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SpaceX CEO Elon Musk announced Thursday that the company's Starlink satellite internet business "achieved breakeven cash flow." Two years ago, Musk emphasized that making Starlink "financially viable" required crossing "through a deep chasm of negative cash flow." Musk has discussed spinning off Starlink to take it public through an initial public offering once the business was "in a smooth sailing situation." Last year, Musk told employees that taking the business public wasn't likely until 2025 or later. "Being public is definitely an invitation to pain," Musk told SpaceX employees in 2022.
Persons: Elon Musk, Musk, Gwynne Shotwell, Starlink Organizations: SpaceX, Twitter Locations: Bastrop , Texas, Austin
Starlink achieves cash-flow breakeven, says SpaceX CEO Musk
  + stars: | 2023-11-02 | by ( ) www.reuters.com   time to read: +2 min
SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce/File Photo Acquire Licensing RightsNov 2 (Reuters) - SpaceX CEO Elon Musk said on Thursday the rocket company's satellite internet unit, Starlink, had achieved cash flow breakeven. In 2021, Musk said SpaceX would spin off and take Starlink public once its cash flow was reasonably predictable. Starlink has been in the spotlight since last year as it helps provide Ukraine with satellite communications key to its war efforts against Russia. SpaceX is valued at about $150 billion and is one of the most valuable private companies in the world.
Persons: Elon Musk, Nacho, Musk, Starlink, Chavi Mehta, Joey Roulette, Shinjini Organizations: SpaceX, Mobile World Congress, REUTERS, Viasat, Russia, NASA, Wall Street, Thomson Locations: Barcelona, Spain, Ukraine, Gaza, Bengaluru, New York
GOOGL YTD mountain Alphabet YTD Alphabet (GOOGL): The quarter from the Google parent was mixed . On one hand, we were pleased to see revenue growth acceleration and beats at Search and YouTube. For Alphabet to catch up in the AI race, it might be forced to invest more aggressively, creating an imbalance between revenue growth and expense growth. AMZN YTD mountain Amazon YTD Amazon (AMZN): This was a fantastic quarter that checked a lot of boxes for us. While AWS cloud revenue growth may not have accelerated as some optimistic bulls had hoped for, it stabilized.
Persons: Jim Cramer's, Here's, inflect, We're, Mark Zuckerberg's, Danaher, Ford, Decker YTD Stanley Black, Decker, Jim Cramer, Jim, Benoit Tessier Organizations: Jim Cramer's Charitable, CNBC, Sciences, Microsoft, Google, Web Services, LIN, Linde, Honeywell, Aerospace, Technologies, Materials, Productivity Solutions, Ford, UAW, Meta, Inc, Viva Technology, Porte de Locations: China, North America, breakeven, Porte, Paris
X's valuation has dropped on average nearly $70 million per day during Elon Musk's first year of ownership. AdvertisementAdvertisementX has shed nearly $70 million in value per day since Elon Musk took over the social media company. On Monday, Insider confirmed that employees of the company formerly known as Twitter were given stock grants that showed the social media company was worth about $19 billion. "How do you make a small fortune in social media?" Despite the backlash, X CEO Linda Yaccarino and Musk have continued to strike a postive note.
Persons: Elon Musk's, , Elon Musk, Fortune, Musk, Linda Yaccarino, Yaccarino, Insider's Lara O'Reilly, Twitter's, Parag Agrawal, He's Organizations: Service, Elon, Twitter
Here’s a (non-exhaustive) account of how Musk has fundamentally changed Twitter since he made one of the most consequential acquisitions of the social media age. Many of Musk’s content and product decisions have also led to what civil society groups have reported as a troubling spread of hateful speech on the platform. He recommended that X users monitor the Israel-Hamas conflict by following an account known for spreading disinformation, before later deleting his post. And, in an attempt to prove that former Twitter executives deliberately discriminated against conservatives on the platform, Musk provided a handpicked group of journalists with selective access to company records. It is perhaps Musk’s all-consuming presence that has most undermined what users used to love about Twitter.
Persons: New York CNN — It’s, Elon Musk, Linda Yaccarino —, Yaccarino, ” Yaccarino, , it’s, Here’s, Musk, he’s, Donald Trump, LeBron James, James, , X, General Mills, ” Weeks, “ Elon, what’s, , Paul Pelosi, Dilbert, Scott Adams, George Soros, Joe Biden’s, Ron DeSantis ’, Robert F, Kennedy, Jr, Tucker Carlson, Vivek Ramaswamy, Benjamin Netanyahu, Hunter Biden Organizations: New, New York CNN, Elon, Twitter, US Federal Trade Commission, Securities, Exchange Commission, EU, Premium, Nintendo, NPR, PBS, Volkswagen, , Center, Defamation League, Wall Street, Florida Republican Gov, Fox, New York, Trump Locations: New York, Israel, United States, breakeven, New
Chevron’s $53 billion deal is risky Exxon copycat
  + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com   time to read: +4 min
The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.
Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico
The yield on the 10-year Treasury is hovering close to 5%, the highest level in 16 years. Here's what history says about the rise in US bond yields and where Treasurys may be headed next. AdvertisementAdvertisementDuring the 1980s and 1990s, he explained, the 10-year Treasury yield was roughly two times inflation expectations, represented by the 10-year breakeven inflation rate. As for where the key bond yield heads next, history points to an answer there, too. There's a less than 1% probability, he says, that the 10-year Treasury yield climbs above 5.5% barring any significant revision higher in inflation expectations.
Persons: , Christoph Schon, Treasurys, Schon, " Schon, Jerome Powell, there's, Phillip Colmar, Adam Phillips Organizations: Treasury, Barclays, Service, Fed, MRB Partners, Wealth, Federal Locations: Ukraine, New York
Airbnb CEO Brian Chesky called out his own company in an interview with Bloomberg published Monday. AdvertisementAdvertisementAirbnb CEO Brian Chesky says it's time for the company to "get our house in order," in an interview with Bloomberg, and short-term rental hosts are thrilled. Airbnb host Ric Kenworthy, who manages over 90 properties in Arizona, says Chesky's comments were a long time coming. Chesky's site is a marketplace that connects hosts and travelers, and the CEO is struggling to keep both sides happy. As travelers continue to book short-term rentals, Chesky acknowledged the company "never fully built the foundation" needed for the current size of the company.
Persons: Brian Chesky, , Ric Kenworthy, Jen Kelman, that's, Chesky, Airbnb, Melinda Johnson, Johnson, Kelman, Katie Kay Mead Organizations: Bloomberg, Service, Airbnb Locations: Arizona, Airbnb, Tennessee, , Arizona, Arrowhead , California
A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, fell to 43.1 from 43.4. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.
Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P, PMI, Hamburg Commercial Bank, European Central Bank, Thomson Locations: Duisburg, Germany, August's, Hamburg, France, Spain, Italy
Call option Rather than buying 100 shares of Apple at $180 each for a total of $18,000, you use an options contract. A single options contract always represents 100 shares. So with a call option, you get upside exposure with defined downside risk that is limited to the option premium. So, your $200 "investment" (the premium to buy the options contract) nets you a $200 profit. You are covered for all losses beyond the strike price with the break-even being the strike price, less the option contract premium.
Persons: we've, It's, hasn't, let's, Zev Fima, I've, I'm, Jim Cramer's, Jim Cramer, Jim, Brendan McDermid Organizations: Apple, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange Locations: New York City
Many investors were burned in the years leading up to Covid during the rise of ESG and bear market in oil. "We like that investment," said Jase Auby, the chief investment officer for the pension system, which has a 6% allocation to energy and energy infrastructure. Auby said his pension system stress tests for oil prices because it is very volatile. The Texas pension system is a long-term investor and looks at energy that way, as it does the broader commodities complex. "I get the hedge in the inflation scenario," he said, adding that the pension system holds commodities in its risk parity portfolio for inflation reasons.
Persons: Jase Auby, Auby, — Eric Rosenbaum Organizations: of Locations: of Texas, Texas
Moves in bond yields, implied inflation breakeven rates, and inflation-adjusted 'real' yields suggest investors anticipate the Fed's 'higher for longer' interest rate policy will help lower inflation to around 2.5%. But this is not a re-pricing of the Fed's near-term trajectory, rather a repricing of the longer term economic and inflation outlook. This suggests the Fed is entering a phase of structurally higher rates than perhaps policymakers themselves, and certainly investors, had anticipated. Many analysts are skeptical that moves in bond yields can be broken down, quantified and compartmentalized with any great degree of accuracy. TIPS are a key market-based barometer of investors' inflation expectations, but they have their flaws.
Persons: Austan Goolsbee, Goldman Sachs, Marvin Barth, Barth, Torsten Slok, Jamie McGeever, Christina Fincher Organizations: Chicago Fed, CNBC, Securities, Apollo Global Management, Reuters, Thomson Locations: ORLANDO, Florida
Euro zone economy likely contracted this quarter
  + stars: | 2023-09-22 | by ( Jonathan Cable | ) www.reuters.com   time to read: +4 min
LONDON, Sept 22 (Reuters) - The euro zone economy is likely contract this quarter and won't return to growth anytime soon, a survey showed, as the dampening effect of central banks' long campaign of interest rates rises becomes clearer. HCOB's flash euro zone Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, rose to 47.1 in September from August's 33-month low of 46.7. "The increase in the ECB key interest rate by 450 basis points in the meantime is slowing down the economy in all euro countries." OUT OF ORDERSeptember's fall in overall activity in the euro zone came despite firms barely increasing their charges. The services PMI rose to 48.4 from 47.9 but spent its second month below the breakeven mark this year.
Persons: Christoph Weil, France's, Andrew Bailey, Sarah Meyssonnier, Bert Colijn, Jonathan Cable, Toby Chopra Organizations: P Global, August's, Hamburg Commercial Bank, ECB, PMI, European Union, Bank of England, Carrefour, REUTERS, European Central Bank, ING, Thomson Locations: Hamburg, Germany, Commerzbank, Europe's, Britain, Montesson, Paris, France, Spain
The Federal Reserve's hold on the bitcoin price may be back in play following the central bank's latest policy update. However, unlike the March and June rallies that followed oversold conditions, bitcoin has been trading sideways since its last major drop . "That's when the Fed pivots and that's when you see a violent rotation back into risk." If bitcoin breaks above $28,000, it could continue to as high as $32,000 in the short term, Ginsberg said. If bitcoin takes out the $25,000 support level, it could fall further still to between $20,000 and $21,000, according to Ginsberg.
Persons: bitcoin, Rob Ginsberg, Ginsberg, it's Organizations: Wolfe Research, CNBC, Federal Reserve
Hesai , the builder of lidar technology used in self-driving cars, could be in for strong gains after selling off following its U.S. initial public offering, according to Bank of America. The bank initiated coverage of Hesai with a buy rating and a price of $14.80. Since then, the stock has fallen more than 46%. Despite the sell-off, analyst Jessie Lo thinks the company "deserves a valuation premium against peers, given its leading position in market share, shipment, order gain, margin, breakeven timeline, and balance sheet/cash flow management." "We expect Hesai to ride on the ADAS [advanced driver assistance systems] industry takeoff and growing LiDAR penetration, and deliver 60% sales CAGR [compound annual growth rate] in 2023-25," she said.
Persons: Jessie Lo, Lo, — Michael Bloom Organizations: Bank of America, North Locations: Thursday's, Hesai's U.S, China
Outside the front door of Main Street Books sits a three-tiered cart with neatly stacked brown bags filled with books. The "Curbside Pickup" cart, which sits outside Main Street Books, was born out of the coronavirus pandemic. Courtesy of Main Street BooksMain Street Books is on Main Street in Davidson, North Carolina, nestled between another local business, Summit Coffee, and a Fifth Third Bank. In 2018, the best-selling author David Sedaris came to Main Street Books for a reading. When the COVID-19 pandemic hit in March 2020, like most businesses, Main Street Books was forced to close.
Persons: Adah Fitzgerald, she's, she'd, , bookstore's, They're, it's, Fitzgerald, — Barbara Freund, Betty Reinke —, stepdad, David Sedaris, Fitzgerald didn't, That's, Andrea Jasmin, Beth Helfrich, Catherine Edmondson, Kendra Adachi, QuickBooks Organizations: Small, Service, Fifth Third Bank, Books, Woodlawn School, Davidson College, Street Books, American Booksellers Association Locations: breakeven, Davidson , North Carolina, Davidson
The stock market can be many things. However, the stock market stayed open. A move of a few percentage points in the underlying stock can amount to a double- or triple-digit percentage point increase in the options market. The "premium" is what the buyer pays upfront for the option contract. Rather than buy 100 shares of Apple at $180 each, which would cost $18,000, John decides to use an options contract.
Persons: We're, John, you've, Jim Cramer's, Jim Cramer, Jim Organizations: Gamblers, Social, Bloomberg Intelligence, Apple, Jim Cramer's Charitable, CNBC, Mbbirdy, Getty Locations: 0DTEs, Las Vegas
HSBC initiates Zoom as buy HSBC said Zoom is the leader in video conferencing. HSBC initiates Deere as buy HSBC said in its initiation of Deere that it sees "upside in the cycle." HSBC initiates Salesforce as buy HSBC said in its initiation of the stock that it's a "margin expansion story." HSBC initiates Snowflake as buy HSBC said Snowflake is well positioned for AI. HSBC initiates Oracle a buy HSBC said in its initiation of Oracle it likes the company's cloud platform.
Persons: Morgan Stanley, Rivian, it's, TD Cowen, Needham, Piper Sandler, Piper, KEY's, Lauder, Redburn, Wolfe, Goldman Sachs, Goldman, Casella, Zoom, Snowflake, Northcoast, Apple, Salesforce, Ford Organizations: Bank of America, underperform Bank of America, HSBC, Anheuser, Busch InBev, UBS, WWE, UFC, Systems, Moffett, Deere, Oracle, of America, Amazon, Apple, Lenovo, Adobe, General Motors, Ford, GM, UAW Locations: Americas, 2H23, North America, U.S, China
Germany's services sector contracted for the first time this year and France's shrank more than first estimated. Japan proved an outlier as service sector activity expanded there at its quickest pace in three months, underpinned by robust consumer spending as inbound tourism regained momentum. "August's services PMI pointed to a contraction in UK private sector activity. ASIAN PAINChina's Caixin/S&P Global services PMI dropped to 51.8 in August from 54.1 in July, the lowest reading since December when COVID-19 confined many consumers to their homes. The data broadly aligned with the official services PMI released last week, which showed the sector continued to trend downwards.
Persons: Henry Nicholls, Adrian Prettejohn, Martin Beck, Duncan Wrigley, Jonathan Cable, Tomasz Janowski Organizations: REUTERS, European Union, RBC, P Global, Capital Economics, PMI, Bank of Japan, Pantheon, Thomson Locations: London, Britain, India, Japan, Asia, July's, Germany, France, Italy, Spain, COVID
Germany's services sector contracted for the first time this year and France's shrank more than first estimated. Japan proved an outlier as service sector activity expanded there at its quickest pace in three months, underpinned by robust consumer spending as inbound tourism regained momentum. "August's services PMI pointed to a contraction in UK private sector activity. ASIAN PAINChina's Caixin/S&P Global services PMI dropped to 51.8 in August from 54.1 in July, the lowest reading since December when COVID-19 confined many consumers to their homes. The data broadly aligned with the official services PMI released last week, which showed the sector continued to trend downwards.
Persons: Henry Nicholls, Adrian Prettejohn, Martin Beck, Duncan Wrigley, Jonathan Cable, Tomasz Janowski Organizations: REUTERS, European Union, RBC, P Global, Capital Economics, PMI, Bank of Japan, Pantheon, Thomson Locations: London, Britain, India, Japan, Asia, July's, Germany, France, Italy, Spain, COVID
Euro zone August downturn deeper than was thought
  + stars: | 2023-09-05 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 5 (Reuters) - The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession. REUTERS/Jon Nazca Acquire Licensing RightsThe headline services PMI sank to 47.9 from 50.9, below the flash 48.3 estimate, as indebted consumers feeling the pinch from increased borrowing fees and high living costs reined in spending. The new business index, a gauge of demand, dropped further below breakeven to 46.7 from 48.2, a low not seen since early 2021. Still, the downturn in manufacturing eased last month, suggesting the worst may be over for the bloc's beleaguered factories, a sister survey showed on Friday. The composite employment index dropped to 50.2 from 51.4.
Persons: Cyrus de la Rubia, Jon Nazca, Employers weren't, Jonathan Cable, Hugh Lawson Organizations: P Global, Hamburg Commercial Bank, REUTERS, PMI, Employers, Thomson Locations: July's, Hamburg, Ronda, Spain
Linda Yaccarino is tasked with fixing a product that Elon Musk seems to have intentionally broken. Linda Yaccarino had been on the job for only about a month when Musk dropped the weekend X bomb. Some X employees said they see Yaccarino as a CEO in name only. "She was clearly on message with talking points that built a case for reappraisal," said a longtime ad industry executive. "Linda says nothing"Yaccarino has also struggled to rally X employees in other ways.
Persons: Linda Yaccarino, Elon Musk, adieu, Musk, Yaccarino, Rebecca Blackwell, She's, Elon, Matt Navarra, Gwynne Shotwell, Dia Dipasupil, hadn't, Navarra, she's, Linda Yaccarino Isaac Brekken, execs, Adolf Hitler, Linda, they've, he's Organizations: Employees, AP, Twitter, SpaceX, X, Penske Media, Getty, General Motors, CNBC, X's New, PGA Tour, San, YouTube, Facebook Locations: San Francisco , New York, LA, Miami Beach, Fla, New York City, X's New York, New York, San Francisco
Goldman Sachs reiterates Nvidia as buy Goldman said it's standing by it's buy rating after Nvidia's strong earnings report on Wednesday. Stifel upgrades Nvidia to buy from hold Stifel upgraded the stock after its strong earnings report Wednesday. Bank of America upgrades Williams-Sonoma to neutral from underperform Bank of America said that the downside scenario is now "off the table" for Williams-Sonoma. Bank of America downgrades Vizio to underperform from buy Bank of America double downgraded the stock on concerns about a weakening consumer. Bank of America downgrades Peloton to neutral from buy Bank of America said it sees "limited visibility on growth initiatives" for Peloton .
Persons: Needham, Rivian, it's, Oppenheimer, Goldman Sachs, Goldman, Morgan Stanley, Wedbush, Johnson, Splunk, Raymond James, Piper Sandler, Piper, Wolfe, Charles Schwab, Bernstein, Estee Lauder, Snowflake, Rosenblatt, Read Organizations: Nvidia, Center, Stifel, AMC, Bank of America, underperform Bank of America, Williams, Sonoma, Vizio, Johnson, Prudential, DFS, ADI Locations: CY2024, Williams, Sonoma, Snowflake
NEW YORK, Aug 23 (Reuters) - A recent spike in U.S. bond yields has come alongside muted expectations for inflation, a sign to some bond fund managers that economic resilience and high bond supply are now playing a larger role than second-guessing the Federal Reserve. Bond yields, which move inversely to prices, tend to rise in an inflationary environment because inflation erodes the value of a future bond payout. But while higher moves in bond yields in the last several months were often driven by investors pricing in higher interest rates as the Fed sought to tame rising inflation, expectations on the pace of price rises have moved lower in recent weeks. Long-term Treasury yields account for factors such as inflation expectations and term premiums, or what investors demand to be compensated for the risk of holding long-term paper. A recent string of strong economic data despite higher interest rates has strengthened investor beliefs that interest rates will remain higher for longer, even if inflation is tamed.
Persons: Jerome Powell, Jackson, Bond, , Calvin Norris, John Madziyire, Anthony Woodside, , Aegon's Norris, Davide Barbuscia, Megan Davies, Anna Driver Organizations: Federal Reserve, Federal, Aegon Asset Management, Investors, Bank of Japan, BMO Capital Markets, Treasury, Securities, Reuters, Fed, Thomson Locations: U.S, America
Hong Kong CNN —Shares of VinFast, the Vietnamese electric vehicle maker that went public in a red-hot Wall Street debut last week, enjoyed another stunning rally again Tuesday. The strong market performance could make it easier for VinFast to raise more money from investors, a move CEO Thuy Le told CNN the company was considering. A similar story played out last week, when VinFast began trading on the Nasdaq. Public trading of VinFast (VFS) is based on razor-thin volumes — just 1% of the shares, which means price moves can be extremely volatile. On Tuesday, VinFast was one of the top trending companies and “most watched” stocks on Stocktwits, a social network for investors.
Persons: Thuy Le, VinFast, Pham Nhat Vuong, CNN’s Julia Chatterley, Le, , , ” Le, Nhac Nguyen, Pham, CNN’s Livvy Doherty Organizations: Hong Kong CNN —, CNN, Nasdaq, Volkswagen, Ford, Getty, Volkswagen Group Locations: Hong Kong, New York, lockup, Hanoi, AFP, North Carolina, Asia, United States
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