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☆ Norway's new phosphate deposits are so massive they could guarantee solar power and electric cars keep running for the next 50 years
▼ + stars: | 2023-07-08 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Norge Mining has discovered 77 billion tons of phosphate rock. The company's founder said it could satisfy global demand for fertilizer and EVs for 50 years. Russia is another leading producer of phosphate rock, but the war in Ukraine has disrupted trade. Norge Mining, which reportedly found the massive site in southwestern Norway in 2018, announced in May that it had discovered 77 billion tons worth of the mineral, according to The Economist. According to the OCP Group, a phosphate rock mining company, the rock is used to produce phosphorous, a key ingredient in fertilizers.

Persons: Michael Wurmser, EURACTIV, Wurmser Organizations: Mining, Service, Norge Mining, OCP, Hague, Strategic Studies, Bloomberg Locations: Russia, Ukraine, Wall, Silicon, Norway, Morocco, China, Europe

☆ The 2023 stock rally is no longer about just AI and Big Tech
▼ + stars: | 2023-07-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Big Tech stocks led US stock gains in the first half of 2023, fueled by an explosion of interest in AI. June was the benchmark S&P 500 index's best month since October, with a 6.5% gain that was close on the heels of the FANG+ group of New York Stock Exchange-listed Big Tech companies. "But, there were signs in June that mega-cap AI equities are consolidating, and that the rally is broadening to laggards," he added. "Far from being at risk of collapsing, stocks are actually looking healthier than they did when the AI rally really kicked off." Read more: Forget FAANG and GAMMA, the 'Magnificent 7' tech stocks - including Tesla and Nvidia - now dominate the market

Persons: Minerva, Kathleen Brooks, we're, Brooks, PulteGroup, Big, Mark Haefele Organizations: Big Tech, Service, Apple, Microsoft, Nvidia, New York Stock Exchange, General Electric, Meta, UBS, Swiss, Federal Locations: Wall, Silicon

☆ Harvard astrophysicist says he may have found alien tech from a meteor that crashed in the Pacific in 2014
▼ + stars: | 2023-07-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Harvard astrophysicist Avi Loeb believes that he may have found alien technology. His team found 10 tiny spheres from a meteor that landed off the coast of Papua New Guinea in 2014. The US Space Command said it was "99.999%" certain that the fragments came from another solar system, per CBS. "They will exit the solar system in 10,000 years — just imagine them colliding with another planet far away a billion years from now," he said. "It will take us tens of thousands of years to exit our solar system with our current spacecraft to another star," the astrophysicist added.

Persons: Avi Loeb, Loeb, Harvard, He's Organizations: CBS, Service, CBS News Boston, Star, US Space Command, NASA Voyager, Advisors, Science, Technology, Galileo Locations: Papua New Guinea, Wall, Silicon, President's

☆ China scrambles to show it can support the plunging yuan as the currency falls toward a 14-year low
▼ + stars: | 2023-07-06 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The yuan has plunged against the dollar in 2023 with China's economic revival floundering. Beijing is battling to show it can support the currency as it falls toward a 14-year low. China’s central bank fixed the renminbi at a stronger level Thursday after a state-backed newspaper said it had the tools to shield it from panic selling. China's central bank and a state-backed newspaper both sought to support the currency this week amid signs that the country's post-COVID economic revival has started to sputter. The central bank then said on Thursday that it would fix the renminbi at a stronger-than-expected level of just under 7.21 yuan per dollar.

Persons: — Organizations: Service, Privacy, Beijing, People's Bank of China Locations: Beijing

☆ These energy investments spin out attractive income, even as oil prices have fallen
▼ + stars: | 2023-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Energy stocks are also this year's underdogs, with the S & P sector down more than 7%. In turn, the limited partners collect income distributions from the business. MLPs aren't subject to federal income taxes, but the limited partners are responsible for levies on the income they receive. In that case, the C-corp pays corporate income taxes and the shareholders are responsible for levies on dividends they get. Tax hurdles Attractive income aside, investors need to be on the lookout for where they keep these MLPs.

Persons: there's, Stephen Ellis, Ellis, MLPs, George Gagliardi, you'll Organizations: West Texas, Energy, Morningstar Research Services, Wealth Management, MLP, Internal Revenue Service

☆ 5 shark attacks were reported near Long Island over 2 days. There were only 8 total shark attacks in New York in all of last year.
▼ + stars: | 2023-07-05 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

There were five reported shark bites off of Long Island on Monday and Tuesday. In all of 2022, there were only eight total shark attacks reported in New York state. That many shark attacks in just two days was significant compared to last year's total. In all of 2022, there were only eight shark attacks reported in New York, according to the University of Florida's International Shark Attack File. Shark attacks in general remain rare, according to the International Shark Attack File.

Persons: —, Robert Moses Beach, Long, Gavin Naylor, George Gorman Organizations: Sharks, Service, New, University of, Island Parks Regional, New York Locations: Long, New York, Quoque, Cherry Grove, . New York, Southern California

CNN —Shark patrols are ramping up off Long Island beaches after five people were bitten in two days by marine animals that are likely sharks, authorities say. Officials in Long Island’s eastern Suffolk County, where three of the attacks occurred, have increased beach patrols and are using drones to scour the water for potential threats, the Suffolk County Police Department said Tuesday. Though no sharks were seen by the girl or anyone nearby at the time of the incident, the bite was most likely from a shark, Gorman said. Also Tuesday, a 15-year-old boy was bitten on his foot by a shark while surfing off Fire Island’s Kismet Beach, Suffolk police said. Three more people were bitten on Tuesday, including a 47-year-old man swimming in chest-deep water off of Long Island’s Quogue Village Beach, local police said.

Persons: Robert Moses Beach, George Gorman, Gorman, lacerations, preliminarily, “, ” Gorman, Gavin Naylor, ” Naylor Organizations: CNN, Suffolk County Police Department, Long, New York State Parks , Recreation, Historic Preservation, Quogue Village Police Department, Cherry Grove, York’s, Parks , Recreation, Florida Program, Shark Research, Florida Museum Locations: Long Island’s, Suffolk County, Suffolk, New York, Beach, Pines, Cherry, United States

☆ Stocks' bull run from the first half won't last - high interest rates and slumping growth will kill the rally, UBS says
▼ + stars: | 2023-07-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The stock-market rally will fade over the second half of 2023, according to UBS. Equities have started the year on a tear, with tech stocks posting their best first half since 1983. "Fears of higher rates, a few disappointing economic numbers, or a shift in equity market sentiment could quickly unravel optimism about US growth resilience and its underpinnings," they added. Even the AI boom – which has helped Big Tech stocks including Nvidia, Tesla, and Meta Platforms rack up triple-digit gains – could peter out soon, Haefele's team said. Read more: The AI boom has powered tech stocks to their strongest start to a year since 1983

Persons: —, Mark Haefele, Stocks, Read Organizations: UBS, Service, Big Tech, Nvidia, Tesla Locations: Swiss

☆ Tesla has long-term earnings power and strong demand, says Canaccord Genuity's George Gianarikas
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla has long-term earnings power and strong demand, says Canaccord Genuity's George GianarikasCanaccord Genuity's George Gianarikas joins 'Squawk on the Street' to discuss Tesla's delivery performance, the A.I. impact on Tesla, and how Tesla's cost cutting measures are affecting its bottom line.

Persons: Tesla, Canaccord Genuity's George Gianarikas Canaccord, George Gianarikas

☆ Here's what analysts are saying after Tesla's second-quarter vehicle deliveries report
▼ + stars: | 2023-07-03 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Tesla shares rose more than 6% in the premarket, giving Nasdaq-100 futures a boost . Goldman Sachs took the higher vehicle deliveries as a bullish signal. Canaccord's $293 price target implies about 12% upside for Tesla shares. Citi has a $215 per share price target on Tesla, a which the stock has already surpassed by more than 21%. Sacconaghi's $150 price target implies downside of more than 40% from Friday's close.

Persons: Tesla, FactSet, Goldman Sachs, Mark Delaney, Canaccord Genuity, George Gianarikas, Gianarikas, Itay Michaeli, Bernstein's Toni Sacconaghi Jr, Sacconaghi, Michael Bloom Organizations: Nasdaq, Tesla, Citi Locations: Friday's

☆ Tesla's blistering rally continues after quarterly deliveries beat
▼ + stars: | 2023-07-03 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

[1/2] The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File PhotoJuly 3 (Reuters) - Tesla (TSLA.O) shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working. "Tesla's price cuts are working in a big way," said Gene Munster, managing partner at investment firm Deepwater Asset Management. The median price target on the stock stands at $210, which is about 20% below its last closing price. "Our money's on Elon," said Canaccord Genuity analyst George Gianarikas, who lifted his price target on Tesla by $36 to $293.

Persons: Lucy Nicholson, Elon Musk's, Gene Munster, Tesla, Bernstein, Toni Sacconaghi, Canaccord, George Gianarikas, Aditya Soni, Shounak Dasgupta Organizations: REUTERS, Asset Management, Thomson Locations: Los Angeles , California, U.S, Elon

☆ Tesla delivered 466,000 cars in another record quarter. Analysts called it a 'massive step in the right direction.'
▼ + stars: | 2023-07-02 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Tesla posted another record quarter for the three months to June 30, it said on Sunday. Tesla posted another record quarter for both production and deliveries in the three months to June 30. The second quarter figures are not far off double the tallies for the same period last year. Analysts at Wedbush Securities said the delivery figure was a "massive step in the right direction" for Tesla. Tesla reports its second quarter results and will hold an investor call on July 19.

Persons: Tesla, Dan Ives, Alexa St, John, It's, Ford, Tesla's, Insider's George Glover, Beatrice Nolan Organizations: Morning, EV, Street, Wedbush Securities, Tesla, Alexa, General Motors, Tesla's

☆ Tesla stock's sizzling rally won't last as old-guard rivals like Ford and GM pile into the EV space, analyst says
▼ + stars: | 2023-06-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Tesla's sizzling rally won't last forever due to old-guard rivals like Ford producing more EVs, according to one analyst. The tech giant's shares have soared 109% in 2023 thanks to a breakneck rally since late April. But some of Wall Street's biggest names – including Goldman Sachs and Morgan Stanley – are warning the stock now looks overvalued. Tesla's stock has soared 109% in 2023, on track for the biggest six-month gain since 2020. Read more: Tesla stock's best run since 2020 is spoilt by Wall Street downgrades as Goldman Sachs, Morgan Stanley flag overvaluation risks

Persons: Tesla's, Goldman Sachs, Morgan Stanley –, —, Craig Irwin, I've, you've, – Ford, General Motors, that's, Tesla, Musk, Linda Yaccarino, Morgan Stanley, Irwin Organizations: Service, ROTH Capital Partners, Elon, Ford, GM ramping, Yahoo Finance, General, Big Tech, EV, Barclays, Yahoo, Tesla Locations: Wall

☆ 3 investors charged with insider trading ahead of deal to take Donald Trump's social-media company public
▼ + stars: | 2023-06-30 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The US Department of Justice charged three men with insider trading on Thursday. Prosecutors said the investors illegally made $22 million trading shares in a blank-check company in October 2021. The trio loaded up on shares in DWAC just days before it announced a plan to merge with Trump Media and Technology Group. Neither Trump nor Trump Media are accused of any wrongdoing. Authorities said that Garelick, who served on DWAC's board of directors in addition to his role as Rocket One's investing chief, gave "intelligence" about a potential merger with Trump Media to the Shvartsmans.

Persons: Prosecutors, —, Donald Trump's, Michael Shvartsman, Gerald Schvartsman, Bruce Garelick, Garelick, DWAC didn't Organizations: US Department of Justice, Trump Media, Technology, Service, Department of Justice, Trump, Authorities, Federal Reserve Locations: DWAC

Scotland will celebrate the accession of King Charles III with its own festivities on Wednesday. “Scotland will welcome the new King and Queen in July with a series of events to mark the Coronation. There the Scottish Crown Jewels will be presented to the King. The crown was first worn by James V at the coronation of Queen Mary of Guise in 1540. A 21-gun salute from the 12 Regiment Royal Artillery will sound at the end of the service before the royal procession returns to Holyroodhouse.

Persons: London CNN —, King Charles III, –, King Charles, Queen Camilla, Prince William, Kate, Duke, Duchess of, King, Queen, Humza Yousaf, Yousaf, Giles, Cathedral, Giles ’, James V, Queen Mary of Guise, Innocent VIII, James IV, Mary, Queen of Scots, Oliver Cromwell’s, Walter Scott, Charles ’, Cruachan IV, Andrew Milligan, George Gross, Charles, ” Organizations: CNN’s Royal, London CNN, Scottish, National Service of, ”, Edinburgh, of Union, King’s, Guard, Royal Company of Archers, Armed Forces, Royal Regiment of, Royal Regiment of Scotland Shetland, Combined Cadet Force, Royal Marine, 2nd Battalion, Royal Regiment of Scotland, Regiment Royal Artillery, King’s College London Locations: London, Scotland, Holyrood, Duchess of Rothesay, Edinburgh, St, Balmoral, Britain, Scone, Westminster, Royal Regiment of Scotland, Holyroodhouse

☆ Forget FAANG and GAMMA, the 'Magnificent 7' tech stocks - including Tesla and Nvidia - now dominate the market
▼ + stars: | 2023-06-29 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Nvidia, Tesla, and five other mega-cap stocks have started 2023 on a tear, accounting for most of the S&P 500's gains. Investors have piled into Big Tech this year thanks to the rise of AI and the expectation that the Federal Reserve will soon start cutting interest rates. That cluster features the GAMMA stocks – Google parent Alphabet, Apple, Meta Platforms, Microsoft, and Amazon – as well as two new names in Nvidia and Tesla. Nvidia has been the biggest success story from the seven Big Tech giants in 2023, surging 181% year-to-date. Read more: Big Tech stocks' massive gains this year have made them even more dominant.

Persons: —, there's, Minerva, Kathleen Brooks, Tesla Organizations: Nvidia, Tesla, Big Tech, Federal Reserve, Service, Nasdaq, Microsoft, Amazon, Ford, GM, Apple

☆ This recession indicator flashed again as the Fed signaled more rate hikes. It hasn't been wrong for 44 years.
▼ + stars: | 2023-06-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Parts of the yield curve inverted deeper after the Federal Reserve Chair's comments. The yield curve has inverted before every major US recession since 1969. The widely-tracked economic indicator is a graphical representation of the spread between long- and short-term US Treasury yields. The closely-followed spread between 10-year and 2-year Treasury yields deepened to minus 100 basis points Wednesday, according to the Federal Reserve Bank of St. Louis. Meanwhile, the gap between 1-year and 30-year government bond yields reached its most inverted level since 1981, per data from Refinitiv.

Persons: Jerome Powell, —, Jerome Powell's, Powell, Louis, Read, Biden Organizations: Federal, Service, Federal Reserve, London School of Economics, Portugal Wednesday, Market Committee, Federal Reserve Bank of St Locations: Portugal, Spain, Madrid

☆ In N.Y. Primaries, Democrats Face a Swell of Challengers From the Right
▼ + stars: | 2023-06-24 | by ( Jeffery C. Mays | ) www.nytimes.com time to read: +1 min

When Melinda Katz ran for Queens district attorney in 2019, her principal opponent in the Democratic primary was a public defender and democratic socialist with a platform of ending cash bail and eventually abolishing the police. With endorsements from progressive prosecutors around the country — as well as from Senators Elizabeth Warren and Bernie Sanders and Representative Alexandria Ocasio-Cortez — Tiffany Cabán, a first-time candidate, lost by fewer than 60 votes after painting Ms. Katz as a regressive Democrat. Four years later, the strongest challenge to Ms. Katz is coming from George Grasso, an opponent running to her right who has accused her of being soft on crime. It’s not the only contest in the city where moderate Democrats are facing opponents on the right in primaries on Tuesday. In several City Council races, from the Bronx to southern Brooklyn, moderate Democrats are being challenged over public safety, affordable housing and education by more conservative members of their own party.

Persons: Melinda Katz, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio, Cortez — Tiffany Cabán, Katz, George Grasso, It’s Organizations: Queens, Democratic, Council Locations: Bronx, Brooklyn

☆ Don't count on an interest-rate cut boosting stocks until next year, former Dallas Fed boss says
▼ + stars: | 2023-06-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Don't expect the Federal Reserve to cut interest rates anytime soon, Richard Fisher says. The US central bank is unlikely to lower rates until 2024, the former Dallas Fed president said. "And at a minimum, they're not going to be cutting rates in my view, as far as the eye can see, until 2024," Fisher added. The central bank raised borrowing costs at 10 consecutive meetings between March 2022 and May 2023 in a bid to tame inflation, which was running close to four-decade highs. Read more: These 5 charts capture a rollercoaster 15 months for stocks, bonds, and crypto as the Fed pauses its tightening campaign

Persons: Richard Fisher, —, CNBC's, they're, Fisher, Jerome Powell, Read Organizations: Federal Reserve, Dallas Fed, Service, Bank of England

☆ Billionaire Ray Dalio hails India as the next big investing opportunity, saying its economy is on the verge of a China-style rapid surge
▼ + stars: | 2023-06-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Ray Dalio praised India's economic potential Thursday after meeting with the country's prime minister Narendra Modi. The Asian country is "at the brink of the fastest growth rates and biggest transformations in the world," the billionaire investor said. Tesla CEO Elon Musk also met Modi this week, pledging to ramp up the EV maker's presence in India. Legendary investor Mark Mobius also said he was bullish on investing in India – which logged strong GDP growth of 7.2% last year – this week. Read more: Legendary emerging markets investor Mark Mobius — who's known for his bullish views on China — is now setting his sights on India

Persons: Ray Dalio, Narendra Modi, Elon Musk, Modi, —, Dalio, Deng Xiaoping, Mark Mobius, Mobius Organizations: Service, Bridgewater Associates, Twitter, Mobius Capital Partners, Bloomberg Locations: India, Washington, Beijing, China

☆ Top Tesla bull says the EV stock could see a setback after its breathless 115% rally
▼ + stars: | 2023-06-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Well-known Tesla bull Adam Jonas slashed his rating for the stock Thursday. Shares have jumped 115% year-to-date – and the Morgan Stanley analyst isn’t alone in advising investors to take some profits from that rally. "While the team has defended the Tesla [overweight] rating all year, I did not see this rally coming." But Morgan Stanley isn't the only bank to have slashed its Tesla rating this week. Read more: Tesla stock's dazzling rally is thanks to CEO Elon Musk's renewed focus on the EV maker, activist investor says

Persons: Adam Jonas, Morgan Stanley, isn’t, —, Jonas, Tesla, that'll, Musk, Linda Yaccarino, Morgan Stanley isn't, Dan Levy, Read, Elon Musk's Organizations: Service, Elon Musk's, EV, Ford, Barclays Locations: China

☆ Bank of England shocks markets with jumbo interest-rate hike, escalating its fight against sticky inflation
▼ + stars: | 2023-06-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The Bank of England raised interest rates by 50 basis points Thursday. The rate hike comes after Thursday's Consumer Price Index showed inflation remaining at 8.7% in May, way clear of the BoE's 2% target. UK interest rates are now at their highest level since 2008 after the bank brought in its largest rate hike since February. The British pound traded level at around $1.28 after the bank announced its latest decision, while 10-year government bond yields fell by around 13 basis points. "Interest rate rises have been called a blunt instrument, but with very few tools in the box, it seems a sledgehammer is required to fight inflation," he added.

Persons: It's, —, Myron Jobson Organizations: of England, Service, Bank of, Federal Reserve, Bank of England, Interactive Locations: Bank of England

☆ Apple isn't worth its near-$3 trillion valuation - and its stock has only surged this year because it's a safety play, CIO says
▼ + stars: | 2023-06-21 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Apple isn't worth its current valuation, according to Short Hills managing partner Steve Weiss. “The stock has not moved up in the fundamentals, it’s moved up because it’s safety,” Weiss said. "The stock has not moved up in the fundamentals, it's moved up because it's safety." That surge has lifted the company's valuation from $2.1 trillion to $2.9 trillion, according to data from CompaniesMarketCap. Read more: Tech stocks are outperforming their rivals by the most since the dot-com bubble

Persons: Steve Weiss, it’s, ” Weiss, —, David Tepper's, CNBC's, it's, Weiss, wouldn't Organizations: Apple, Short Hills, Service, Short Hills Capital Partners, Carolina Panthers, CNBC

☆ Rubens painting ‘lost’ for centuries could sell for $7.7 million
▼ + stars: | 2023-06-20 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —A Rubens painting lost to history and misidentified for almost 300 years has re-emerged with the help of X-ray analysis and could now fetch up to £6 million ($7.7 million) at auction next month. Flemish painter Peter Paul Rubens completed “Saint Sebastian Tended by Two Angels” more than 400 years ago. X-Ray analysis revealed Rubens' changes to the painting. Sotheby'sAnalysis revealed changes beneath the final painting as Rubens sculpted and molded his design to perfection for the first time. Initially, for example, Rubens painted Saint Sebastian facing the other way while he omitted another arrow piercing the saint’s right thigh in the painting’s final form.

Persons: CNN —, Rubens, Peter Paul Rubens, “, Sebastian, George Gordon, Sotheby’s, ” Gordon, Ambrogio Spinola, “ Ambrogio Spinola, …, Spinola, ”, Gordon, Laurent de la, Saint Sebastian, “ Rubens Organizations: CNN Locations: Flemish, Italian, Italy, Antwerp, Missouri, French, Rome, London

☆ Tesla stock's dazzling rally is thanks to CEO Elon Musk's renewed focus on the EV maker, activist investor says
▼ + stars: | 2023-06-16 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tesla's massive share-price rally is thanks to Elon Musk's increased role at the EV maker, activist investor Ross Gerber said Thursday. "We just have seen full-fledged how Elon's focus makes such a huge difference," Gerber told Yahoo Finance. Tesla shares are up by more than 50% since Musk announced a replacement Twitter CEO. On May 12, Musk announced that Linda Yaccarino would replace him as CEO. Read more: Fans may think Elon Musk is unbreakable but Tesla needs to find a successor in case his health fails, an activist investor in the carmaker says

Persons: Elon Musk's, Ross Gerber, Gerber, Tesla, Musk, —, Elon Musk, –, Elon, Elon's, Linda Yaccarino, he's, Yaccarino, Read Organizations: Yahoo Finance, Service, Tesla, Ford Locations: China –, China

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