Wall Street Today | Tesla Sees 2022 Delivery Miss, Q3 Revenue Comes in Below Forecast and Stock Falls 6%
MACRO
Fed's Bullard Sees 2023 Shift With End of Front-Loading Hikes
Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank to end its "front-loading" of aggressive interest-rate hikes by early next year and shift to keeping policy sufficiently restrictive with small adjustments as inflation cools.
Fed Says Economy Grew Modestly But Recession Worry Dims Outlook
The Federal Reserve sounded a note of caution on the US economy, which expanded "modestly" through early October with slowing activity raising recession concerns amid some indications of easing inflationary pressure. "Outlooks grew more pessimistic amidst growing concerns about weakening demand," the Fed said Wednesday in its Beige Book report.
Mortgage Rates in US Extend Climb to 6.94%, Highest Since 2002
The contract rate on a 30-year fixed mortgage jumped another 13 basis points to 6.94% in the week ended Oct. 14, marking the ninth-straight increase, according to Mortgage Bankers Association data released Wednesday.
SECTORS
Biden Administration Awards $2.8 Billion in Grants for Electric Vehicle Battery Manufacturing
The grants are being allocated through the Department of Energy with funds from the Bipartisan Infrastructure Law to companies in 12 states. The funding will go toward the creation of battery-grade materials including lithium, graphite and nickel.
COMPANY
Tesla Sees 2022 Delivery Miss, Q3 Revenue Comes in Below Forecast and Stock Falls 6%
$Tesla (TSLA.US)$ CEO Elon Musk on Wednesday said he expected the company would miss its vehicle delivery targets this year, but downplayed concerns about softening demand after the company's revenue missed Wall Street estimates. Shares fell 6% in after-market trading.
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Buffett's Berkshire Hathaway Closes $11.6 Billion Purchase of Alleghany Insurance Group
Warren Buffett's company completed its largest acquisition in years Wednesday with its $11.6 billion purchase of the Alleghany insurance conglomerate. The purchase will further expand $Berkshire Hathaway-B (BRK.B.US)$'s sizeable insurance operations and add a few more companies to its stable, including a steel fabricator and toy company owned by Alleghany.
IBM Surpasses Quarterly Projections and Lifts Its Full-Year Revenue Forecast
$IBM Corp (IBM.US)$ shares rose as much as 6% in extended trading on Wednesday after the technology conglomerate surpassed analysts' estimates for the third quarter and lifted its growth projection for the full year.
Spirit Airlines Shareholders Sign Off on JetBlue Merger
$Spirit Airlines (SAVE.US)$ shareholders voted to approve the airline's merger with $JetBlue Airways (JBLU.US)$ at a meeting Wednesday, a step toward creating the fifth-largest U.S. airline following a monthslong battle over the budget carrier. But the deal is likely to face scrutiny from antitrust authorities who have been pushing back on corporate mergers.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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1984billion : $Tesla (TSLA.US) $Alibaba CEO Elon Musk (Elon Musk) said on Wednesday
接盘侠 : $Tesla (TSLA.US) $Alibaba CEO Elon Musk (Elon Musk) said on Wednesday that he doesn't expect the company's car delivery target for this year to meet expectations, but he downplayed concerns about weak demand after the company released revenue that fell short of expectations. Shares fell 6% in after-hours trading.
Alibaba
FYY 接盘侠 : This should be a machine translation problem. You can change the page display language to English and then normal.
接盘侠 : Isn't it Tesla? I'm a little surprised to become Alibaba
When Jack Ma is gone 