Stocks & Equities
Elon Musk’s younger brother, Kimbal, appears to have made more than $8 million on Tesla’s stock this week, as he exercised options to buy the stock, two days after he sold those shares at 6.5 times the price he paid for them.
Good timing for board member Kimbal, as the sale of share was made Tuesday, with some of the sales executed above Monday’s record closing price of $498.32.
The stock TSLA, -13.64% bounced sharply to close Friday up 2.8% at $418.32, reversing an earlier intraday loss of as much as 8.6%. The stock snapped a three-day losing streak, but has still tumbled 16.1% since Monday’s record close.
This week’s selloff comes after a 5-for-1 stock split went into effect on Monday, and as Tesla disclosed a $5 billion stock offering and a large shareholder reduced its stake. Full Story
The average human life span is clearly on the increase, with the United Nations predicting there will be 3.7 million people over 100 (centenarians) by the year 2050. Many developed countries are reporting more supercentenarians every year, they being people over the age of 110. Since 1900 the average human life expectancy has risen from 31 years to 72 years, more than a twofold increase. The oldest of all is in Japan – Kane Tanaka at 117 years old. Japan is a standout country for supercentenarians, having well over 100 of them. Given the increasing average life expectancy over the last century, and the development of life saving and life prolonging technology, is there truly a finite upper limit on how long a human can live? There are some who claim that there are people alive today who could reach the age of…Click for complete article.
‘Chinese firms are learning a painful lesson’: India’s app crackdown opens doors for U.S. tech giants.
- On Wednesday, India banned 118 Chinese apps including major hit games from Tencent and NetEase as well as services from the likes of Baidu and Alibaba affiliate Ant Group.
- The broader crackdown on Chinese technology opens opportunities for U.S. technology giants like Facebook and Apple in India.
- One analyst said Washington and New Delhi “may foster one of the most important relationships in the 21st century.”
Andrew Ruhland over at Integrated Wealth Management thought this article would be our interest to our readers. ~Ed. “With all of the insanity that is the U.S. Presidential Election year (Covid-19 is merely an “accelerant” and stretched valuations of bigcap tech are a sideshow), this is the single biggest risk to The Republic, markets, and the civility of the North American continent. Mistrust of the election itself is toxic, and therefore dangerous…potentially fatally dangerous.”
We are not going to know the winner of the presidential election on the night of November 3rd. Sadly, we almost certainly won’t know the winner the next day either.
In fact, it may be many weeks before a winner is formally declared.
Laws have been passed all over the country to make voting by mail much easier, and it is being very heavily promoted in many states. It is being projected that at least 83 percent of all U.S. voters will be eligible to vote by mail in November, and that is an astounding number. If all of those people actually did vote by mail, more than 190 million votes would go through our postal system. But of course many people will continue to show up in person and vote the old-fashioned way. We will get the results from those that vote in person on election day very rapidly like we normally do, but it may take a very long time before all of the mail-in votes are tallied. Click for complete article.
For weeks, there’ve been people saying stocks can’t go straight up forever. And today it looks like they’re right. The market actually has a softer tone this morning as caution kicks in ahead of tomorrow’s jobs report and the long weekend.
Crude is especially weak, diving more than 2% back toward $40 a barrel. Worries surfaced about U.S. demand possibly flagging, analysts said. U.S. fuel consumption has flattened, which isn’t great news from an economic perspective. Energy was the only sector in the S&P 500 that fell yesterday, and it’s down more than 40% so far this year.
Meanwhile, the “split brothers,” Apple Inc. and Tesla Inc, both fell in pre-market trading after losing ground yesterday. There might be some profit-taking going on after the amazing rallies these two have had. Nothing too surprising there. However, their pre-market losses are weighing heavily on the Nasdaq (COMP).
The early weakness drew a challenge from weekly initial jobless claims, which fell to a post-pandemic low of 881,000. That was well below analysts’ expectations for 950,000, and down from 1 million the prior week. While claims remain historically high, it’s always good to see fewer people needing to apply for jobless benefits, and major indices started to come back a little in pre-market trading after the data.
Claims data and early softness aside, the fundamental feeling most of this week has been positive. The buying mood is partly due to speculation about a coronavirus relief package, and also reflects optimism that a vaccine will become available this year….CLICK for complete article
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