Wall Street Today | Twitter plans to supply Musk with internal data
MACRO
The Formula Crisis Takes an Economic Toll on Families
The US baby formula crisis has been getting worse. Out-of-stock rates spiked to 74% nationally for the week ended May 28, up from 70% the previous week, based on data from the retail tracking firm Datasembly. In 10 states, the rates were 90% or higher. While incoming shipments and rebooted production give some reason to hope the crisis could improve in coming weeks, for now it's still taking a heavy toll on families.
Cathie Wood Sees Huge Inventories as Evidence Inflation Will Ebb
"I've never seen inventory surges like this in my career and I've been around for a long time," the head of Ark Investment Management Cathie Wood said in an interview with Bloomberg Television Wednesday. "This inventory issue highlights the cyclical reason we've been saying we think inflation will unravel."
Nobel Laureate Shiller Sees 'Good Chance' of a US Recession
Nobel laureate economist Robert Shiller sees a "good chance" of a US recession that's at least in part the result of a "self-fulfilling prophecy" as investors, companies and consumers grow increasingly worried about a downturn. Shiller puts the chances of a recession sometime over the next couple of years at a "much higher than normal" 50%.
SECTORS
Oil Tops $122 as US Inventory Data Highlights Fuel Supply Crunch
West Texas Intermediate futures rose above $122 a barrel, trading near a three-month high. Inventories at the nation's biggest storage hub at Cushing, Oklahoma, fell 1.59 million barrels last week, according to an Energy Information Administration report Wednesday. Gasoline inventories also dropped while demand rose.
COMPANIES
Exxon's Stock Hits First Record High in Eight Years
$Exxon Mobil (XOM.US)$ shares notched their first record close since 2014, another milestone in a blockbuster year for energy stocks. Exxon's rally coincides with a surge in crude prices, powered by Russia's invasion of Ukraine, that has boosted oil companies' business outlooks.
Twitter Plans to Supply Musk With Internal Data
The social media platform plans to comply with a demand from $Tesla (TSLA.US)$'s CEO for internal numbers so he can analyze the prevalence of bot accounts, the Washington Post reported Wednesday.
$Twitter (Delisted) (TWTR.US)$'s board plans to provide Musk with data comprising more than 500 million posts a day, the Post reported, citing a person familiar with the firm's thinking.
Microsoft's Augmented-Reality Chief Plans to Leave Company
Alex Kipman, a technical fellow at $Microsoft (MSFT.US)$ who led its augmented-reality headset project, is stepping down, Scott Guthrie, Microsoft's cloud and artificial-intelligence group executive vice president, wrote in an internal email Tuesday viewed by The Wall Street Journal.
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Spirit Airlines Delays Shareholder Vote as It Considers Frontier, JetBlue Offers
$Spirit Airlines (SAVE.US)$ on Wednesday said it would push back the meeting scheduled for Friday to June 30 so it can take more time to talk with both bidders and with its shareholders. Spirit has been pushing ahead with the sale to $Frontier Group (ULCC.US)$, a rival low-cost carrier, which agreed in February to buy Spirit in a cash-and-stock deal originally valued at $2.9 billion.
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Source: Bloomberg, WSJ, Barron's
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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SpyderCall : I think musk is trying to find a way out without breaching contract and paying a fine. But if he does indeed acquire TWTR then its share price will rocket
nyseoption : F joe biden
Str8Up SpyderCall : I am pretty sure he has every intention of going through with the deal he based his offer on false and misleading representation by twitter board. He did waive the DD so it’s on him but they are still liable for the fraudulent misrepresentation of the amount of living account holders. No matter what he will prevail he always does
SpyderCall Str8Up : Whatever happens either way the success will follow him.
Dislikes Dems : Yeah F Biden and the rest of the liberal Democrat Douches !!
71075636 : surplus inventory on just select items will not bring down inflation while Demand is High on everyday items and the price of fuel goes to $10 per gallon.
Hani Ayyash nyseoption : F America
TeslaSmurf : Musk will buy TWTR also it will be a struggle, but at the end he will fuck them ALL. Don’t bet against Elon…
LetSgo001 TeslaSmurf : Anything Man M touches will be gold in the long / medium run … Tesla will get slightly hit if Twitter provides data ; once market digests the facts , skyrocket again - Tesla and Twitter
OmsFund : Joe made the world economic collapse 🫣🫣
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