Daily Pulse: Yahoo 'In A Serious Free Fall', Obama Tepid on Encryption Backdoor Legislation, Happy Beer Day!

Yahoo expects 2016 revenues to drop nearly 15% and earnings more than 20%. This according to re-code’s Kara Swisher, who got access to a document “Yahoo bankers have given out to prospective buyers.” Other tidbits: The sale book is “unusually confusing and perhaps purposefully so” and “shows a company in what has been a serious free fall.”

Locked Out: Legislation requiring tech companies like Apple to help law enforcement crack encrypted data is expected “as soon as this week.” But the White House will give the bill only tepid public support, Mark Hosenball and Dustin Volz report for Reuters. “The administration remains deeply divided on the issue” even though President Obama generally weighed in on the side of the FBI when it was demanding Apple's help to access that iPhone.

#Chart: Bloomberg asserts "The World Is Getting Fatter and No One Knows How to Stop It." Perhaps this Quartz chart can shed some light on the matter:

Coal exec Donald Blankenship got the one-year maximum sentence in a workplace safety case arising from the accidental death of 29 men at one of Massey Energy’s mines six years ago. The former CEO wasn't accused of direct responsibility, but his demands “contributed to an unspoken conspiracy that employees were to ignore safety standards,” reports Alan Blinder for The New York Times.

#Quote

"For the rules to be changed after the game has started to be played is a bit un-American."

— Allergan CEO Brent Saunders, on the scotched Pfizer merger

A Fed rate hike seems increasingly unlikely this quarter. The market now says there is only a 20% chance through June.

Wall Street Picks: Investors seem pretty sure who’ll be the next president — even if, as one financial type person put it, she is only “the devil they know.” For the record, 70% of respondents to a CitiCorp poll said Democrat Hillary Clinton would win. Only 10% thought we’d be calling GOP frontrunner Donald Trump "Mr. President" next year.

It's National Beer Day in the US, though for most of us no occasion to gulp, chug or savor a brew is required. However, unlike most phony holidays (remember, guys, Valentine's Day isn't one of them) this actually has a historical basis: Prohibition ended 83 years ago today.

Cover Art: 80-year-old Gary Player after a hole-in-one on the 7th hole at Augusta National Golf Club April 6. This was during the traditional par-3 contest before the Masters Tournament, which starts today.