Written by Gary
Nikola Soars 50% After GM Announces Partnership (SPY -1.6%). Stocks making the biggest moves: Tesla, Disney, Peloton, Wells Fargo.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | ‘Tenet’ scores $20 million in biggest domestic opening since pandemic upended movie industryAfter months of delays Christopher Nolan’s “Tenet” finally landed in U.S. theaters over the weekend, cashing in more than $20 million in ticket sales. |
| 9 retailers that are avoiding the industry’s shakeout and opening storesAs of Friday, retailers have announced 7,707 store closures and 3,344 store openings so far this year, according to a tracking by Coresight Research. |
| Drugmakers seek to reassure public on coronavirus vaccine as concerns grow about political pressure“Political considerations should be put aside by Republicans and Democrats,” the vaccine manufacturers’ draft statement says, according to the Journal. |
| How the coronavirus pandemic helped convince grocery chains to experiment with new techLegacy grocery chains from Wegmans to Price Chopper are experimenting with new technologies to make it safer and more convenient for customers to shop. |
| These restaurant chains are unveiling new designs inspired by the pandemicThe coronavirus pandemic is spurring on a growing number of restaurant chains to build restaurants with convenience and safety in mind. |
| Why buying cars can feel like pulling teethAmericans have long regarded a trip to the dealership a necessary evil. A few tweaks could make the process a lot easier, and the coronavirus pandemic may actually spur the investment needed to make them happen. |
| ‘Mulan’ is cinematic eye candy that makes up for a weak script, critics sayCritics, who speak highly of the visually stunning film, were quick to note that “Mulan” would have been eye candy for viewers on a big screen. Countries without Disney+ will get the chance to see the film in theaters. |
| Peloton shares rise as fitness company announces more expensive bike, treadmill“We feel like we’re just getting started,” Peloton Chief Executive and co-founder John Foley said. |
| 5 things to know before the stock market opens TuesdayTech stocks continued their rout in the premarket, with Nasdaq futures tracking for an over 3% decline at Tuesday’s open. |
| Coronavirus live updates: Drugmakers pledge to prioritize safety; WHO says ‘this will not be the last pandemic’The coronavirus has infected more than 27.3 million people around the world so far, killing at least 893,000 people. |
| U.S., European drugmakers pledge to make safety the main focus in coronavirus vaccine developmentThe CEOs of nine major drugmakers announced Tuesday that they have pledged to make the safety and well-being of vaccinated individuals their main priority in the development of vaccines to combat Covid-19. |
| World must be better prepared for next pandemic, WHO saysThe head of the World Health Organisation called on countries to invest in their public health systems. |
| “Sell The Irrational Over-Hyped Bubble Nonsense…”“Sell The Irrational Over-Hyped Bubble Nonsense…” Tyler Durden Tue, 09/08/2020 – 08:34 Authored by Bill Blain via MorningPorridge.com, Whetever Next? œIf you want to swim the English Channel, leave your doubts on the beach.. In the wake of the revelations about SoftBank’s being revealed as the multi-billion Tech-Option whale, yesterday’s note was going to be short and to the point: Correction ” Sell. Wait. Buy! It still feels like a correction is underway ” but does it actually matter? The narrative is already moving on about the big rotation from Tech into ¦ well what? If there is another sector of the global economy that promises similar gains and the upside  we’ve seen from solid Tech firms ¦ then I’m all ears. Perhaps it’s going to be retail ” based on the strength with which consumers have been spending their furlough payments? (Before the Scheme ends next month and UK unemployment hits 3 million.) Or will it be oil on the basis a repressed recovery is about to boom? Maybe it’s still Tech: I suspect this is where the Tech sector diverges into the real and rational a … |
| Nikola Soars 50% After GM Announces Partnership, $2 Billion Equity StakeNikola Soars 50% After GM Announces Partnership, $2 Billion Equity Stake Tyler Durden Tue, 09/08/2020 – 08:22 At the same time as Tesla shares are tanking after its snub from S&P 500 inclusion and down in the past week more than the market cap of Exxon, Nikola and General Motors are adding insult to injury for many Robinhood traders. Shares of Tesla’s of budding competitor Nikola are surging by as much as 50% Tuesday after announcing a partnership deal with General Motors. As part of the deal, General Motors will receive a $2 billion equity stake in Nikola and will “engineer, validate, homologate and build the Nikola Badger for both the battery electric vehicle and fuel cell electric vehicle variants as part of the in-kind services,” according to a Tuesday morning press release. |
| Tesla Crashes 12% On S&P Snub While Analysts Question Profitability, Demand And LiquidityTesla Crashes 12% On S&P Snub While Analysts Question Profitability, Demand And Liquidity Tyler Durden Tue, 09/08/2020 – 08:09 An entire generation of Gen-Z Tesla traders on Robinhood who have only learned how to hammer the “buy” button, is getting their first cold reality check as the EV maker’s stock is down over 12% pre-market, one of its biggest drops since the March crash, on the heels of the company snub for inclusion into the S&P 500 after hours on Friday. Tesla bulls, pundits and sell side analysts alike had widely expected the company to be added to the index following four quarters of fake and engineered “profitability.” Instead, S&P wound up adding Teradyne, Catalent and…Â Etsy? |
| Nasdaq Futures Tumble, Stocks Slide As SoftBank Unwinds, Dollar JumpsNasdaq Futures Tumble, Stocks Slide As SoftBank Unwinds, Dollar Jumps Tyler Durden Tue, 09/08/2020 – 07:51 If SoftBank’s presence in the public markets was enough to send global markets to 9 consecutive all time highs while stretching tech valuations to unprecedented levels, then it is to be expected that SoftBank’s unwind of its notorious “Nasdaq Whale” trade as we reported yesterday, would send risk tumbling and sure enough Nasdaq futures plunged over 2% on Tuesday, leading a drop in European stocks and S&P futures, while the dollar jumped as the euro dropped and the pound weakened for a fifth day amid Brexit fears. |
| Thomas Cook to be revived as online travel firmThe firm wants to be operating by Christmas to capture the start of the summer booking season. |
| G4S executives charged with multiple counts of fraudThe three men are alleged to have defrauded the Ministry of Justice over several years. |
| Royal Mail set for ‘material loss’ despite jump in parcelsThe postal service has faced extra costs to cope with coronavirus and says it needs to modernise. |
| Ind-Ra, Fitch see more pain ahead for IndiaInd-Ra, Fitch see more pain ahead for IndiaAccording to the agency, the retail and wholesale inflation is expected to come in at 5.1 per cent and negative 1.7 per cent, respectively, in FY21. |
| Amazon India’s expansion plans ahead of DiwaliAmazon India’s expansion plans ahead of DiwaliE-commerce companies see a large chunk of their business coming in during the festive sales and they make significant investments ahead of time to ramp up capacity to be able to handle the spike in orders. |
| Rel Retail increases ads for more visibilityRel Retail increases ads for more visibilityReliance Trends and Reliance Digital including My Jio Store were the top brands advertised by the conglomerate. From ranking 162 in the list of top advertisers on TV, according to Adex data, Reliance Retail moved to the 32nd spot this year during July-August period. |
| Outside the Box: Why bankruptcy must be an option for homeowners and small businesses to survive this COVID-19 recessionThe U.S. Bankruptcy Code should be overhauled to protect families and savings. |
| Market Snapshot: Nasdaq futures down sharply after last week’s tech rout, Dow slips tooInvestors look set to pick up where they left off ahead of a three-day weekend, with a sharp fall in Nasdaq-100 futures pointing to sharp losses for technology stocks. |
| Metals Stocks: Gold falls as dollar rallies amid global, tech-led selloffGold futures head lower early Tuesday as global stocks sink and as investors turn to dollars amid concerns about lofty valuations for highflying, technology-related stocks, which had led the rally in equities amid the COVID-19 pandemic. |
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