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- 🇨🇳 China changes its Tesla tune
🇨🇳 China changes its Tesla tune
✖️ What did Elon give up to get this deal done?
We’ve got something special coming for y’all next week.
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📰 Market Headlines
Stocks edged higher yesterday, gearing up for a busy week that includes a Federal Reserve decision, a monthly jobs report, and more big tech earnings.
The Fed meets Wednesday, but don’t expect any cuts.
Tesla stock catapulted up 15% after CEO Elon Musk secured approval for Full Self-Driving in China and reportedly struck a deal with Baidu. [Ed: what did Elon have to give up to make this deal happen?]
Paramount Global CEO Bob Bakish stepped down and will be replaced by a trio of executives.
The IPO market is showing signs of life with Morgan Stanley expecting 10 to 15 more tech IPOs in 2024.
🕶️ Market Vibes
🎰 Market Forecasts and Futures
GDP forecasts bounced back as vibes overtook logic and or reason.
😱 Fear and Greed Index
🎤 What you said last time
📈 Trends you need to know
Interest in Tesla in China peaked in late 2022 but looks like it may be making a comeback.
🧠 What do you think?
💬 Have your say
Over the last few years, Beijing has done a lot to improve the competitiveness of domestic electronic vehicles both domestically and abroad.
This has both directly and indirectly hurt Tesla sales in China. Tesla shares plummeted last month due to disappointing sales there.
Trade tensions between the US and China are at an all time high, so it’s not surprising Beijing has been sidelining the American automaker.
But then we see a sudden about-face.
How did Elon pull it off?
How did Elon secure this big win in China |
📊 Stocks
Get $20 free shares at public.com using code ALTSCO.
Winners and losers
Earnings, upgrades, and acquisitions
Paramount beat estimates, but revenue missed expectations; shares rose nearly 1%.
Apple shares surged 2.5% after Bernstein upgraded the stock to "outperform."
Philips shares surged 29% to a two-year high after settling US lawsuits for $1.1 billion.
SoFi Technologies shares fell 9.9% after its Q2 revenue guidance missed analyst expectations.
Domino's Pizza stock surged 5.62%, extending its rally to a potential sixth month.
Chegg shares tumbled 4% despite a modest Q1 EPS beat, as Q2 guidance was weak.
Market movers
NBC’s Peacock is hiking prices by $2 per month starting this summer.
WeWork reached a settlement with creditors and secured new funding, rebuffing a $650 million bid from co-founder Adam Neumann.
Meta's Oversight Board confirmed layoffs are coming that will impact its research support staff.
Saudi Arabia insisted all NEOM megaprojects will proceed as planned despite reports of scaling back. [Ed: what is strange drama ]
Whirlpool began the second phase of layoffs on Monday, part of the 1,000 job cuts announced in March.
Ideas, trends, and analysis
78% of corporate earnings beat estimates by an unusually wide 9.5% margin, despite threats from a slowing economy.
Gold hits new record highs in April, outpacing silver due to slower Chinese growth and tighter central bank policies.
Spotify CEO Daniel Ek sold $176.3 million worth of stock this year as the company's shares have skyrocketed 60% year-to-date.
🌍 Global Perspectives
🇮🇹 The Italian government announced plans to invest around €10 billion in the semiconductor industry this year.
🇮🇱🇵🇸 Hamas is considering an Egyptian proposal for a ceasefire with Israel in exchange for the release of hostages.
🇪🇺🇪🇹 The EU has restricted visa provisions for Ethiopian nationals.
🇺🇦🇷🇺 At least four people were killed and 28 injured in a Russian missile attack on an educational institution in Odesa.
📊 Crypto
Bernstein says the Bitcoin ETF slowdown is a "short-term pause" and maintains its $150,000 price target for 2025.
The Australian Securities Exchange is expected to approve the first spot Bitcoin ETFs before the end of 2024.
Hong Kong's spot Bitcoin and Ether ETFs, launching April 30, will allow in-kind subscriptions and redemptions.
🧠 Errata
The 77-year-old great-grandmother who stopped a robbery is now running for Oakland City Council.
A gang of monkeys in Thailand tore down over 30 anti-monkey posters in a bizarre act of defiance.
Three women contracted HIV after getting bloody "vampire facials” at an unlicensed New Mexico spa.
A Florida dolphin died from a "mutated" bird flu that's 18 times more resistant to drug treatment.
📺 What to Watch Today
This is quite good.
That’s all for today. Did I miss anything? Smash the reply button to let me know.
Cheers,
Wyatt
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