Wall Street Today | Tesla's Brutal Year Brings $17 Billion Windfall for Shorts
MACRO
Yardeni Says Stock Bulls Have 'Narrow Path' to Victory in 2023
Stock market bulls have a "narrow path" to victory next year as long as inflation comes down faster than expected, according to Ed Yardeni, founder of his namesake research firm.
"They almost can't win," Yardeni, who is a longtime stock strategist, said on Thursday. "If you get an economy that's too strong and that belies the idea of a recession, well then the Fed's going to have to raise interest rates a lot more."
Shale Bosses Worried About US Labor Shortages Going Into 2023
US shale executives remain concerned about the outlook for rising costs going into 2023 as they continue to struggle with hiring and retaining workers, according to the Federal Reserve Bank of Dallas.
SECTORS
Biden Tax Credits Aim to Jolt Electric Delivery Truck Demand
The United States will introduce incentives on Jan. 1 for delivery firms and other companies to switch to electric trucks as part of a broad push to get polluting, workhorse vehicles off roads and out of neighborhoods.
Hedge Fund Trader Andurand Says Oil Demand Could Surge
Global oil demand could soar as much as 4% at some point next year if the world fully emerges from Covid restrictions, hedge fund trader Pierre Andurand said.
COMPANY
Tesla's Brutal Year Brings $17 Billion Windfall for Shorts
With CEO Elon Musk distracted by his Twitter foray and demand for Tesla's electric vehicles cooling, $Tesla(TSLA.US$ stock is careening toward its worst annual slump on record. This is handing short sellers, or bearish investors who are wagering that the stock will decline, mark-to-market profits of about $17 billion, making Tesla the most profitable short trade of the year, data from S3 Partners shows.
Southwest Airlines Gears Up for a Normal Flight Schedule on Friday After Mass Cancellations
$Southwest Airlines(LUV.US$ executives said the airline is gearing up to resume its full flying schedule on Friday, removing limits on ticket sales and rebuilding crew schedules after an operational meltdown led it to cancel thousands of flights over the past week.
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Beyond Meat Stock Rallies 9% on New Mcdonald's Menu Offering
$Beyond Meat(BYND.US$ shares rise 9% after $McDonald's(MCD.US$ announced the rollout of the Double McPlant across the UK and Ireland.
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Pfizer's Hemophilia B Gene Therapy Succeeds in Late-stage Study
U.S. drugmaker $Pfizer(PFE.US$ said on Thursday its experimental gene therapy for the treatment of hemophilia B, a rare inherited blood disorder, met its main goal in a late-stage study.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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