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GOLDMAN SACHS: America’s largest companies are obsessed
with 3 things that underscore why the rest of the year is going
to be challenging

The second half of 2018 is
poised to be tougher than the first for corporate America,
judging from recent commentary by executives.

Goldman Sachs’ equity strategists once again compiled a roundup
of the biggest themes that came up during quarterly earnings
calls conducted by S&P 500 companies. Their quarterly S&P
500 Beige
Book mimics the Fed’s version, which
compiles anecdotes from business leaders on the biggest issues
they’re confronting.

During second-quarter earnings calls, tariffs, higher margins,
and wage growth were the three themes that stood out.

“Following another excellent S&P 500 earnings season,
companies acknowledged that the operating environment will become
more difficult in the second half of 2018, with trade tensions
and increased margin pressure in focus,” David Kostin, the chief
US equity strategist, said in a note on Thursday.

Tesla CEO Elon Musk opens up about personal and
professional struggles in revealing interview

Tesla CEO Elon Musk is describing the past year as “the most
difficult and painful year of my career.”

In a revealing New
York Times interview published Thursday
night, Musk said he had been charging full speed ahead in all
directions — with the production of his electric-car company’s
first mass-market vehicle, the Model 3 sedan, and with the many
business and personal obligations he says have begun to affect
his health. “It’s not been great, actually. I’ve had friends come
by who are really concerned,” Musk told The Times.

“There were times when I didn’t leave the factory for three or
four days — days when I didn’t go outside,” Musk said, adding:
“This has really come at the expense of seeing my kids. And
seeing friends.”

Normally known for his brash and unorthodox leadership style,
Musk was, at points, penitent and self-reflective, acknowledging
the headaches that some of his more recent public behavior has
caused for his company, its board members, and its shareholders.

Trump is considering a huge change to the way America’s
biggest companies report their earnings

President Donald Trump on Friday
said he had instructed the US Securities and Exchanges Commission
to investigate the abolition of quarterly financial reporting for
US companies.

Writing on Twitter, Trump said that he had discussions with
business leaders and that one leader had asked him to move toward
a system of reporting every six months.

“In speaking with some of the world’s top business leaders I
asked what it is that would make business (jobs) even better in
the U.S,” Trump
tweeted. “‘Stop quarterly reporting & go to a six month
system,’ said one. That would allow greater flexibility &
save money. I have asked the SEC to study!”

Listed companies in the US must report financial results every
three months, but in many other countries businesses are mandated
to do so only twice a year.

In markets news