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☆ A Wall Street analyst was haggled at a car dealership — and it left him wishing he had bought a Tesla
▼ + stars: | 2023-06-08 | by ( Graham Rapier | ) www.businessinsider.com time to read: +4 min

One Wall Street analyst recounted his recent efforts to buy a new truck that almost left him paying thousands above sticker price. Longtime Tesla bull Adam Jonas went car shopping recently and discovered firsthand what many Tesla fans have long adored about the automaker: Buying a Tesla is a lot easier than shopping at a traditional car dealership. The Morgan Stanley analyst said he got the typical dealership treatment when he went to an unnamed brand's sales lot. It's an experience nearly every car buyer has experienced, especially in an age where incentives and discounts are scant. It's a smooth process that is creating an increasingly visible discrepancy between the legacy car buying experience and the Tesla experience."

Persons: Tesla, Adam Jonas, Morgan Stanley, — Jonas, Jonas, Jonas pining, They're, Ford, Jim Farley Organizations: Tesla, Prime, eventual, Ford, Elon

A Model 3 starts at $40,240 and the price may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements. SUPPLY CHAIN TWEAKSAnalysts said Tesla may have tweaked its battery supply chain to meet both battery mineral and battery component requirements for federal subsidy. Tesla used CATL's LFP battery cells for its Model 3 Rear Wheel Drive and nickel-based cells from an unidentified supplier for its Model 3 Long Range, analysts said. CATL and other suppliers like LG Energy Solution (373220.KS) do not have factories to make Tesla cells in the United States. Tesla has also started delivering China-made Model 3s and Model Ys to Canada, freeing up some capacity for U.S.-made models.

Persons: Tesla, Biden, Caspar Rawles, CATL, Morgan Stanley, Adam Jonas, Hyunjoo Jin, David Shepardson, Zoey Zhang, Mark Porter Organizations: FRANCISCO, Toyota, Panasonic, U.S, Mineral Intelligence, BMI, LG Energy, Panasonic Holdings, Tesla, Thomson Locations: WASHINGTON, California, Nevada, KS, United States, North America, U.S, China, Canada, Shanghai

☆ Argentina's new top banknote is worth as little as $4
▼ + stars: | 2023-05-22 | by ( Eliana Raszewski | ) www.reuters.com time to read: +1 min

Most Argentines buy dollars in unofficial markets where they trade at over 480 pesos versus the official rate of 235. The South American nation is also battling inflation at 109%, one of the highest in the world, which a central bank poll estimates could hit nearly 130% by the end of the year. "This higher denomination bill will improve the operation of ATMs and at the same time optimize the movement of cash," the central bank said in a statement on Monday. The largest bank note previously had been the 1,000 peso bill. The new 2,000 banknote has a design commemorating the development of science and medicine in Argentina, the central bank said.

☆ Elon Musk's quest for an irresistible price could spell trouble for Tesla and its stock
▼ + stars: | 2023-05-21 | by ( Brian Evans | ) www.cnbc.com time to read: +11 min

Its goal has been to coax consumers to make the leap to its brand with the lower prices. Finding an 'irresistible' price Tesla's price cuts are an effort to take advantage of that growing market. "We have written extensively on the drag EVs have on margins for legacy [original equipment manufacturers] and the impact of EV price deflation. She added that the price cuts are an effort for Tesla to retain market dominance and stave off competition from big competitors like Ford. Longer term, Tesla's price fluctuations could do more harm than good if they end up turning consumers off.

☆ Why Is Inflation So Stubborn? Cars Are Part of the Answer.
▼ + stars: | 2023-05-20 | by ( Lydia Depillis | Jeanna Smialek | ) www.nytimes.com time to read: +1 min

The job market has remained strong, especially for in-person jobs in fields like hospitality and health care, so more people have workplaces to get to. And many people in between, who might switch cars every few years, are waiting for prices to fall. Wholesale car prices have begun to fall, and carmakers are offering more incentives. Prices have come down in recent months for electric cars — the fastest-growing segment of new car sales, though a small portion of the overall market. Adam Jonas, an auto industry analyst with Morgan Stanley, said that over the short to medium term, more inventory was the only answer.

☆ Taking one last 12-cylinder ride with Bentley's $384,000 Continental GTC Speed
▼ + stars: | 2023-05-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

With the king of combustion hitting the end of its road, Bentley has launched the Continental GTC Speed. Bentley Continental GTC Speed in Kingfisher Adam Jeffery | CNBCDespite a price tag approaching $400,000, the GTC Speed is quickly selling out. So with the Continental GTC Speed, Bentley has decided to party like it's 1999. The most beautiful part of the Continental GTC Speed is the drive. Even with an unladen weight of over 5,300 pounds, the Continental GTC Speed takes corners, stops and accelerations like a much nimbler supercar.

☆ Argentine shoemakers and tailors buckle under 109% inflation
▼ + stars: | 2023-05-17 | by ( Horacio Soria | ) www.reuters.com time to read: +3 min

Argentina is battling one of the highest inflation rates in the world, with prices growing faster at any time since 1991, raising the specter of hyperinflation and full-blown economic crisis. What it meant for small businesses like his, he said, was supplier prices changing almost daily. The clothing and footwear sector experienced the highest monthly inflation of all categories in April at 10.8%, data from statistics agency INDEC show. In a clothing market in the capital, traders pointed to higher import prices, given volatile exchange rates. "I never used to fix clothes, but people fix clothes now because they cannot afford to buy them."

☆ Tesla and more: Morgan Stanley names EV stocks set to benefit as supply chain move West
▼ + stars: | 2023-05-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has identified several stocks to invest in as electric vehicle battery manufacturing shifts to the West. EV giant Tesla , auto parts maker Aptiv , and battery maker Freyr rank highly, according to Morgan Stanley, while Ford and Chinese batter maker CATL rank lower. Tesla Tesla is well placed to overcome the three challenges, Morgan Stanley said. Ford / CATL Morgan Stanley noted that companies like Ford and Chinese battery maker Contemporary Amperex Technology, or CATL, might face challenges when it comes to "onshoring" due to geopolitical concerns and potential technological barriers. Ford will own the new facility but will license battery manufacturing technology from CATL, including technical expertise.

☆ As US debates abortion pill ban, Argentina expands its use
▼ + stars: | 2023-05-16 | by ( Anna-Catherine Brigida | ) www.reuters.com time to read: +5 min

[1/3] Benjamin Castro, a 26-year-old non-binary Argentine musician and teacher, poses for pictures during an interview in Buenos Aires, Argentina May 4, 2023. Argentina is the latest country in Latin America to green light the drug, part of a two-pill abortion regimen, which now faces the threat of a ban in the United States. "Having mifepristone available is key for ensuring abortions that are safe and high quality," she said. For Benjamin Castro, a 26-year-old non-binary Argentine musician and teacher, mifepristone access came too late. Castro, who was assigned female at birth and uses male pronouns, sought an abortion in 2020 during the pandemic, before mifepristone was available, receiving only misoprostol pills.

Six months after Morgan Stanley pulled its rating on Carvana shares, the firm says it has "improved confidence" in the used-car dealer. Analyst Adam Jonas reinstated coverage of the stock, giving it an equal-weight rating. The analyst added that the company's reductions of selling, general and administrative expenses have been progressing better than expected, marking a "turning point" for Carvana. Carvana shares have soared nearly 130% in 2023. CVNA YTD mountain Carvana stock —CNBC's Michael Bloom contributed to this report.

☆ Argentina raises economic defenses against inflation 'onslaught'
▼ + stars: | 2023-05-15 | by ( Walter Bianchi | ) www.reuters.com time to read: +3 min

BUENOS AIRES, May 15 (Reuters) - Argentina's government is bolstering its economic defenses as it battles runaway inflation that hit 109% in April, fast draining central bank foreign currency reserves, a weakening peso and simmering market fears of a sharp-shock devaluation. The economy ministry announced a package of measures on Sunday including new interest rate hikes, more central bank intervention in currency markets and fast-tracked deals with creditors after inflation overshot all forecasts last week. Investment bank J.P. Morgan said an "onslaught of inflation" had forced the government to take "emergency measures". That's created a dilemma for the government: how to tame inflation and avoid a crash in the currency, while protecting the scarce foreign currency reserves in the bank. "If the BCRA (central bank) speeds up a devaluation, it will be adding more gasoline to the fire.

The measures include an interest rate hike by the central bank, the economy ministry said in a statement. The ministry did not elaborate, but an official source told Reuters the hike would be 600 basis points, bringing the rate up to 97%. The rate hike will take effect Monday, the source added. The South American nation is battling to bring down inflation that hit 109% on an annual basis in April. The central bank will also increase its intervention in the foreign-exchange market and double down on its currency devaluation plan, the ministry said.

[1/4] A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, May 12 (Reuters) - Argentina's annual inflation rate soared to 109% in April, the country's statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by. 2 economy, posted 8.4% monthly inflation in April, well above analyst forecasts of 7.5% and the highest in decades. The highest analyst estimate in a Reuters poll for April's monthly inflation rate had been 8.3%. Reuters Graphics Reuters GraphicsReporting by Miguel Lo Bianco; Writing by Nicolás Misculin; Editing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian Automotive's results are encouraging, though concerns remain, analysts say
▼ + stars: | 2023-05-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Rivian Automotive 's stronger-than-expected results could mean "accelerating growth" from here, though concerns remain for the electric vehicle maker, according to some Wall Street analysts. He also kept a $40 price target, implying the stock can nearly quadruple, jumping 188% from Tuesday's close. Meanwhile, Morgan Stanley's Adam Jonas kept an overweight rating on the stock, with a $24 price target. He has a $14 price target on the stock. "Q1 showed q/q improvement in cost, but significant progress remains to reach their positive 2024 gross margin market," Langan wrote on Tuesday.

☆ Red metal rising: Argentina sets lofty sights on global copper top 10
▼ + stars: | 2023-05-08 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. Reuters GraphicsBRIDGING THE DEMAND GAPSan Juan is home to five of Argentina's eight main copper projects that have a total capex of $22 billion, a recent government report shows. Argentina has an estimated 65 million tonnes of copper reserves, according to a 2022 government report, some 3% of the global total. "The projects we have are of global importance and relevance because it's estimated that demand for copper between now and 2050 could be multiplied," he said. Copper demand is forecast to double to 50 million tonnes by 2050 from 2020 levels.

BRASILIA/BUENOS AIRES, May 4 (Reuters) - Argentina is seeking new easing of targets in its $44 billion deal with the International Monetary Fund and faster payouts, and is pushing to get key IMF members the United States and Brazil to support it, government officials said. It has ramped up pressure on Argentina and the IMF to revamp the debt program, the largest extended to any country worldwide. The ministry official said backing from the United States and Brazil was key for the IMF talks, and was "positive" about it given the countries' broader support for Argentina's economy. The U.S. Treasury and White House did not comment on record about potential support for Argentina's talks with the IMF. Argentina would need to reach a technical deal with IMF staff before any agreement went to the board for approval.

☆ Stocks making the biggest moves premarket: First Republic, JPMorgan Chase, SoFi Technologies & more
▼ + stars: | 2023-05-01 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A view of the First Republic Bank logo at the Park Avenue location, in New York City, March 10, 2023. Check out the companies making headlines before the bell:First Republic Bank , JPMorgan Chase — First Republic shares were halted during premarket trading after falling more than 45%. The move comes after JPMorgan took control of First Republic after the beleaguered bank was taken over by regulators. SPDR S&P Regional Banking ETF — The regional banking fund fell 0.4% in premarket trading as investors reacted to the failure of First Republic. Norwegian Cruise Line — The cruise line stock jumped 3% after Norwegian Cruise Line Holdings beat first-quarter expectations on the top and bottom lines.

☆ Paraguay election result calms fear of another Taiwan ally falling (for now)
▼ + stars: | 2023-05-01 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

ASUNCION, May 1 (Reuters) - News of Santiago Pena's election victory in Paraguay will be cheered by officials in Taiwan, which faces an uphill battle against China's economic muscle to keep its remaining 13 allies worldwide, including its last in South America. "This is a relief to Taipei," a senior European diplomat told Reuters in Asuncion asking not to be named. Taiwan's embassy in Paraguay congratulated Pena for winning the election and said it would continue to work on the two countries' "fruitful relationship". Pena's victory - and a strong performance in congressional elections by the ruling conservatives - has dampened hopes of a swift foreign policy shift, Galli said. Rubén Ramírez, a former foreign minister for Paraguay told Reuters that discussions over the Taiwan relationship must remain a priority when the new government is sworn in.

☆ Morgan Stanley upgrades this U.S. auto giant, says stock is oversold
▼ + stars: | 2023-05-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Morgan Stanley thinks investors may be overlooking shares of U.S. automaker General Motors . Morgan Stanley's bull case is even higher, with a new $60 per share target representing nearly 82% upside. "GM may be overearning, but the stock is oversold," Morgan Stanley analyst Adam Jonas said. General Motors shares are down nearly 2% year to date. GM YTD mountain Morgan Stanley thinks a bull case for General Motors could see the U.S. automaker's stock climb as high as $60 per share.

ASUNCION, April 30 (Reuters) - Paraguayans are readying to head to the polls on Sunday in what could be the biggest electoral challenge to the ruling conservative Colorado Party in over a decade and with the country's near 70-year ties with Taiwan potentially at stake. In the streets and news debates, the political build-up has been dominated by the economy, corruption allegations and the candidates' views on Taiwan. Paraguay is one of only 13 nations to maintain formal diplomatic ties with the democratically-governed island that China claims as its own. Pena has said he would maintain ties with Taiwan. In final campaign events, Alegre took aim at corruption charges that have dogged Colorado Party leader Horacio Cartes, who was sanctioned by the U.S. Treasury this year.

☆ Paraguay's women battle to break political glass ceiling
▼ + stars: | 2023-04-29 | by ( Lucinda Elliott | ) www.reuters.com time to read: +4 min

But there are signs of change, with seven female candidates out of 26 this time around. Nunez is the vice presidential candidate for the main opposition coalition, hoping to unseat the ruling Colorado Party. The more right-wing Colorado party has also approved gender parity plans for the cabinet, though two men are on its ticket. Some women are worried that may work against female candidates, who often contend with having less political apparatus and campaign funding. "By insisting on gender parity, it opens up the debate further," Martinez said.

The ruling Colorado Party has dominated Paraguayan politics for the last three-quarters of a century, in power for all but five years. "We never talked about politics before, because a win for the Colorado Party was a done deal," 40-year-old bank worker Gustavo Vera told Reuters in the capital. "There's more corruption in Paraguay than work... All I know is we have to work much harder to make ends meet." The U.S. Treasury earlier this year imposed sanctions on party chief Horacio Cartes and Vice President Hugo Velazquez, citing "rampant corruption." Alegre, on his third presidential campaign, has pulled together a broad alliance of independent parties to challenge the powerful Colorado political machine.

☆ Peruvian gas firm doubles up as pre-Hispanic tomb-finder
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

While installing gas pipes under roads and buildings, gas distributor Calidda has unearthed some 1,700 archaeological remains, including mummies, textiles and ceramics dating back hundreds or thousands of years. On Wednesday, the firm unearthed a 600-year-old funeral bundle with the remains of an ancient settler, found during excavations in a neighborhood of capital Lima. "By building out the gas distribution network, we have excavated almost all the streets of Lima," she told Reuters. Finding ruins and remains in construction sites is common in Peru, home to dozens of pre-Hispanic cultures along the coast and in the Andes. Metropolitan Lima, with some 10 million inhabitants, has some 400 'huacas' or archaeological ruins.

☆ Argentina hikes interest rate 1,000 bps after peso slide -sources, traders
▼ + stars: | 2023-04-27 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

With Argentina's inflation rate running at more than 100%, the country's central bank had already hiked the rate last week by 300 basis points to 81% in an effort to get it under control. "A rise of 1,000 basis points is expected and the Leliq (rate) will go up to 91%," one bank source told Reuters, adding: "Today the BCRA (central bank) shakes up the rate." A second source, an adviser at the central bank who asked not to be named, said its board had agreed to hike the rate to 91%. A higher interest rate offers more incentives to savers to keep their funds in pesos, strengthening the local currency, but weighs on borrowing and economic growth. The peso currency is also quickly losing value against the dollar.

☆ Pioneer beats on earnings, announces succession, tweaks dividend — a mix pressuring the oil stock
▼ + stars: | 2023-04-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

Pioneer set its second-quarter base plus variable dividend at $3.34 a share – factoring in a base dividend of $1.25, which was raised 14% from $1.10, and a variable dividend of $2.09. Management wants more flexibility to repurchase shares instead of paying a huge variable dividend. This means that Pioneer will likely shift what previously went to the variable dividend into share buybacks. Notably, Pioneer doesn't hedge its oil production, making its realized pricing closer to that of the underlying commodity. Oil production is forecast between 357,000 to 372,000 barrels per day, which at the midpoint tops estimates of 364,000.

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