Wall Street Today | Twitter has spoken: Musk should sell $21 billion Tesla stake
Stocks seen steady as recovery eyed; Yields fall
Stocks in Asia look set to start the week steady as investors keep watch on how price pressures impact the pace of economic recovery.
Futures edged up in Japan and fell in Hong Kong earlier. Australian shares fluctuated. U.S. futures dipped after all major U.S. equity benchmarks climbed to records Friday, with the $S&P 500 Index(.SPX.US$ posting its fifth consecutive weekly rally. That was after a larger-than-forecast and broad-based gain in U.S. payrolls indicated greater progress filling millions of vacancies as the effects of the delta variant faded.
Twitter has spoken: Musk should sell $21 billion Tesla stake
Elon Musk's social media followers have spoken: The $Tesla(TSLA.US$ chief should sell 10% of his stake in the electric-car maker.
A majority of 3.5 million Twitter users -- 58% -- said they'd support such a sale in a Twitter poll that Musk launched Saturday and closed shortly after 2:15 p.m. Sunday in New York. The stake would be valued at about $21 billion based on 170.5 million Tesla shares he holds.
Crypto Tesla tokens drop 6.8% after Musk suggests selling stock
Crypto traders are telling stock traders that Tesla's shares will probably fall when Wall Street wakes up Monday.
Since Elon Musk got the answer of selling stocks, on the FTX crypto exchange Sunday afternoon, Tesla tokens have traded for $1,139, or 6.8% below where the real stock closed on Nov. 5.
Berkshire's operating earnings pop 18% last quarter with Buffett's cash pile at record $149 billion
$Berkshire Hathaway-A(BRK.A.US$reported operating income of $6.47 billion in the third quarter, rising 18% from $5.48 billion in the same quarter a year ago. At the end of September, Berkshire's cash pile reached a record $149.2 billion.
'Berkshire is a microcosm of the broader economy, and what we saw from the businesses is a reflection of the economic activity that has been constrained by supply-chain issues.'— Cathy Seifert, analyst with CFRA Research.
Travel stocks rally, stay-at-home companies plunge as pandemic wanes and tourism rebounds
Travel companies like $Delta Air Lines(DAL.US$, $Airbnb(ABNB.US$ and $Expedia(EXPE.US$ pointed to clear signs of recovery in recent earnings reports. Stay-at-home stocks like $Peloton Interactive(PTON.US$, $Zoom Video Communications(ZM.US$ and $Netflix(NFLX.US$ sold off this week. Dr. Scott Gottlieb told CNBC on Friday that Covid-19 could end in the U.S. by early January.
Allbirds dropped 'sustainable' claim from IPO after SEC objection
$Allbirds(BIRD.US$, the sneaker brand that listed on Nasdaq last week, dropped its claims to be the first "sustainable" IPO after the Securities and Exchange Commission objected, according to the group's chief financial officer.
US regulators are increasingly cracking down on companies' assertions about their ethical credentials. Allbirds' Bufano said that existing ESG rating systems "are great but are biased to companies with longer track records".
'This is going to be one of the best Christmas seasons ever,' market bull Ed Yardeni says
Long-time market bull Ed Yardeni is delivering a dose of optimism into year-end. Yardeni, who's known for running investment strategy for Prudential and Deutsche Bank, expects the holidays to boost stocks deeper into record territory.
Yardeni continues to recommend overweighting stocks. Over the next 12 months, he likes the value mid and small cap stocks offer to investors. He also lists technology, financials and energy as his top picks within the S&P 500.
The taper should be good for the market, according to S&P 500 history
The Fed "taper tantrum" of 2013 was followed by strong gains for equities, and the market pullback in September of this year matched that level of decline. Based on the history of the Bernanke-era Fed taper, and the 60-year history of S&P 500 Index moves after a pullback of 5% to 6%, stocks would continue higher into the end of the year.
Fed chairperson Jerome Powell's clear messaging that he isn't raising rates soon and believes inflation will stabilize are good for stocks, for now. Investors should be on the lookout for market weakness early in 2022, if not before.
Source: Bloomberg, WSJ, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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