Be in the know. 30 key reads for Thursday…

  1. Cowboys owner Jerry Jones puts another $100 million into Frisco’s Comstock Resources (dallasnews)
  2. China’s Central Bank Sees Room for More RRR Cuts (bloomberg)
  3. Fed Officials Still See Three Interest-Rate Cuts This Year, Buoying Stocks (wsj)
  4. Productivity is way up
  5. The Billionaire Taking on Disney Just Wants Some Respect (nytimes)
  6. Short Sellers Up Their Wagers Against Commercial Real Estate Again (bloomberg)
  7. Fed’s interest-rate decision makes bank stocks more attractive: analyst (marketwatch)
  8. Boeing targets a culprit of 737 MAX production woes: ‘Traveled work’ (yahoo)
  9. For Real Estate, Rate Cuts Can’t Come Soon Enough (zerohedge)
  10. Chewy (CHWY) stock jumps on better-than-anticipated Q4 top and bottom line (streetinsider)
  11. Reddit prices stock at top of target range in biggest social media IPO since Pinterest (streetinsider)
  12. 6 Highest Yielding Dividend Kings With Yields Up To 9.9% (247wallst)
  13. Private equity giant Apollo offers $11B for Paramount Pictures studio: report (nypost)
  14. SocGen’s Kabra Is Now Among the Biggest Bulls on US Stock (bloomberg)
  15. Apple Braces for Antitrust Lawsuit From DOJ (barrons)
  16. The Stock Market Is Already Way Up. 8 Stocks That Can Still Outperform. (barrons)
  17. Replacing Boeing CEO Calhoun Won’t Be Easy (barrons)
  18. Fundstrat’s Tom Lee sees small-cap benchmark Russell 2000 surging by 50% in 2024 (cnbc)
  19. Cheesecake Factory and 4 More Stocks Ready to Pop, From a Small-Cap Pro (barrons)
  20. Home Sales Jumped in February to Fastest Pace in a Year. Prices Are Up, Too. (barrons)
  21. Nike Reports Earnings Today. It Has Lots of Work to Do. (barrons)
  22. Nvidia Is Using Its Old 1990s Playbook To Best Its AI Rivals (barrons)
  23. Biden’s EPA Gives Automakers More Leeway to Phase Out Gas-Engine Cars (wsj)
  24. Elon Musk’s Neuralink Shows First Patient Using Its Brain Implant (wsj)
  25. Why Arizona Law Firms Are a Hot Investment for Private Equity (wsj)
  26. Nelson Peltz Wins Key Endorsement in Disney Battle (wsj)
  27. Airport Security Is a Confusing Mess Right Now (wsj)
  28. US Initial Jobless Claims Ease in Sign of Resilient Labor Market (bloomberg)
  29. The frugal life of Warren Buffett: How the billionaire spends his fortune, from McDonald’s breakfasts to a rare and ‘indefensible’ splurge (yahoo)
  30. Apple’s Tim Cook meets key suppliers in Shanghai as 57th China store opens (scmp)

 

Be in the know. 35 key reads for Wednesday…

  1. How Has the Fed’s Outlook Changed? Here’s What to Watch Today (wsj)
  2. PDD Stock Soars as Temu Parent Posts Huge Earnings Beat. What It Means for Alibaba. (barrons)
  3. Intel Gets Up to $8.5 Billion in Chips Act Funding from Biden Administration (barrons)
  4. Is a June rate cut still possible? Fed’s Powell will look to keep options open this week. (marketwatch)
  5. The Bank of Japan Just Handicapped a Winning Strategy. What to Know About the Yen Carry Trade. (barrons)
  6. Energy Suppliers Are Racing to Keep Up with the Data-Driven Energy Surge (barrons)
  7. The big tech rally is living on borrowed time, says UBS (marketwatch)
  8. ‘Mr. Yen’ says authorities may soon intervene as Japanese currency eyes multi-decade lows (marketwatch)
  9. Apple CEO Tim Cook Is in China After iPhone Sales Weaken. (barrons)
  10. The Latest Options Craze Resembles Past Manias. That’s Not a Good Thing. (barrons)
  11. Fed is ‘so far from equilibrium’ as markets await rate guidance, BlackRock’s Rick Rieder says (marketwatch)
  12. Boeing CFO Talks Cash, Spirit, And How to Fix Quality. (barrons)
  13. Apple Looks to External Partners to Boost AI Efforts (wsj)
  14. Why the Fed’s ‘Dot Plot’ Is the Center of Attention (wsj)
  15. The Era of No-Brainer 5% Returns on Cash Is Ending (wsj)
  16. Shares of Gucci Owner Tumble After Sales Warning (wsj)
  17. Understanding the Boeing Mess (wsj)
  18. NYC landlords luring workers back to offices with pickleball, golf simulators, arcade games and gourmet food (nypost)
  19. Here’s everything to expect from the Federal Reserve’s policy meeting (cnbc)
  20. Hong Kong’s national security law has analysts divided on its social and economic ramifications (cnbc)
  21. A Lady Gaga Google Search shows how AI is upending the world’s most profitable online business. ‘Site owners are terrified.’ (businessinsider)
  22. Once Again, Baltimore Hopes to Fight Blight With $1 Homes (governing)
  23. 4 signals that suggest the stock market’s bull rally could soon reverse (businessinsider)
  24. China’s Central Bank Names Two Scholars as New Policy Advisers (bloomberg)
  25. China to Use Public Auctions for Sale of Special Ultra-Long Debt (bloomberg)
  26. Intel prepares for $100 billion spending spree across four US states (reuters)
  27. West is ‘too optimistic’ on nuclear projects, warns engineering chief (ft)
  28. Alibaba-backed Moonshot AI expands Chinese-character prompt for Kimi chatbot (scmp)
  29. Tencent doubles share buy-backs while earnings miss estimates (scmp)
  30. Wouldn’t be surprised if more FOMC members predicted less than two rate cuts in 2024: Jeremy Siegel (cnbc)
  31. Rumors over ‘next James Bond’ left shaken and stirred by Aaron Taylor-Johnson speculation (wral)
  32. How the BOJ’s plan for a smooth exit from negative rates unraveled (reuters)
  33. BOJ Needs to Do More to Change Direction of Yen: Major (bloomberg)
  34. Goldman’s Hatzius Says US on Track for 2.4% Core PCE (bloomberg)
  35. Alibaba Raises $317 Million From Sale of Stake in EV Maker XPeng (bloomberg)

Be in the know. 37 key reads for Tuesday…

  1. Buy 3M Stock Ahead of Healthcare Spinoff. Analyst Expects Higher Valuation. (barrons)
  2. Natural Gas Prices Won’t Stay Low for Long. An Export Boom Is Coming. (barrons)
  3. 1 No-Brainer Growth Stock to Buy Now With $100 and Hold Through 2024 (and Beyond) (fool)
  4. Japan Finally Raises Rates. Global Markets Will Feel It. (barrons)
  5. As Electric-Vehicle Shoppers Hesitate, Hybrid Sales Surge (wsj)
  6. UK Reality TV Stars, Influencers Join AliExpress’ New Livestreaming E-Commerce Community (alizila)
  7. Alibaba brings 5-day delivery to the US in race against Shein, Temu (scmp)
  8. Marissa Pardini Steps Down from Vans; More Layoffs Hit Office (shop-eat-surf)
  9. Ant Sets Up Board for International Operations in Broad Overhaul (bloomberg)
  10. BABA-SW’s Hema Global Shopping Biz GMV Rises 1x+ YoY in 2023 (aastocks)
  11. Developing | Ant Group restructures part of its businesses into units, promotes veteran finance chief as president to spur growth (scmp)
  12. Commercial Real Estate Is a Slow Burn,’ Says Bank of America CEO Moynihan (bloomberg)
  13. Small Caps Can Shine With Reasonable Rates: BofA (bloomberg)
  14. BofA’s Moynihan on US Consumer, Trading Activity and CRE (bloomberg)
  15. BofA’s Moynihan: Banks Have ‘Tremendous Amounts of Capital’ (bloomberg)
  16. BofA CEO Moynihan: Customers ‘Remarkably Resilient’ (bloomberg)
  17. Central bankers see ‘immaculate disinflation’ within reach (ft)
  18. The ferocious US pushback against new banking rules (ft)
  19. Warren Buffett Says Even The Bottom 2% Of Earners ‘All Live Better Than John D. Rockefeller’ – And He Was The Richest Man In The World (yahoo)
  20. New-Home Construction Rose in February. Builders Are Confident. (barrons)
  21. Don’t want to chase Big Tech? Money manager flags three unloved stocks to bet on now. (marketwatch)
  22. Fusion Pharmaceuticals Stock Soars. It’s Being Acquired by AstraZeneca in $2.4 Billion Deal. (barrons)
  23. Odds of a June rate cut by Fed slip below 50%, according to this gauge (marketwatch)
  24. ESPN Boss Jimmy Pitaro’s Chaotic Race to Remake the Sports Giant (wsj)
  25. Once America’s Hottest Housing Market, Austin Is Running in Reverse (wsj)
  26. Cities Face Cutbacks as Commercial Real Estate Prices Tumble (nytimes)
  27. Japan Ends Era of Negative Rates With Few Clues on Further Hikes (bloomberg)
  28. Warren Urges Powell to Cut Rates to Help Struggling Clean Energy (bloomberg)
  29. Trading Floors Buzz With Excitement as BOJ Axes Negative Rates (bloomberg)
  30. Real Estate Pain Is Showing Up in an Obscure Investment Product (bloomberg)
  31. The Fed Has a Lot of Questions to Answer About Its Balance Sheet (bloomberg)
  32. America’s Place in India’s Butter Chicken Fight (bloomberg)
  33. Harvard-trained neuroscientist with 20+ years experience: 7 tricks I use to keep my memory sharp (cnbc)
  34. Fed could cut rates fewer times than expected as economy keeps growing, according to CNBC survey (cnbc)
  35. Nordstrom shares jump more than 10% on report retailer is trying to go private (cnbc)
  36. Housing Starts And Permits Surged In February (Despite Plunging Rate-Cut Odds) (zerohedge)
  37. A Bill Gates company is about to start building a nuclear power plant in Wyoming (businessinsider)

Be in the know. 55 key reads for Monday…

  1. China Shares Lifted by Data. Expect More Gains. (barrons)
  2. Meet the ‘Witch of Wall Street,’ a black-clad pioneering value investor who became the world’s richest woman—but is wrongly remembered as a cheapskate (fortune)
  3. China kicks off the year on strong note as retail, industrial data tops expectations (cnbc)
  4. Fed Rate Cuts Are on Hold. 3 Picks if They Come Sooner. (barrons)
  5. Why Bank of Japan may shake up financial markets before Fed’s next interest-rate decision (marketwatch)
  6. Inflation is NOT running hot (scottgrannis)
  7. Apple Is in Talks to Let Google Gemini Power iPhone AI Features (bloomberg)
  8. Fed rate cuts will be a tailwind for small caps, says Fundstrat’s Tom Lee (cnbc)
  9. PayPal Stock Has Fallen Far Enough. It’s Time to Buy. (barrons)
  10. A New Surge in Power Use Is Threatening U.S. Climate Goals (nytimes)
  11. How China Could Swamp India’s Chip Ambitions (wsj)
  12. The F-Bomb-Dropping Airline CEO About to Earn a $100 Million-Plus Bonus (wsj)
  13. Dollar Stores Get Devalued as Low-Income Consumers Struggle (wsj)
  14. A Big Disney Fight Isn’t Nelson Peltz’s Only Drama (wsj)
  15. Suspense Builds for Fed as Growth Downshifts and Inflation Lingers (wsj)
  16. Cisco stock still isn’t back to its 2000 high: Chart of the Week (yahoo)
  17. Hertz CEO resigns after push to buy Tesla fleet backfires big time for company (foxbusiness)
  18. Boeing bonds are still coveted by investors despite a rough 2024 for jet maker (marketwatch)
  19. Steven Mnuchin’s interest in TikTok and NYCB echoes his pre-Trump investment playbook (marketwatch)
  20. TikTok Bill’s Progress Slows in the Senate (nytimes)
  21. S. stocks have beaten European equities but won’t for much longer, says JPMorgan (marketwatch)
  22. The Fed’s Challenge: Has It Hit the Brakes Hard Enough? (wsj)
  23. Markets capitulate to Fed on interest rates after months-long stand-off (ft)
  24. US equity funds draw record inflow as investors bet on soft landing (ft)
  25. ‘Growth company with no growth’: Wells Fargo says Tesla stock could drop 23% in scathing downgrade (businessinsider)
  26. It’s actually a good time to buy a new car (businessinsider)
  27. The end of the Realtor monopoly (businessinsider)
  28. Michelin Unveils 2024 List of Starred Restaurants in Hong Kong, Macau (bloomberg)
  29. What Must Nelson Peltz Do to Get Some Respect? (nytimes)
  30. 10 Best Cheap Stocks to Buy Under $10 (morningstar)
  31. Wall Street Doom Prophesy Falls Flat on Hottest Rally Since 2016 (bloomberg)
  32. The Consumer Price Index Doesn’t Capture What’s Really Hurting Consumer Confidence (barrons)
  33. Fast-Food Companies Could Be Heading Toward a Price War. Why McDonald’s Could Win (barrons)
  34. How the Federal Reserve Could Throw Stocks for a Loop (barrons)
  35. Masters in Business: Mark Wiedman (bloomberg)
  36. remembering marcello gandini, italian car designer of lamborghini, ferrari, maserati and more (designboom)
  37. Ex-Ford CEO warns of ‘real financial trouble’ for EV startups as adoption takes longer than expected (fortune)
  38. Can Ferrari, the Winningest Team in F1 History, Get Back on Track? We Ask an Expert (robbreport)
  39. Weekly Leading Economic Index (advisorperspectives)
  40. Alexander Hamilton and the Birth of US Industrial Policy (bloomberg)
  41. Who Will Be the Next James Bond? (townandcountrymag)
  42. Scottie Scheffler defends Players Championship title with dominant Sunday charge (golf)
  43. The End of Japan’s Negative Rates Will Be a Slow-Moving Tsunami (wsj)
  44. Disney Board Seats for Nelson Peltz Are a Long Shot. He’s Winning Just the Same. (barrons)
  45. Park Avenue landlords boast new leases after glowing Sixth Ave. report (nypost)
  46. Dan Loeb Enters the Chip Wars (nytimes)
  47. Florida Is Not So Cheap Compared With New York These Days (bloomberg)
  48. Carbone Wants to Conquer the World With a Red Sauce Empire (bloomberg)
  49. There’s Now a Fake Santorini in Abu Dhabi to Lure Luxury Travelers (bloomberg)
  50. There’s really no need for the Fed to lower interest rates, says Ed Yardeni (cnbc)
  51. Damo Academy plans to launch latest RISC-V chip this year as chip demand grows (scmp)
  52. Good news is good news again in markets (ft)
  53. Goldman Sachs raises US real GDP growth forecast (streetinsider)
  54. TikTok’s Business, in Charts (wsj)
  55. The Fed’s Challenge: Has It Hit the Brakes Hard Enough? (wsj)

Be in the know. 10 key reads for St. Patrick’s Day…

  1. How AI Is Sparking a Change in Power (barrons)
  2. Investors Don’t Need to Sweat the Latest Boeing 737 Safety Incident. The Data Show Why. (barrons)
  3. Dan Yergin Is Concerned About AI-Fueled Boom in Electricity Use (bloomberg)
  4. The Everything Rally Comes to Derivatives Market (bloomberg)
  5. Apple Without AI Looks More Like Coca-Cola Than High-Growth Tech (bloomberg)
  6. America’s Office Fire Sale Has Barely Begun (wsj)
  7. Berkshire Bought Back About $2.3 Billion in Stock (barrons)
  8. The Big Read. The battle over TikTok (ft)
  9. Barclays explains why S&P 500 keeps rallying despite hot CPI, PPI data (streetinsider)
  10. Investors should buy cheap portfolio insurance now before stock market turns volatile, Goldman warns (marketwatch)

Be in the know. 8 key reads for Saturday…

  1. China’s Fiscal Stimulus Plan May Be Bigger Than It Appeared (bloomberg)
  2. The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters (wsj)
  3. Sorry Stock Bulls, the ‘Wall of Cash’ Isn’t All Headed Your Way (wsj)
  4. UK Inflation Expectations Fall to Lowest Since BOE Hikes Began (bloomberg)
  5. 2024 Ford F-250: A Primitive, Powerful Beast of a Truck (wsj)
  6. This Rare Ferrari Dino 246 Spider Is A Sought-After Tribute To Enzo’s Son (maxim)
  7. The DNA of a Warren Buffett Company (morningstar)
  8. Warren Buffett Minds the GAAP (wsj)

Be in the know. 15 key reads for Friday…

  1. AMD Rally Looks More Fragile Than Nvidia’s as Traders Bid Up AI (bloomberg)
  2. PayPal Stock Has Fallen Far Enough. It’s Time to Buy. (barrons)
  3. Cockpit Mishap Seen as Likely Cause of Plunge on Latam Boeing 787 (wsj)
  4. Nvidia led Phase 1 of the AI trade, these are the next three, says Goldman Sachs (marketwatch)
  5. Disney’s Proxy War Is Getting Very Noisy. What Really Matters. (barrons)
  6. Steven Mnuchin’s Bid for TikTok Isn’t as Strange as You Think (barrons)
  7. Boeing’s problems don’t change the overall outlook for the commercial aerospace industry. Planes are in hot demand. (barrons)
  8. Deals Are Coming Back. These 8 Companies Are Buyout Candidates. (barrons)
  9. As War Rages On, the Stock Market Shrugs It Off. Will It Last? (barrons)
  10. Dollar Store Stocks Tumbled. That Might Be a Buying Opportunity. (barrons)
  11. Options trades to exceed stocks for first time since 2021 as $5 trillion in contracts come due Friday (marketwatch)
  12. Real-estate prices have bottomed out and it’s now time to buy, Blackstone president says (marketwatch)
  13. Nvidia is no longer Wall Street’s favorite stock. This company is. (marketwatch)
  14. Private Equity Wants Your Credit Card Debt. And Car Loan. And Mortgage. (wsj)
  15. Why That Hot Biotech IPO Could Be a Winner (wsj)

Be in the know. 10 key reads for Thursday…

  1. Fisker Preparing for Possible Bankruptcy Filing: Report (barrons)
  2. Airfares Have Taken Off. Why They Might Not Drop Soon. (barrons)
  3. Auto Insurance Prices Soared Last Month. Why They Finally Might Be Peaking. (barrons)
  4. India Banned TikTok. Then Instagram and Other Copycats Took Off. (barrons)
  5. Producer Price Data Will Be the Fed’s Last Look at Inflation Before Rate Decision (barrons)
  6. Lennar Beats Forecasts as Incentives Boost New Orders (barrons)
  7. ‘I’m not sure we need 2% inflation’: How investors are absorbing Tuesday’s CPI report (marketwatch)
  8. Inflation Remains Americans’ Top Concern Even as They Plan to Keep Spending (barrons)
  9. Don’t Worry Over Apartment REITs. Some Can Still Raise the Rent. (barrons)
  10. This is a long-term bull market, says Ed Yardeni (cnbc)

Be in the know. 34 key reads for Wednesday…

  1. Chinese stocks are back in a bull market as investors buy into the nation’s economic rebuild (businessinsider)
  2. 3M (MMM) hikes first-quarter earnings forecast amid healthcare unit spin-off (streetinsider)
  3. ‘It’s just a fantasy’: Citadel CEO Ken Griffin says AI will not replace human fund managers (marketwatch)
  4. China’s Biggest ETF Reaches $28 Billion on National Team Buying (bloomberg)
  5. 3M hires outsider Bill Brown as CEO, shares jump (foxbusiness)
  6. The last mile of inflation hits another big bump in the road (marketwatch)
  7. Illegal immigration is giving Fed more scope to let economy run hot, researchers say. (marketwatch)
  8. The Fed Has a Tricky Data Problem. The Economy Is Sending Lots of Mixed Signals. (barrons)
  9. Auto Insurance Prices Soared Last Month. Why They Finally Might Be Peaking. (barrons)
  10. For Golf Communities, It’s All About the Long Game (barrons)
  11. This New AI Chip Makes Nvidia’s H100 Look Puny in Comparison (barrons)
  12. How Safe Are Boeing Planes? A Look at the Data. (barrons)
  13. Amazon Will Now Deliver Eli Lilly Weight Loss Drug (barrons)
  14. Productivity Is Growing Fast. Don’t Give AI the Credit. (barrons)
  15. Big Stocks Aren’t the Only Play. It’s Time to Look at Smaller Ones. (barrons)
  16. Berkshire Buys More Liberty Sirius XM, Now Holds $2.6 Billion of Tracking Stock (barrons)
  17. ADM Finds ‘Material Weakness’ in Accounting Probe (barrons)
  18. Inflation Picks Up to 3.2%, Slightly Hotter Than Expected (wsj)
  19. 3M Names New CEO Amid PFAS Battles, Health Spinoff (wsj)
  20. Alibaba’s Media Arm to Invest $640 Million in Hong Kong Entertainment (wsj)
  21. Dollar Tree to Close About 1,000 Stores (wsj)
  22. How China Tried to Fix the Stock Market—and Broke the Quants (wsj)
  23. Miami’s Office Market Was Red-Hot. Now Its Tallest Planned Tower Can’t Fill Its Space. (wsj)
  24. Activist Investor Land & Buildings Urges Office Owner to Liquidate (wsj)
  25. Dodge drops the Challenger, flexes new 2024 Charger Daytona EV (usatoday)
  26. China Pledges Central Government Funds For Equipment Upgrades (bloomberg)
  27. The Fed Will Slow QT. What Matters Is Where It Stops (bloomberg)
  28. Jamie Dimon endorses Disney CEO Bob Iger in proxy fight with activist (cnbc)
  29. EV euphoria is dead. Automakers trumpet consumer choice for U.S. car shoppers (cnbc)
  30. Top CFOs are as bullish on the Dow and as dovish on the Fed as they’ve been in a long time: CNBC survey (cnbc)
  31. Forget Nvidia: Billionaire Investors Are Selling It and Buying These 2 Artificial Intelligence (AI) Stocks Instead (yahoo.finance)
  32. AMD Rally Looks More Fragile Than Nvidia’s as Traders Bid Up AI (finance.yahoo)
  33. Jerome Powell just revealed a hidden reason why inflation is staying high: The economy is increasingly uninsurable (fortune)
  34. The Big Read. Shipbuilding: the new battleground in the US-China trade war (ft)

Be in the know. 25 key reads for Tuesday…

  1. 3M’s stock rises as company announces a new CEO (marketwatch)
  2. Advance Auto Parts Strikes Settlement With Dan Loeb’s Third Point (wsj)
  3. China Traders Buy Hong Kong Stocks for 19th Day, Longest in 11 Months (bloomberg)
  4. China Stocks Begin Witnessing Bull Markets in a Gamut of Sectors (bloomberg)
  5. Oracle Stock Jumps On Strong Earnings. Demand for Cloud Computing Is Surging. (barrons)
  6. Intel survived bid to halt millions in sales to China’s Huawei, sources say (reuters)
  7. China’s Exports Are Surging. Get Ready for the Global Backlash. (barrons)
  8. Illegal immigration is giving Fed more scope to let economy run hot, researchers say. (marketwatch)
  9. Inflation Picks Up to 3.2% in Unexpected Turn Higher (wsj)
  10. Core inflation, which excludes food and energy, was up 3.8% (wsj)
  11. Inside the CPI report: Gas, housing and transportation costs keep inflation elevated (marketwatch)
  12. Why BofA is bullish on U.S. consumers despite inflation and interest-rate worries (marketwatch)
  13. Alphabet is the bargain stock among the ‘Magnificent Seven’ (marketwatch)
  14. The Fed’s Bailout Program Is Ending. Bank Reserves Are Getting a Closer Look. (barrons)
  15. Boeing Stock Is Falling. Justice Department Starts Criminal Inquiry. (barrons)
  16. Doctors Can Now Edit the Genes Inside Your Body (wsj)
  17. EQT and Equitrans Midstream to Combine in Big Natural-Gas Deal (wsj)
  18. China Vanke in Debt Swap Talks With Banks to Stave Off Default (bloomberg)
  19. US Shelter Inflation Slows After Surprise Jump Caused Confusion (bloomberg)
  20. Disney paid ValueAct millions in fees before winning its support in proxy fight, activist says (cnbc)
  21. Inflation in Germany reaches a two-year low as U.K. wage growth cools (marketwatch)
  22. China has little choice but stimulus (ft)
  23. Bilibili targeting more collaboration with e-commerce advertisers like Taobao (scmp)
  24. Apple to expand applied research operations in Shanghai and Shenzhen (scmp)
  25. China Vanke claims junk-level downgrade is manageable as shares and bonds gain (scmp)