Wall Street Today | Tesla rises after automaker posts record quarterly profit
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MACRO
· U.S. economy grows moderately amid high inflation, Ukraine invasion
"Outlooks for future growth were clouded by the uncertainty created by recent geopolitical developments and rising prices," the Fed said on Wednesday in its periodic compilation of business anecdotes from around the country. The report contained details about the latest effects of high inflation, supply-chain bottlenecks and the strong demand for workers.
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· U.S. home prices hit a record of $375,300 in march
Soaring U.S. home prices are slowing home sales in what has been the hottest housing market in more than 15 years. Existing-home sales fell 2.7% last month from February, the National Association of Realtors said Wednesday. March sales fell 4.5% from a year earlier.
· Dollar's upward march reaches a nearly two-year high
The Wall Street Journal Dollar Index, which measures the U.S. currency against a group of 16 others, has climbed in 13 of 15 sessions to its highest levels since May 2020. The dollar has gained more than 10% versus the Japanese yen this year and more than 5% against the euro. The index slipped 0.6% Wednesday.
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· Elon Musk says he thinks inflation is worse than reported and likely to continue through 2022
Musk's remarks came in response to an analyst's questions about recent price increases for Tesla vehicles, and how $Tesla (TSLA.US)$ plans to make good on its longstanding goal of bringing fully electric vehicles to the masses, in part to reduce people's reliance on fossil fuels.
SECTORS
· Netflix rout is worst since 2004, punishing Roku and Disney, too
Shares of the streaming leader plunged 35%, erasing $54 billion of market value in its biggest drop since 2004. The swoon made $Netflix (NFLX.US)$ the worst-performing stock of the year on both the benchmark S&P 500 and Nasdaq 100 indexes and sent shock waves across the media universe, sinking $Warner Bros Discovery (WBD.US)$, $Roku Inc (ROKU.US)$, and others.
COMPANIES
· Tesla rises after automaker posts record quarterly profit
The first major U.S. automaker to report financial results for the first three months, $Tesla (TSLA.US)$ easily beat estimates with a record profit. It cautioned that production remains constrained by shortages of key components, a common refrain for automakers due to global bottlenecks on supplies of semiconductors and other parts.
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· Calpers plans to vote to replace Warren Buffett as Berkshire Hathaway's chairman
The $470 billion California Public Employees' Retirement System, known as Calpers, said in a regulatory filing that it would support a proposal by the National Legal and Policy Center that Berkshire Hathaway's board chair be independent. That would disqualify Mr. Buffett, who is also the company's chief executive, from holding both positions. $Berkshire Hathaway-A (BRK.A.US)$ $Berkshire Hathaway-B (BRK.B.US)$
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· Madison Avenue loves the idea of a netflix with ads
Chairman and Co-Chief Executive Reed Hastings on Tuesday said the company was open to rolling out an ad-supported tier in the near future. The move was a stark reversal for an executive who just two years ago said he wanted $Netflix (NFLX.US)$ to be a "safe respite where you can explore, get stimulated, have fun, enjoy, relax—and have none of the controversy around exploiting users with advertising."
Source: Bloomberg, WSJ, CNBC
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Katgoh : good