Wall Street Today | Lucid stock plunges after EV maker cuts production outlook in half
MACRO
Fed Leaders Pledge Tough Fight to Keep Inflation Credibility
Federal Reserve leaders pledged the central bank would continue an aggressive fight to cool an inflation rate that's at a four-decade high, even if higher rates cause the risk of recession. Fed Bank St. Louis President James Bullard said he favors a strategy of "front-loading" big interest-rate hikes, and he wants to end the year at 3.75% to 4%.
Swaps Show 1-in-2 Odds of 75-Basis-Point Fed Hike in September
The rate on swap contracts tied to the date of the September Fed meeting on Wednesday rose as high as 2.958%, some 62.8 basis points above the current effective fed funds rate of 2.33%. That implies a hike of at least 50 basis points is seen as definite and a more than one-in-two chance that it could be three-quarters of a percentage point.
SECTORS
OPEC, Allies Agree to Modest Increase in Oil Production
OPEC and its allies agreed to a small increase in oil production Wednesday following calls by the U.S. and other major consumers for more supply, but the symbolic move is expected to have a minimal impact on crude prices.
Gas Prices Have Fallen for 50 Straight Days, Approach $4 a Gallon
The average cost of a gallon of regular unleaded gasoline sank to $4.16 Wednesday, the 50th straight day that prices have declined, according to OPIS, an energy-data and analytics provider. That is a 17% decline from the previous high of $5.02 a gallon set back on June 14, according to OPIS.
COMPANY
Walmart Cuts 200 Corporate Jobs as Costs, Inventory Weigh
The retailer began notifying employees in its Bentonville, Ark., headquarters and other corporate offices of the restructuring, which affects various departments including merchandising, global technology and real-estate teams, the people said. Around 200 jobs in total are being cut, said one of these people. $Walmart (WMT.US)$
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Lucid Stock Plunges After EV Maker Cuts Production Outlook in Half
The California-based company on Wednesday slashed its 2022 production target for the second time this year. $Lucid Group (LCID.US)$ now projects making between 6,000 and 7,000 vehicles. It first lowered a previous estimate of 20,000 vehicles to between 12,000 and 14,000 in February. Shares of Lucid fell 12% in after-hours trading.
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Elon Musk Subpoenas Goldman Sachs and JPMorgan in Twitter Takeover Fight
Elon Musk has subpoenaed $Goldman Sachs (GS.US)$ and $JPMorgan (JPM.US)$ for details on how the two Wall Street banks advised $Twitter (Delisted) (TWTR.US)$ on his proposed $44bn buyout of the social media company, which the $Tesla (TSLA.US)$ chief executive is now seeking to abandon.
eBay Stock Gains Ground as Profits Top Expectations
$eBay (EBAY.US)$ shares are headed higher late Wednesday after it posted an upbeat earnings report, which nonetheless demonstrated the impact of both a postpandemic slowdown and ongoing macro pressures. For the quarter, eBay posted revenue of $2.4 billion, down 9% as reported, or 6% lower adjusted for currency.
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Moderna Profit Falls Amid Charges for Unused Covid-19 Vaccines
$Moderna (MRNA.US)$ Inc. sales rose 9% in the second quarter, but costs tied to a surplus of Covid-19 vaccine doses contributed to a profit decline.
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Source: Bloomberg, Dow Jones, FT
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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steady Pom pipi : I'm in a tight position$Lucid Group (LCID.US)$with$Rivian Automotive (RIVN.US)$, please rise quickly!!!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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UPS guy : Who would've thought we would be happy about gas going from $5.02 a gallon to $4.16. When we were paying just $3.25 in August of last year...
TeslaSmurf : Both Lucid and Rivian are fkd. They have no production capability and their cars are too expensive to get the 7500$ incentive. Lucid delivered 360 cars in Q1, ALMOST the double in Q2 (let’s round them to 720). We can assume they can double the production in each quarter so the 2022 production would be AT BEST:
360+720+1440+2880 = 5400 cars
They lowered their target first from 20000 to 14000, now to 7000 but they won’t be able to deliver neither that.
They will survive until the Saudis decide to unplug that blood sucking thing.
Why would you buy a Lucid when you can buy a much more efficient, quick and sporty ModelSplaid for 40 quid less OR a Mercedes EQS if you want a luxury sedan ?
阿晨111 TeslaSmurf : 。。