Wall Street Today | Revlon stock surges after bankruptcy filing, aided by individual investors
MACRO
Powell Says Soft Landing 'Very Challenging;' Recession Possible
"The other risk, though, is that we would not manage to restore price stability and that we would allow this high inflation to get entrenched in the economy," Powell told lawmakers on Wednesday. "We can't fail on that task. We have to get back to 2% inflation."
SECTORS
US Gasoline Prices Tumble Ahead of Biden's Tax Relief Plan
US President Joe Biden is planning to waive a federal gasoline tax to help Americans battling surging inflation. But prices have already dropped from record highs amid fears of a recession and signs of easing demand.
US gasoline futures are about 13% below the record high seen earlier this month and pump prices have dropped for more than seven days straight — the biggest run of losses since April — after rising to a fresh peak early last week, as recession concerns grip the market.
Shipping Costs Soar as Russian Fallout Upends Global Fuel Flows
The dislocation of global fuel markets after Russia's invasion of Ukraine has boosted the cost of shipping products such as diesel by sea. Rates to haul fuels such as gasoline and diesel, known in the industry as clean tanker freight, have more than doubled this year to the highest since April 2020, according to Baltic Exchange data. The event has exacerbated a tightening of energy markets, upending trade flows and forcing buyers to scour the world for fuel supplies.
COMPANIES
Nikola Founder Trevor Milton Faces New Federal Fraud Charge Tied to Ranch Purchase
The founder of electric truck start-up $Nikola(NKLA.US$, already under indictment for multiple counts of fraud, is facing a new charge related to buying a Utah ranch — a purchase he paid for in part with an option to buy Nikola stock.
U.S. Federal prosecutors on Wednesday charged Trevor Milton with a new count of wire fraud, alleging he misrepresented the state of Nikola's business to convince the seller of the Wasatch Creek Ranch to accept an option to buy Nikola stock as partial payment for the ranch around April 2020.
Revlon Stock Surges After Bankruptcy Filing, Aided by Individual Investors
Shares of $Revlon(REV.US$ surged $2.08, or 34%, to close at $8.14 on Wednesday, up 650% from an all-time low set last week, as individual investors helped the cosmetics maker's stock have its best three-day stretch on record following its mid-June bankruptcy filing.
More bearish bets have been placed on Revlon than nearly any other stock, according to Fintel, with about 37% of its shares available to the public currently sold short by investors who are betting they will fall.
Franchise Group Considers Lowering Kohl's Bid Closer to $50 a Share from About $60
The owner of The Vitamin Shoppe is actively considering whether or not buying $Kohl's Corp(KSS.US$ is the best use case of $Franchise Group Inc(FRGAP.US$'s capital, according to a person familiar with the deal talks.
The company is growing concerned that the environment for certain retailers could become bleaker from here, particularly if the U.S. were to enter a recession, the person said. Kohl's shares closed down nearly 9% on Wednesday at $38.61 per share.
BlackBerry Investors Reject Executive-Pay Plan After Stock Slide
Shareholders of $BlackBerry(BB.US$ rebuked the board and major shareholder Prem Watsa, rejecting the company's executive compensation plan and voting in large numbers against Watsa's re-election as a director. BlackBerry was briefly caught up in last year's meme-stock craze -- the shares more than doubled in January 2021 -- before giving up those gains.
Microsoft Scraps Some AI Facial-Analysis Tools, Citing Risk of Bias
$Microsoft(MSFT.US$ stop selling artificial intelligence-based facial-analysis software tools that infer a subject's emotional state, gender, age, mood and other personal attributes after the algorithms were shown to exhibit problematic bias and inaccuracies.
Existing customers of the tools can keep using them for a year before they expire. The company is also limiting the use of other facial-recognition programs to ensure the technologies meet Microsoft's ethical AI guidelines.
Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
42KVisitors
Follow