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☆ Tesla's market share in California plunged despite slashing prices this year, report says
▼ + stars: | 2023-04-22 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Tesla's market share in California plunged in California despite big price cuts, a report says. Data reviewed by Reuters found Tesla's market share in the state fell from 72.7% to 59.6% in a year. Tesla's profits have also plunged since the cuts after Elon Musk promised to focus on market share. The price cuts helped send Tesla's profits down 24% in the first quarter as the company made less on each car sold. While Musk said he planned to prioritize market share over profits, the scale of the decline still spooked investors.

☆ Buy this telecommunications giant after a sell-off on weak quarterly earnings, HSBC says
▼ + stars: | 2023-04-21 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

HSBC recommends buying shares in telecommunications giant AT & T after Wall Street's overreaction to quarterly results. Shares rose nearly 1.4% in pre-market trading Friday after a steep selloff a day earlier that saw the stock drop more than 10%. AT & T's latest quarterly earnings report spooked investors despite beating on adjusted earnings. T YTD mountain Shares of AT & T are heading higher in pre-market trading after a steep selloff a day earlier. HSBC telecoms analyst Adam Fox-Rumley thinks too much is being made of the metric, and the steep selloff Thursday is a buying opportunity for investors.

☆ Europe stocks set for mixed open, with earnings season off to volatile start
▼ + stars: | 2023-04-21 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European stock markets were on course for a muted open on Friday as investors react sharply to corporate earnings. German software firm SAP on Friday reported higher revenue and operating profit, ahead of a consensus forecast from the company. Holcim, the Swiss maker of building materials, also posted a rise in revenue and profit. Consumer confidence ticked higher, a widely-watched GfK survey showed, though the authors noted "continuing concerns among consumers about their personal financial situation." In Asia-Pacific, stock markets are broadly lower, while U.S. stock futures are flat.

☆ Stampede in Yemen’s capital kills at least 78, official says
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: +3 min

That sparked a panic, and people, including many women and children, began stampeding, they said. Motaher al-Marouni, a senior health official in Sanaa, gave the death toll of 78 and said at least 13 were seriously hurt, according the rebels' Al-Masirah satellite TV channel. Hamdan Bagheri, deputy director of the al-Thowra Hospital in Sanaa, said in televised comments that the tragedy took place around 8.20 p.m. and the facility received at least 73 injured people. The rebels quickly sealed off the school where the event was held and barred people, including journalists, from approaching. Yemen's capital has been under the control of the Iranian-backed Houthis since they descended from their northern stronghold in 2014 and removed the internationally recognized government.

☆ Tesla shares sink as Musk signals more price cuts ahead
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

Tesla shares were trading at $168 before the bell, with at least 15 analysts lowering their price targets on the stock. "Facing a volatile macroeconomic backdrop and weakening demand, Tesla continues to prioritize units over near-term profits," said analysts at Canaccord Genuity. Musk suggested more cuts ahead, saying the company that has cut slashed prices six times so far this year will put sales growth ahead of profit in a weak economy. "Long-term we believe this (Tesla's price cuts) is the right strategy and leverages their cost leadership position. U.S. automakers ranging from Ford Motor Co (F.N) to startups such as Lucid Group Inc (LCID.O) fell between 0.7% and 2.8%.

☆ EQT tries tricky private-market fundraising puzzle
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 20 (Reuters Breakingviews) - When one pot of cash seems to be running low, it’s rational to seek another. That’s why EQT’s (EQTAB.ST) boss Christian Sinding is right to try raising money from rich individuals, rather than just institutions. The $24 billion Swedish private equity and real estate investor said alongside first-quarter results on Thursday that it was preparing fund structures for private wealth investors. This usually refers to people who are well-heeled but not deep-pocketed enough to have a dedicated private wealth management firm, a family office, looking after their money. EQT itself spooked shareholders in January, when it said that the fundraising for its new 20 billion euro EQT X vehicle was not happening as fast as analysts had predicted.

☆ Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash'
▼ + stars: | 2023-04-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"That killed the buyer momentum that had been building, and brought us right back to where we were last year when mortgage rates shot up. For example, prices in Boise surged a record 40.9% in May 2021 amid low mortgage rates, the remote-work trend, and relative affordability. But since then, mortgage rates have soared amid Federal Reserve rate hikes. While they have come off last year's peak of 7%, the 30-year-fixed mortgage rate averaged 6.54% in March, up from 4.17% a year earlier. Meanwhile, the higher mortgage rates are keeping buyers and sellers on the sidelines, and March saw new listings drop 23.3% year over year, Redfin said.

☆ Real-Estate Agents Face a Reckoning As Housing Market, Home Sales Slow
▼ + stars: | 2023-04-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Just as the housing market goes through booms and busts, so do the ranks of real-estate agents. This has left real-estate agents fighting over a dwindling pool of listings. That makes the job of a local real-estate agent trickier and more nuanced than it was a year ago. "What makes a good real-estate agent and what makes a successful real-estate agent have almost no crossover." She joined a women's support group for real-estate agents on Facebook, where she found many others were experiencing similar challenges.

The current situation could not be further removed from the last time debt ceiling episodes really spooked markets in 2011 and 2013. The Fed is expected to raise rates again in May and could still even tighten again in June if policymakers think inflation and growth data warrant it. "Some people may be building some debt ceiling risks into their monetary policy expectations," said Benson Durham, head of global policy at Piper Sandler. "The debt ceiling and monetary policy are going to be more intertwined in the coming months." chartThe debt ceiling is the maximum amount the U.S. government can borrow to meet its financial obligations.

[1/2] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The company "had a strong Q1 as higher interest rates continued to boost its net interest margin despite rising deposit costs," David Fanger, senior vice president at Moody's Investors Service, said. Reuters GraphicsEconomists expect the U.S. economy to slow in the second half of the year as the Federal Reserve raises interest rates to tame inflation. It expects NII to fall 2% in the second quarter compared with the first three months of this year. The company's revenue, net of interest expense, increased 13% to $26.3 billion, beating estimates of $25.13 billion.

☆ Wise’s tougher times raise risk of mission drift
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

He now has 6.1 million customers, results released on Tuesday showed, up 33% from a year ago. Wise’s volumes per retail customer dipped 7% year-on-year during the three months ending on March 31. Raising prices and tacking on other revenue-generating services could help to offset the hit to Wise’s top line. But pulling harder on those levers would arguably undermine one of the appeals of Wise’s business model for investors and customers: simplicity and ever-lower prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ New home starts pull back in March
▼ + stars: | 2023-04-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Housing starts, a measure of new home construction, was down 17.2% from a year ago, according to data released Thursday by the Census Bureau. After surging in February following five consecutive months of falling, March housing starts fell to a seasonally adjusted annual rate of 1.420 million, down from the revised February estimate of 1.432 million. Single‐family housing starts in March rose 2.7% from the revised February figure, at a seasonally adjusted annual rate of 861,000. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines. Starts bounced back slightly in August, but fell through January.

But it serves to highlight the importance of one of the most inaccessible parts of southeast Asia to the global tin supply chain. Imports from Myanmar grew from 30,000 tonnes in 2012 to 89,000 tonnes in 2013 and mushroomed to almost 500,000 tonnes in 2016. CHINESE DEPENDENCEThe Myanmar tin boom occurred at the right time for China's tin smelters, many of which were struggling to bring on new mining capacity as Beijing steadily tightened environmental controls on the mining sector. However, the threat alone underscores the fragility of tin supply at a time when Indonesia, the largest exporter of the metal in refined form, is mulling an export ban to stimulate the build-out of downstream processing capacity. This is probably not going to be the last time tin gets spooked by unexpected news from Myanmar.

☆ Stocks making the biggest moves midday: Alphabet, Charles Schwab, State Street, Moderna and more
▼ + stars: | 2023-04-17 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

State Street , M&T Bank – Shares of State Street dropped 11% after the company posted disappointing earnings and revenue. State Street posted earnings of $1.52 per share on revenue of $3.10 billion, while analysts called for per-share earnings of $1.64 and revenue of $3.12 billion, according to Refinitiv. Meanwhile, M&T Bank shares popped 5% higher after the bank reported beats on the top and bottom lines. Charles Schwab — Shares of Charles Schwab rose about 2.5% after the brokerage firm posted better-than-expected earnings on Monday. Schwab posted adjusted earnings of 93 cents per share, beating analysts' forecast of 90 cents per share, according to Refinitiv.

The Bank of England has raised interest rates 11 times since December 2021 in a bid to curb soaring inflation, which has squeezed living standards. Anil said last month's banking sector turmoil, sparked by the failure of SVB which spooked investors, could contribute to a broad shake-up in the digital finance sector. "The Bank of England looking at the regulations... is the sensible course to do," Sam Everington, senior executive at British digital bank Starling, told the event in London. Digital finance company bosses said they were confident the sector could weather tough economic conditions, but that pressure was building on business models. Lisa Jacobs, CEO of fintech Funding Circle, said much of the digital finance industry had only ever known low interest rates, but she was confident the industry could still show its value.

☆ Boeing's 737 Max problem is the latest headache for airlines hungry for new planes
▼ + stars: | 2023-04-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX airplane parked in storage at King County International Airport-Boeing Field in Seattle, Washington, June 1, 2022. The problem is related to two of several brackets in the aft fuselage of some 737 Max planes, including the most popular model, the Max 8. Boeing has a backlog of 4,196 Max planes, according to a tally on its website. "Boeing contacted us regarding an issue with a supplier's manufacturing process that will affect the delivery of Boeing 737 MAX planes to Southwest," the company said in a statement Thursday. A worldwide grounding and production pause of the 737 Max followed two fatal crashes of the Max.

☆ A flawed but useful economic model for a bleak age
▼ + stars: | 2023-04-14 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Modern Monetary Theory, which endorses unlimited government spending, was all the rage during the years of ultra-low interest rates. John Cochrane’s fiscal theory fits the bill. Cochrane, a senior fellow of the Hoover Institution at Stanford University, recently published “The Fiscal Theory of the Price Level”. Not only are high interest rates incapable of arresting inflation, fiscal theory suggests they actually make the problem worse. Nor do bondholders operate with rational expectations, as fiscal theory suggests.

☆ Twitter partners with eToro to let users trade stocks, crypto as Musk pushes app into finance
▼ + stars: | 2023-04-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Elon Musk told a Morgan Stanley conference last month he wants Twitter to become "the biggest financial institution in the world." Twitter will let its users access stocks, cryptocurrencies and other financial assets through a partnership with eToro, a social trading company. With the eToro partnership, Twitter cashtags will be expanded to cover far more instruments and asset classes, an eToro spokesperson told CNBC. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro." Founded in Israel in 2007, eToro is an online brokerage that lets users buy and sell stocks, cryptocurrencies and index funds.

☆ Big Tech shines Thursday in Wall Street's potent rally — listen to the 'Homestretch'
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Big Tech shines Thursday in Wall Street's potent rally — listen to the 'Homestretch'Jim Cramer on Thursday stressed the need to focus on companies' fundamentals and not take their cue from near-term stock movements. "We're not going to get spooked by the tape any longer," Jim said.

☆ Elon Musk says Twitter takeover has been 'painful' but the company is now 'roughly breakeven'
▼ + stars: | 2023-04-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Elon Musk Twitter account seen on Mobile with Elon Musk in the background on screen, seen in this photo illustration. Elon Musk says that Twitter is close to becoming cash-flow positive after making sharp layoffs and working to lure advertisers back to the platform. "I'd say we're roughly breakeven at this point," Musk said Wednesday, during a live interview with the BBC recorded on Twitter Spaces. Musk said that Twitter will start removing blue checks from accounts without a subscription to the company's paid Twitter Blue service next week. Musk purchased Twitter for $44 billion in late October after a drawn-out legal battle with the company.

Paying more for deposits is an effective way for banks to keep customers loyal, analysts said. Smaller banks, which were most strained by the recent crisis, have been able to stem the exodus of deposits for now, according to weekly from the Federal Reserve. That said, the Fed’s data showed deposits at smaller banks were still down some $216 billion during the week ending March 22 from a December high. Meanwhile, large U.S. banks lost out on $96.2 billion in deposits in the week ending March 22, the Fed data showed. Deposits at large banks dropped some $519 billion from as high as $11.2 trillion in February last year.

☆ Morning Bid: Weary markets wary of recession
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

Asian stocks sagged, while the dollar was on the front foot as investors kept their risk-off hat ahead of the long weekend. Oil prices eased after the shock at the start of the week from OPEC+ to cut production. Futures hint at a muted open in Europe, with the pan-European STOXX 600 index aiming to break its losing streak this week. European equities had a stellar start to the year but the March madness due to the banking turmoil has weighed. Meanwhile, UBS executives sought to assure investors on Wednesday that Switzerland's largest bank can make its shotgun takeover of Swiss rival Credit Suisse work.

☆ Bank stocks continue to sink and that shows the turmoil hasn't faded yet, Jim Bianco says
▼ + stars: | 2023-04-06 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Bank stocks still remain under pressure and that signals the sector's turmoil hasn't ended yet, Jim Bianco said. Financial stocks faced a rout over the past month following the collapses of Silicon Valley Bank and Signature Bank. The KBW bank stock index is down 3% this week, after a 25% slump in March that was the biggest monthly drop in three years. Shares of lenders and other financial companies have been under pressure since the implosions of Silicon Valley Bank, Signature Bank and Silvergate Capital last month. Otherwise, the bank stocks might be in trouble ... oh, wait!," Bianco, who runs Chicago-based Bianco Research, tweeted on Wednesday, alongside a chart showing sharp declines in bank stock indexes.

April 5 (Reuters) - Western Alliance Bancorporation (WAL.N) said on Wednesday its first-quarter deposits were 11% lower than at the end of 2022, as customers spooked by the sudden collapse of two U.S. mid-sized lenders pulled out funds. Western Alliance said total deposits were $47.6 billion as of March 31, down from $53.6 billion at the end of 2022. Total insured deposits represented roughly 68% of its total deposits, significantly higher than the proportion at year-end. The collapses triggered the biggest banking crisis since 2008 and stoked heavy volatility in the sector, worsening existing jitters of an imminent recession. Analysts at RBC Capital Markets wrote in a note that while Western Alliance has reported a large decrease in deposits it believes that "this is ultimately an acceptable and manageable outcome for the company."

☆ Investors Are Too Spooked by Washington’s PBM Crackdown
▼ + stars: | 2023-04-03 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Pressure from Washington on pharmacy-benefit managers is having a chilling effect on Cigna stock. Middlemen known as pharmacy-benefit managers have been facing scrutiny in Washington for years, but the complexity of their system means substantial reforms continue to fail. While bipartisan momentum is once again building in Congress, a material financial impact on PBMs looks doubtful. One doesn’t have to look very far back for examples of efforts that came close but flamed out. President Donald Trump nearly hit PBMs where it would have hurt the most—by eliminating the rebates they negotiate with pharma companies—but he dropped the plan when it became clear that doing so would increase health insurance premiums, with political consequences for Republicans.

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