Written by Gary
U.S. carmakers eye massive jump in EV sales (SPY +0.5%). Space company Maxar stock drops 15% after delaying the launch of next-generation satellites.
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030U.S. President Joe Biden is signing on Thursday an executive order, setting a target to make 50 percent of all new vehicles sold in the United States in 2030 zero-emission vehicles, in a move supported by Detroits Big Three. The future of the auto industry is electric and made in America. Today Im signing an executive order with a goal to make 50% of new vehicles sold by 2030 zero-emission and unveiling steps to reverse the previous administrations short-sighted rollback of vehicle standards, President | |
U.S. Carmakers Eye Massive Jump In EV SalesU.S. carmakers will seek to boost the share of electric vehicles in their total sales from single digits now to as much as 40-50 percent by 2030, according to several media reports. This target, however, includes not just battery electric vehicles but also plug-in hybrids and fuel cell cars. General Motors, Stellantis, and Ford Motor Co. are all investing billions in EV production in anticipation of a shift in buyer behavior. But challenges remain, the Wall Street Journal notes in its report. The success of the automakers plans depends on | |
Democrats Propose Big Oil Polluters FundA group of Senate Democrats has proposed a fund of $500 billion, to be filled by Big Oil polluters over 10 years, to require the biggest polluters to begin paying their fair share for a just clean energy transition, according to a press release by one of the group, Maryland Senator Chris Van Hollen. Our idea is simple: those who pollute should pay to help clean up the mess they caused and those who polluted the most should pay the most. This bill will ensure the costs of climate change are no longer borne solely by | |
Quiet Roads In China Are Concern For Oil MarketsTraffic congestion in Beijing has declined by 30 percent over the past week, and is falling in other parts of the country as well, as the spread of a new coronavirus variant gains traction, threatening the outlook for oil demand, Bloomberg reports. There have been multiple outbreaks across the country, and the situation remains uncertain, Vice-premier Sun Chunlan said earlier this week, as quoted by state news agency Xinhua. As with the previous outbreak, which China stifled with a complete lockdown, the rise in infections is affecting movement | |
Exxons Falling Production Is Highly Bullish For Oil PricesLast week, ExxonMobil (NYSE:XOM) reported Q 2 2021 earnings in one of Big Oil’s most anticipated scorecards this earnings season. The United States’ largest oil and gas company posted stellar earnings that proved that the worst for the U.S. shale industry might finally be in the rearview mirror. Exxon’s Q2 earnings swung to a $4.7B profit from a loss of $1.1B in the year-earlier quarter while revenues more than doubled to $67.7B (+107.7% Y/Y), with both metrics exceeding Wall Street’s expectations. Exxon said that its impressive earnings were driven | |
How France Secured Major Oil And Gas Projects In IraqEven more so than Iran, Iraq remains the greatest relatively underdeveloped oil (and gas) frontier in the Middle East. It is little wonder, then, that it has been and remains the focus of an ongoing power struggle between the U.S. and its allies on the one side and China and Russia (via Iran) on the other. In all of these central Middle Eastern tussles, especially involving Iraq and Iran, France has liked to see itself in the role of the honest broker, not especially aligned to either side, as was notably demonstrated by its attempts | |
Space company Maxar stock drops 15% after delaying launch of next-generation satellitesSpace company Maxar Technologies shares dropped in trading Thursday after it announced another delay to the launch of its next-generation imagery satellites. | |
Airline stocks are close to ‘max fear’ ” and it could be the best time to buy, trader saysFor airline stocks, sentiment matters more than technical levels, says JC O’Hara of MKM Partners. | |
Fauci warns more severe Covid variant could emerge as U.S. cases near 100,000Dr. Anthony Fauci warned that a more severe Covid variant could soon emerge, as daily average new case totals approach 100,000 per day. | |
The mass manufacture of huge tidal turbines could be one step closer after firm seals fundingThe money will be used to support Nova Innovation’s Volume Manufacturing and Logistics for Tidal Energy project. | |
Spirit Airlines cancels half of Thursday flights as travel chaos enters fifth daySpirit has canceled more than 1,700 flights since last weekend due to staffing shortages, technology problems and bad weather. | |
Shares of theScore skyrocket after Penn National announces plans to buy the company for $2 billionPenn National’s purchase of Toronto-based media company Score Media and Gaming allows the company to grows its presence across North America. | |
Astra stock jumps 35% as rocket builder targets late August for first launch since going publicPublicly traded rocket builder Astra will go for its first launch of the year later this month, planning to transport a Pentagon payload to orbit. | |
Pete Buttigieg says he doesn’t know why Elon Musk’s Tesla wasn’t invited to Biden’s clean-car showcaseElon Musk tweeted overnight, “Yeah, seems odd that Tesla wasn’t invited” to Biden’s clean-car event at the White House alongside Ford, GM and the UAW. | |
Germany’s winter Covid strategy could see unvaccinated people face tougher restrictionsGerman authorities are wary of the potential impact of the delta Covid-19 variant at a time when many pandemic restrictions have been dropped. | |
Lithia Motors is quietly taking on AutoNation to become the country’s top auto retailerLithia’s stock is up more than 200% in the past two years, including a twofold increase to about $375 a share since its five-year growth plan was announced. | |
Delta variant will lead to increase in breakthrough Covid infections among vaccinated, Moderna saysModern said it believes a booster will likely be necessary before winter. | |
Goldman Hikes S&P Price Target To 4,700 Due To Lower Rates, Says S&P Could Hit 5,000 If Yield Slide FurtherGoldman Hikes S&P Price Target To 4,700 Due To Lower Rates, Says S&P Could Hit 5,000 If Yield Slide Further Back in June, when the S&P was still trading in the mid 4200’s, Goldman’s chief equity strategist David Kostin published a cautionary note asking “what if we are wrong” in his assumptions, which was meant to provide cover in case stocks tumbled and/or rates spiked but which also had a prudent outlier loophole in case the meltup in markets accelerated and took out the bank’s year-end price target 4300. Specifically, falling back on the old faithful Fed model, Kostin – who was expecting yields to rise to 1.9% by year end, said that if – all else equal – interest rates remain roughly flat at around 1.3% (or lower) through the end of this year, “Goldman’s S&P 500 dividend discount model (DDM) would suggest a fair value of 4700, or 9% above the bank’s current baseline price target of 4300.” To be sure, predicting stock upside in case of economic slowdown would leave a bad taste in investors’ mouths, and Kostin conceded that “if rates fail to rise because of weakening growth, then lower earnings or a higher ERP would suggest a lower S&P 500 price despite lower interest rates.” However, “holding baseline ERP constant, a 10-year US Treasury yield of 1.6% (the 3-month average) would lift Goldman’s DDM-implied fair value estimate to around 4700.” In other words, yes – even if the drop in rates is due to weaker economic conditions, that still would be sufficient for higher stocks. A good reminder that we still live in world where both good news | |
Coinbase CEO Warns Of “Sweeping Surveillance Of Crypto Holders” In Infrastructure BillCoinbase CEO Warns Of “Sweeping Surveillance Of Crypto Holders” In Infrastructure Bill We warned over the weekend that ‘things just got ugly for crypto in Washington, D.C.’ as the government aimed to partially cover the cost of its massive infrastructure bill by taxing crypto companies… and the entire industry will feel it. “This is not a drill,” writes Jake Chervinsky, an influential crypto lawyer and a sober voices in a hype-prone industry. In a must-read Twitter thread, Chervinsky explains how the $550 billion bill – which is primarily about roads and bridges – could shiv American crypto companies. The pain comes in the part of the bill that explains how the U.S. will help pay for those roads and bridge. Namely, the bill states that Uncle Sam plans to cover $28 billion of the costs by squeezing crypto brokers. The trouble is that the bill defines “broker” – a term normally used to describe the likes of Coinbase and Robinhood – as basically any business that touches crypto. | |
Israel ‘Ready’ To Attack Iran In Response To Tanker IncidentsIsrael ‘Ready’ To Attack Iran In Response To Tanker Incidents Two tanker attack incidents within the span of less than a week are now being blamed by the US, UK, and Israel on Iran. First there was last Thursday’s Mercer Street tanker drone attack which left two British and Romanian crew members dead, and then on Tuesday there was the hijacking on the Panama-flagged Asphalt Princess – boarded by a half dozen armed Iranian militants. Since the Israeli-managed Mercer came under assault, Israeli leaders have been openly proposing military action to allies, saying it may be needed to stop the Iranian attacks. Israel says it has provided allies like the United States with “hard evidence” that Tehran was indeed behind the drone attack in the Arabian Sea. And now Israel’s defense chief says the country is prepared to strike in Iran in his latest comments. F-35 file, Lockheed Martin Defense Minister … | |
Cuomo On The Brink: How To Impeach A GovernorCuomo On The Brink: How To Impeach A Governor Authored by Josefa Valesquez via THE CITY, Facing calls to resign and a bombshell report of sexual misconduct, Cuomo could become the second governor in New York’s history to face impeachment. Here’s what you need to know about a process that hasn’t been used in over a century. Gov. Andrew Cuomo is bucking demands for his resignation, even as President Joe Biden leads calls for him to step down following a scathing report that found he sexually harassed 11 women. If Cuomo doesn’t resign ” he and his aides have privately said he won’t ” the 63-year-old, three-term Democrat faces impeachment in the state Legislature. The Assembly, authorized to draw up articles of impeachment, and the Senate, empowered to hold a trial, are readying to begin a voyage that New York has only taken once b … | |
Inflation rise will be temporary, says Bank governor BaileyBank of England’s Andrew Bailey says rising inflation is understandable given a “bumpy” economic recovery. | |
Sports Direct’s Mike Ashley to hand reins to future son-in-lawThe tycoon, whose empire also includes House of Fraser and Evans Cycles, is set to hand power to his future son-in-law. | |
Mike Ashley: Who is the founder of Sports Direct?Profile of Sports Direct founder and Newcastle United billionaire owner Mike Ashley. | |
A collapse of Voda Idea will hurt IDFC First Bank, YES Bank mostVodafone Idea is unlikely to be able to service its gross debt of over Rs 1.8 lakh crore. The telecom operator owes at least Rs 28,700 crore to several state-owned and private sector lenders. | |
Bucking market trend, HSBC projects 19% downside in ZomatoHSBC Securities and Capital Markets has (India) initiated coverage on Zomato with a 12-month target price at Rs 112, meaning a potential downside of about 19 per cent from last close. This is in contrast to earlier initiation target around Rs 165-170. | |
Zomato valuation enigma! The crowd values it between 0 & Rs 570A debate over Zomato’s true valuation has divided not just Dalal Street, but also many prominent voices from across the world. Some say there is no sense in investing in such a company, while others believe it will be a multibagger. | |
IPO Report: Grill companies Weber and Traeger went public during BBQ season. Data shows one has the financial edgeRapidRatings says the backdrop for ‘grilling and chilling’ is perfect. | |
NewsWatch: My husband and I are divorcing. I brought $35K into the marriage. He wants me to subtract that money from our home’s equity. I say split the equity first‘I honestly don’t know what the fairest way is as each one has very different outcomes. We’re trying to be civil and do this without attorneys.’ | |
: Here’s a glimmer of hope that more unvaccinated Americans are willing to get the COVID-19 shotOver 165 million Americans are now fully vaccinated, but many of those who haven’t received their shots remain skeptical. |
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