Semiconductors inventories No sign of improvement
Archives of “October 26, 2021” day
rssTaking a look at top mentioned! What’d ya know, $TSLA takes the cake
Mastercard and crypto firm Bakkt have partnered to enable cryptocurrency card payments
Wall Street Journal (may be gated) with the report on the hook-up of the two firms.
- The companies said the partnership will make it easier for banks, financial-technology firms and merchants to offer and accept crypto payments.
- Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.
The news of the partnership was out overnight, posting ICYMI. If you cannot access that WSJ link above here is an ungated report on the deal.
BTC update:
Past Fed Chair Greenspan sees threat of sustained inflation above 2% target
Alan Greenspan is probably not irrationally exuberant with his CPI view.
- “The tendency toward inflation remains, unfortunately, well above the average of about 2% over the past two decades”
- some inflationary forces he says are likely to be transitory but there are other pressures to keep it above 2% longer-term
That is from a research note he has written released by Advisors Capital Management (conveyed via a Bloomberg piece, link here, may be gated)
China has a 10-point plan to address economic risks, power risks … and more
Chinese state media ( Xinhua News Agency) with the report on how the government is to address 10 of its current most pressing challenges.
Info comes via the South China Morning Post (the complete article is here, may be gated).
- Among the 10 major issues facing China’s economy were short-term challenges like power cuts and the Evergrande crisis, as well as longer-term matters such as “common prosperity”.
- Xinhua said boosting private consumption and investment was high on the new economic agenda for Beijing as growth plateaus.
- But the central government would not return to “the old playbook” of monetary and fiscal spending to “flood the economy”.
There is more at that link above, including efforts to wean growth off relying on the property sector … and more similar to what we have heard many times before.
ps. The bolding above is mine, we’ve heard that many times before also. Looks like we’ll have to get used to slower growth in China ahead (which is probably not new news to anyone).
Thought For A DAY
Tesla is on track for one of the single greatest days any stock has ever had
Tesla set to add $100 billion in market cap today
An order for Tesla rental cars from Hertz helped to set off a frenzy of buying in TSLA shares today, sending the stock up to a high of $1045 (so far) from $910 at Friday’s close.
That’s more than $100 billion in market cap added, which is larger than General Motors and approaching General Electric or IBM. It’s one of the single largest market cap gains for any stock in history.
It’s total market cap today crossed $1 trillion, which is more than all other automakers combined, with room to spare. Elon Musk’s nearly 20% stake alone is worth more than any individual carmaker except Toyota.
It’s a remarkable move but what stands out to me on that chart is the volume. It’s high today but still well below the frenzy from this time last year. What is worth noting is that the doubling of the shares last year began in early November.
I don’t know if there’s anything else to say about TSLA that hasn’t been said already but one underrated factor in US dollar trading in the past few years is equity flows. When we think of some currencies, we think of oil, commodities, rate differentials or some other factor. For the US dollar, technology and tech stocks are one of those factors. When they rally like TSLA is, the dollar generally does better.
#SPX500 closes at another record as tech and Tesla post a monster day
Tesla adds nearly $100 billion in market cap
The S&P 500 gained 22 points to a new closing record of 4566 and closed just 6 points from the intraday high. The Nasdaq gained 0.9% and Dow 0.2%.
This TSLA chart is certainly something you won’t see at a market bottom:
The company gained around $100 billion in market cap and Musk around $20 billion himself.
Just after the bell, Facebook earnings are out and the shares are slightly lower with revenue and revenue guidance on the soft side. Though the company is buying back $50B in shares.