TME Daily: A tale of two cities for both earnings and positioning
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
Loading...
NEVER MISS THE NEWS THAT MATTERS MOST
ZEROHEDGE DIRECTLY TO YOUR INBOX
Receive a daily recap featuring a curated list of must-read stories.