Wall Street Today | Fed Officials Push for More Hikes; Bullard Favors Front-Loading
MACRO
Fed Officials Push for More Hikes; Bullard Favors Front-Loading
US central bankers stressed the need to keep raising interest rates and St. Louis Fed chief James Bullard said officials should act quickly and lift their policy benchmark to a 3.75% to 4% range by year end.
U.S. GDP Fell Less Than Previously Thought in Second Quarter
U.S. gross domestic product contracted at a 0.6% annual rate from April to June, compared with an initial estimate of a 0.9% decline, the Commerce Department said on Thursday. One factor was an upward revision of consumer spending, which accounts for the bulk of economic output.
US Jobless Claims Fall for Second Week, a Sign of Labor Strength
Initial unemployment claims decreased by 2,000 to 243,000 in the week ended Aug. 20, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 252,000 new applications.
SECTORS
Bridgewater's Jensen Sees Stocks, Bonds Dropping Up to 25% on Fed QT
Greg Jensen, co-chief investment officer of Bridgewater Associates, expects that equities are facing a significant drop to align them with the real economy. "In aggregate, the asset markets will decline from 20% to 25%," he said.
COMPANY
Twitter Ordered to Provide Subset of Elon Musk's 'Absurdly Broad' Request for Data
A Delaware judge called Elon Musk's request for years of data about $Twitter (Delisted)(TWTR.US$'s spam and fake accounts "absurdly broad" but ordered the social-media company to provide a subset of the information in the continuing legal battle over the billionaire's soured $44 billion takeover.
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Dell Stock Sinks As the End of the Pc Boom Finally Lands on Its Top Line
$Dell Technologies(DELL.US$ shares sank more than 8% in after-hours trading after executives said that the end of the pandemic-era PC sales boom had finally showed up in the second quarter. Dell reported PC revenue of $15.5 million, which was 9% higher than last year's total but still short of analysts' average expectation of $15.6 million, and led to an overall revenue miss.
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Affirm Stock Falls. The Buy Now, Pay Later Company Lost More Than Expected and Sees Slower Growth Ahead
$Affirm Holdings(AFRM.US$ shares plunged 14% in after-hours trading after the buy now, pay later company posted a wider-than-expected loss for its fiscal fourth quarter and worse-than-projected outlook for fiscal 2023.
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Tesla Has 21% Upside Potential After Stock-split Takes Effect, Wedbush Says
Wedbush analyst Dan Ives set a new $360 price target for $Tesla(TSLA.US$ to reflect its 3-for-1 stock split that went into effect today, representing potential upside of 21% from Wednesday's close. Tesla initiated a 5-for-1 stock split in August 2020.
Ford Trucks Highlighted in $1.7 Billion Verdict Weren't Subject to Tougher Safety Rules
Federal regulators excluded heavy-duty trucks like the pickup at the center of a recent $1.7 billion verdict against $Ford Motor(F.US$ from tougher roof-strength requirements adopted decades ago, then later reversed the decision to include future models.
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Source: Bloomberg, Dow Jones
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72924823 : $SIGA Technologies (SIGA.US)$
Nathaniell : I say shaky for a week but by say december well over $400 easy