from last year
US oil prices are suddenly on the rebound, rising more than 3% today (Jan. 26) on news that a Russia-OPEC deal to cut global production might be closer than previously thought. But that won't be enough to undo some of the damage done to the oil industry because of low prices. US oil concern Hess just... → Read More
Japan’s slumping trade numbers show the long reach of China’s slowdown
China's slowing growth is killing Japanese exports. → Read More
Oil is having a dead-cat bounce
Oil prices are rising! Both international benchmark Brent and West Texas Intermediate have not only risen above the $30 level, but $31. The much-beleaguered commodity is having its best day since August and its best week since October. A lot of the movement is being attributed Khalid al-Falih, the chairman of oil giant Saudi Aramco, calling crude prices below $30 "irrational" at... → Read More
Netflix is crushing it around the world, but its US growth has chilled
Netflix—you want the good news or the bad news first? Here's the good news: The streaming TV giant released its fourth-quarter earnings results today (Jan. 19), and the company largely hit its targets. Netflix now boasts 75 million subscribers across the globe (even though it technically finished 2015 with 74.76 million subscribers, needing the first... → Read More
The global economy is looking worse by the day
The International Monetary Fund just cut its expectations for global output by 0.2 percentage points for both 2016 (now 3.4%) and 2017 (now 3.6%). It's the third time the IMF has cut its forecast in less than a year. As it turns out, folks in DC are worrying about the same issues troubling Wall Street (paywall): A heady... → Read More
Global markets have had an absolutely terrible week
After a brief respite yesterday (Jan. 14), global stocks have gone right back into a nosedive. The S&P 500 is off about 2.3% in early trading, and another poor performance would cap what has been a rotten week around the globe. "Sell everything," indeed. The two biggest worries are obviously China and oil prices. The... → Read More
Best Buy’s stock price is dropping as fast as its sales
It was a blue Christmas at Best Buy. The $11 billion in revenue that the electronics chain brought in during the nine weeks ended Jan. 2 was down 3.6% from the previous year's holiday shopping season. If it's any consolation, digital sales were up 12.6% to $1.7 billion. Judging by the stock, down about 9% in midday... → Read More