Good morning. Happy Friday.
The Asian/Pacific markets got hit hard. Japa, China, Hong Kong, South Korea, Taiwan, Indonesia, Singapore, Thailand and the Philippines posted big losses. Europe, Africa and the Middle East are currently down big. The UK, Denmark, France, Turkey, Germany, Greece, South Africa, Switzerland, Norway, the Netherlands, Sweden and the Czech Republic are down more than 1%. Futures in the States point toward a moderate gap down open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is up. Oil and copper are down. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Contagion risk
The world’s second-largest economy is in a predicament and the property market stands at the heart of its troubles. Construction accounts for as much as a quarter of China’s gross domestic product, but real estate reverberations are shaking up confidence and many are afraid about knock-on effects on the overall economy. Housing sales, prices and investment are falling, while a deflationary spiral threatens to fuel an even bigger disaster for a country that just experienced three years of strict zero-COVID controls.
The latest: The world’s most indebted property developer, China Evergrande (OTC:EGRNF), just filed for protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructuring from creditors. Evergrande already slipped into a liquidity crisis in 2021 following government efforts to curb speculation in the sector, and currently has around $300B in liabilities. Another Chinese developer, Country Garden (OTCPK:CTRYF), has also been in the spotlight after missing dollar-denominated debt payments, but the bigger fear here is that the property crisis may be expanding from the private sector to companies with state backing.
Meanwhile, China’s central bank has stepped up to defend its currency following the latest series of weak economic data releases. The midpoint on the onshore yuan was set at 7.2006 against the dollar overnight, while the Hang Seng benchmark index (HSI) closed in bear market territory, more than 20% below its last highs in January. Problems in China might also be leading to flight-to-safety trades, with the yield on the benchmark 10-year U.S. Treasury this week surging to its highest level since 2007.
Lost decade? The People’s Bank of China has been cutting interest rates – and there has been talk about tax breaks and incentives – but many of those stimulus measures helped fuel China’s rapid expansion and the real estate bubble in the first place. There are also structural issues at play, such as slowing urbanization and a shrinking population, meaning policymakers might have to prepare for an extended period of weaker growth. A “go big or go home” strategy might be the only way out of the cycle, with the government absorbing soured assets, but that could also be a challenge given deflationary risks and whether it would go far enough to restore investor confidence. (7 comments)
Borrowing costs
30-year fixed-rate mortgages topped 7% this week, according to the Freddie Mac Primary Mortgage Survey, marking the highest level seen in more than 20 years. “The economy continues to do better than expected and the 10-year Treasury yield (US10Y) has moved up, causing mortgage rates to climb,” said Sam Khater, chief economist at Freddie Mac. “Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.” Bankrate’s Jeff Ostrowski also noted that home sales have fallen sharply since 2021, with many homeowners who have already locked into super-low mortgage rates deciding to stay put. (21 comments)
Rowdy guests
A new crackdown from Airbnb (ABNB) has led to a comprehensive list of ground rules that aim to ensure travelers treat hosts and their homes with respect. While Airbnb said the majority of guests are already considerate, the guidance aims to help guests make use of their hosts’ constructive feedback and avoid serious issues in the future. Analysts previously suggested that Airbnb should sharpen its anti-party policies to attract more home rental supply. SA analyst Bradley Guichard in March highlighted that the largest hurdle to hosting is fear of damage, which could scare off hosts and cost Airbnb dearly. (21 comments)
Retail wrap
Investors digested a slew of big-box retailer earnings this week, capped off by industry heavyweight Walmart (WMT). Despite a set of strong results, shares of the latter declined as U.S. comparable store sales growth slowed and management struck a cautious tone on consumer spending. On the other hand, Target (TGT) and Home Depot (HD) advanced following profit beats, but both retailers expressed caution about continued weakness in big-ticket items. “The warnings by corporate executives are well placed,” said Lawrence Werther, chief U.S. economist at Daiwa Capital, given pressures on shoppers’ wallets including student loan payment resumption and tightening lending standards. The biggest stock jump this week was recorded at discount retail chain TJX (TJX), which witnessed increased customer traffic as shoppers hunt for better deals. (6 comments)
Today’s Economic Calendar
10:00 Quarterly Services Survey
1:00 PM Baker Hughes Rig Count
What else is happening…
U.S. to impose tariffs on tin mill steel imports from three countries.
Credit card delinquencies climb to prepandemic levels in July.
CVS Health (CVS) says no near-term impact from PBM contract loss.
After two years of losses, Elon Musk’s SpaceX finally turns a profit.
Warren Buffett donates $27M in Berkshire (BRK.B) shares to charity.
Microsoft (MSFT) will close Xbox 360’s online store in July 2024.
Hawaiian Electric (HE) knew of wildfire threat, but waited years to act.
Applied Materials (AMAT) jumps as results, outlook blow past estimates.
Grocery delivery firm Instacart (ICART) eyes IPO as soon as next month.
U.S. Steel (X): Union can’t block deal that may result from strategic review.
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Good morning. Happy Thursday.
The Asian/Pacific markets were weak again. China and Thailand did well, but Japan, India, Australia, New Zealand, Malaysia, Singapore and the Philippines posted losses. Europe, Africa and the Middle East are currently split and little changed. Turkey, Russia, Hungary and Saudi Arabia are up; Switzerland, the Netherlands, Italy and Sweden are down. Futures in the States point toward a positive open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
Stories/News from Seeking Alpha…
Run-up in yields
Bond yields continue to rise across the board, continuing an upswing that began nearly three months ago at the beginning of the summer. In fact, the yield on the benchmark 10-year Treasury (US10Y) closed at 4.25% on Wednesday – marking the highest level since 2008 – and extended gains overnight by climbing another 4 bps to 4.29%. The upward march follows the release of the latest FOMC minutes, which stressed that additional interest rate hikes might be needed.
The minutes: “With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy… Participants generally noted a high degree of uncertainty regarding the cumulative effects on the economy of past monetary policy tightening… and emphasized the importance of communicating as clearly as possible about the Committee’s data-dependent approach to policy and its firm commitment to bring inflation down to its 2% objective.”
Investors are sizing up the latest developments and how rising yields compare with stock valuations. While the equity market has had a few hiccups in August, stronger-than-expected economic data continues to pour in and dip buying continues to be a strategy for those that expect the Fed to end its hiking cycle soon. Others say 10-year yields above 4% still present a good buying opportunity, in contrast to the potential rewards from pricey stocks and multiples that might not be as appealing. Check out Treasury and TIPS yields, as well as bond ETFs, on the Seeking Alpha bonds page.
Analyst commentary: “This higher-for-longer narrative is coming out of the Fed, causing nominal rates and real rates to keep moving higher,” declared Lawrence Gillum, chief fixed income strategist at LPL Financial. “Whether they can continue to keep moving higher is the question. Ten-year Treasury yields have a direct impact on mortgage rates, so if they go higher, we’re likely to see continued stress in housing markets. The 10-year TIPS rate tends to impact investment alternatives so that investors might choose TIPS over riskier choices.”
Barbie bonanza
Barbie is now Warner Bros. Discovery’s (WBD) highest-ever grossing domestic movie, topping $537M at the box office to overtake Christopher Nolan’s The Dark Knight. “After a tough stretch for movie theaters during the pandemic… foot traffic for theaters and music venues rose 29.5% last month,” noted Naveen Jaggi, President of Retail Advisory Services at JLL. Barbie is also showing no signs of losing steam, as it appears on track to be 2023’s highest-grossing film. A major driver of its success has been Warner Bros.’ advertising prowess, which SA analyst Andrew Dessy said is a “nice preview to the power of this recently combined media conglomerate.” (9 comments)
Crypto derivatives
In a big regulatory win as it battles an SEC lawsuit, Coinbase (COIN) has received regulatory approval to offer eligible U.S. customers access to cryptocurrency futures. “Coinbase will now be the first crypto-native leader to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures on an integrated trading solution,” the exchange said in a statement. The development is viewed as a positive for the industry, especially in light of the recent flurry of spot bitcoin (BTC-USD) ETF and ether (ETH-USD) futures ETF applications, which SA analyst VettaFi Research said proves that institutions still have significant interest in the crypto space. (2 comments)
Backing out
The biggest meat company in America, Tyson Foods (TSN), is reportedly exploring the sale of its poultry business in China. While talks are at an early stage, a number of private equity firms have shown interest. The development comes a week after Tyson announced the closure of four U.S. chicken facilities to cut costs, but many foreign companies have been divesting their assets in China due to an economic slowdown and geopolitical uncertainty. Another U.S. meat giant, Cargill, sold its poultry operations in the country earlier this year to private equity firm DCP Capital. (3 comments)
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 E-Commerce Retail Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
What else is happening…
Target (TGT) holds gains after signaling Q3 may be off to a better start.
Energy Transfer (ET) to buy Crestwood Equity (CEQP) for $7.1B in stock.
Tesla (TSLA) gets big Texas win with approval of EV charging mandate.
Paramount Global (PARA) abandons plan to sell stake in BET Media.
Cisco (CSCO) pops after posting strong results, mixed guidance.
ArcelorMittal (MT) weighs making buyout offer for U.S. Steel (X).
Visa (V) under renewed scrutiny from DOJ over token technology.
Federal appeals court rules to restrict access to abortion pill.
Tencent (OTCPK:TCEHY) profit and revenue rise, but misses estimates.
T.J. Maxx parent (TJX) up as results top estimates, FY outlook raised.
Aldi beefs up U.S. footprint with acquisitions of supermarket chains.
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Good morning. Happy Wednesday.
The Asian/Pacific markets posted big losses. The Philippines did well, but Japan, China, Hong Kong, South Korea and Australia were very weak. Europe, Africa and the Middle East are currently down. Denmark is up, but the UK, Poland, Russia, South Africa, Italy and Israel are down. Futures in the States point toward an unchanged open.
————— VIDEO: Breadth Gave Warnings of Current Weakness —————
The dollar is down. Oil is up; copper is flat. Gold is flat; silver is up. Bonds are down.
Stories/News from Seeking Alpha…
New world failure
It was only a year ago that Beijing and Moscow touted a new world order, but things appear to be unraveling fast for their economies. Exports, manufacturing activity and property prices are sliding in China, which has decided to stop reporting the country’s rising youth unemployment rate, while a worsening debt crisis and deflationary spiral are threatening growth. A collapse in commodity-based export revenues and extensive military spending have also weighed on sanctioned Russia, which just saw the ruble fall past the psychologically important level of 100 to the dollar after tumbling 37% YTD.
Central bank divergence: While the news has been grim, the countries are responding to their economic problems in different ways. On Tuesday, China slashed a range of key interest rates to shore up its economy, aiming to reignite growth and investment. It followed missed payments by Country Garden Holdings (OTCPK:CTRYF) – one of China’s largest developers of real estate – in a sector that accounts for a quarter of overall economic activity. On the other hand, Russia’s central bank hiked rates by 3.5 percentage points at an emergency gathering, bringing its key rate to a total of 12%, fearing inflationary pressures that could ripple through its economy.
As many Western companies have already pulled out of Russia, or are attempting to do so, investors are keeping a closer eye on the impacts of multinationals operating in China. Recent earnings calls from industrial players have flagged increasing headwinds, such as warnings from Caterpillar (CAT), Danaher (DHR), Dow Inc. (DOW), DuPont (DD), LyondellBasell (LYB) and Parker Hannifin (PH). Click through the transcripts and search for “China.”
“While there is always a chance of a positive breakthrough in U.S.-Chinese relations that will lift Chinese stocks, markets reflect the current economic and geopolitical landscapes,” noted SA Investing Group Leader Andrew Hecht.
What to watch: The gloomier outlook means China might miss its annual GDP growth target of 5% this year as it looks to sort out its economic problems. The first thing that needs to be addressed is the concern of growing financial contagion, and debt problems that span from local authorities to the central government. Declining domestic demand means shortfalls in tax revenue, while weakness in finances could harm Beijing’s fiscal policy toolkit to help support the economy. (4 comments)
In contrast
Over in the U.S., July retail sales powered past estimates to rise 0.7% M/M, as consumers continued to show resilience and bolster the economy. A strong performance from the automotive sector and health & personal care categories stood out, while Amazon’s (AMZN) Prime Day provided a further boost. The retail sales data indicates a 3% GDP growth rate is possible for Q3, according to ING Economic and Financial Analysis, though there could be some challenges down the line. Economists will also look to the release of FOMC minutes today for clues about the central bank’s future path on monetary policy. (20 comments)
Retail radar
On the earnings front, American big-box retailer Home Depot (HD) ticked up 0.7% to $332/share on Tuesday after earnings topped estimates. CEO Ted Decker also noted that while there was a sequential improvement in comparable sales, a lot of that was a seasonal recovery for Q2. Home Depot additionally maintained its FY outlook, while costs improved as suppliers demanded fewer price hikes. Two other retail giants will report before the market open today, including TJX (TJX) and Target (TGT) – see the preview here. (13 comments)
Credit watch
There still may be some worries on the horizon. Fitch analyst Chris Wolf has warned that dozens of U.S. banks’ credit ratings – including at some of the nation’s biggest lenders – are at risk, though it’s not a foregone conclusion. The cautious comment, which pushed financial stocks lower, comes a week after Moody’s downgraded multiple small and mid-sized banks, and placed six larger lenders on watch. Earlier this month, Fitch downgraded the U.S.’ long-term credit rating, partly blaming erosion of governance. (11 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Housing Starts and Permits
9:15 Industrial Production
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Minutes
What else is happening…
Kashkari: Fed made ‘good progress’ on inflation, but it’s still too high.
CAVA (CAVA) rallies after first earnings report highlights growth story.
Tesla (TSLA) introduces cheaper versions of Model S and Model X.
Occidental Petroleum (OXY) buys Carbon Engineering for $1.1B.
More optimism: Nvidia (NVDA) likely to see AI supercycle – Baird.
Sea Limited (SE) plunges as Q2 sales miss estimates.
Auto stocks on watch as major strike looks more likely.
No China nod: Intel (INTC) walks from Tower Semi (TSEM) deal.
Hawaiian Electric (HE) extends decline as S&P downgrades to junk.
What to know about J&J (JNJ) and Kenvue’s (KVUE) exchange offer.
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Good morning. Happy Tuesday.
The Asian/Pacific markets leaned down. Japan did well, but China, Hong Kong and Thailand were weak. Europe, Africa and the Middle East are currently down big. Denmark and Turkey are up, but the UK, France, Germany, South Africa, Switzerland, Hungary, Spain, the Netherlands, Sweden and Saudi Arabia are down. Futures in the States point toward a moderate down open for the cash market.
————— VIDEO: Breadth Gave Warnings of Current Weakness —————
The dollar is down. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Retail watch
Investors are paying close attention to the retail space over the next few days. Big-box retailers like Home Depot (HD) are set to report Q2 earnings today, with Target (TGT) and TJX Companies (TJX) publishing results tomorrow, followed by Walmart (WMT) on Thursday. The macro figures may be just as important as individual earnings, with the U.S. Commerce Department releasing retail sales data this morning at 8:30 AM ET (expected to grow 0.4% M/M vs. June’s lower-than-expected gain of only 0.2%).
State of the consumer: Spending patterns on goods will be eyed closely, especially for items like apparel, food, furnishings and electronics. Earnings reports will also give a closer read on consumer behavior and their response to the current price environment. If costs rise by a smaller amount or even dip, that can impact spending patterns, especially in an era of low unemployment. More spending can also influence margin estimates and inventories, which could show up in retailer guidance.
The figures should additionally provide a better assessment of the U.S. economy, which appears to be on stable footing. Gross domestic product grew at an annualized rate of 2.4% in Q2, helped by strong consumer spending, while Fed staff subsequently canceled a prediction for a U.S. recession given the resilience of the economy. It still took some time for Wall Street to get the memo, with BofA recently revising its outlook to favor a soft landing, while J.P. Morgan bailed on its “mild contraction” that was set to come as early as next quarter.
Further insights: For a full breakdown of earnings season, check out Seeking Alpha’s earnings calendar, which highlights EPS and revenue estimates, as well as analyst revisions and ratings.
The AI conversation
Responses to this week’s WSB survey are coming in fast, with already 3,000 respondents participating in the poll. Take the survey and see the results on whether publishers should be required to use a disclaimer when using artificial intelligence. Some good discussion is taking place in the comments section, covering the future of the publishing industry and investing in the sector. Legal implications also surround copyright law, creative properties and rights to content. “Let an AI figure that one out,” adds Premium user Rondayvous. (28 comments)
‘Smart money’
The 13F filing season is here, giving investors a chance to see what hedge funds with at least $100M in assets under management bought and sold during Q2. Warren Buffett’s Berkshire Hathaway (BRK.B) added new holdings in homebuilders like D.R. Horton (DHI), NVR (NVR), and Lennar (LEN), sending the stocks higher in premarket trading, while reducing and divesting stakes in Activision Blizzard (ATVI), Chevron (CVX) and McKesson (MCK). Michael Burry’s Scion Asset Management ditched positions in bank stocks and Alibaba (BABA), while investors also eyed reports from David Tepper’s Appaloosa and Elliott Management, among others. Note that long positions, and call and put options, are disclosed in the filings, though shorts aren’t included in the statements. (41 comments)
Big ambitions
Netflix (NFLX) is moving forward with its videogame aspirations as it begins limited testing of games on TVs, PCs and Macs. The company will start with two titles in the U.K. and Canada: Oxenfree, a thriller made by Night School Studio (acquired by Netflix in September 2021), and the gem-mining arcade game Molehew’s Mining Adventure. While the streaming pioneer launched mobile games on its app two years ago, it is now looking to make the games available on every device. In April, SA analyst Allen Greathouse said Netflix’s videogame offering was challenging, but noted that it has a big head start, given its huge customer base that pays into a recurring revenue model.
Today’s Economic Calendar
8:30 Retail Sales
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
10:00 Business Inventories
10:00 Housing Market Index
11:00 Fed’s Kashkari Speech
4:00 PM Treasury International Capital
What else is happening…
U.S. Steel (X) extends gains as Esmark jumps in with higher takeover bid.
Russia central bank sharply hikes interest rates to stem ruble crash.
Saudi Arabia, UAE buys ‘thousands’ of Nvidia (NVDA) GPUs for AI.
Montana judge sides with youth plaintiffs in landmark climate change case.
PayPal (PYPL) names Intuit’s (INTU) Alex Chriss as its next CEO.
Economy watch: China cuts policy rate, halts youth unemployment data.
UBS (UBS) to pay $1.4B to settle crisis-era mortgage bond case.
Ron DeSantis calls on Bob Iger to drop Disney (DIS) lawsuit.
Nvidia (NVDA) rebounds as recent selloff seen as ‘good entry point’.
Apple (AAPL) expected to unveil major changes to Watch next year.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets got hit hard. Japan, China, Hong Kong, South Korea, Taiwan, Australia, Singapore and the Philippines posted big losses. Europe, Africa and the Middle East currently lean to the downside. Turkey and Italy are up, but the UK, South Africa, Finland, Hungary and Saudi Arabia are down. Futures in the States point toward a down open for the cash market.
————— Online Course: Jason Leavitt’s Masterclass in Trading —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
AI generation
With generative AI poised to reshape the publishing industry, companies are scrambling to take positions on the latest technology. What does it mean for their operations? How will it impact their workforce? And when can they begin to expect to benefit from, or be harmed by, the new developments? These questions have rattled publishers in nearly every sector of the media industry, from online content and the printed word to movies and even music.
Snapshot: The knee-jerk reaction of many firms was to band together to stave off any threats to their bottom line. Hollywood actors and writers have gone on strike in part over fear that they might lose or share revenue with machines, with the walkout now going on for more than 100 days. Publishers like The New York Times (NYT), Wall Street Journal’s News Corp. (NWS) and Dotdash Meredith owner IAC (IAC) also started talks to establish a united front against Google (GOOG) (GOOGL) and Microsoft (MSFT). The coalition explored suing Big Tech over “content scraping” and training their AI models on data produced by the organizations, but the NYT has reportedly dropped out of the group, suggesting that they might reach separate deals with tech giants that wield tremendous power over distribution and visibility. Check out recent subscriber numbers for the NYT and News Corp. in charts.
While corporations are debating their cash flow streams, the non-profit sector is having an easier time making decisions. In July, the Associated Press reached a two-year deal with OpenAI, the parent company of ChatGPT, by declaring the first official news-sharing agreement with an artificial intelligence firm. That direction could benefit others as they scale their offerings and revenue, such as News Corp Australia (NWS), which is using a team of four staff to produce 3,000 articles per week using generative AI. The items cover daily topics like local weather, fuel prices, and traffic conditions, and have driven a surge in subscriptions and the subsidiary’s best year in a decade.
Outlook: Consumers are also debating what artificial intelligence means for their media consumption. Should they be informed whether a robot wrote an article, or is the creative process continuing to evolve in a similar fashion to what algo-generated tunes and CGI did to the music and movie industries? Things get even more complicated if generative AI is only used to conduct research or help write an article, or prompt topics that enhance value and quality. Trust also plays a role here, but those lines might be lost or could one day be strengthened, depending on the future of brands and their audiences. Take the WSB survey.
Steely rejection
Cleveland-Cliffs (CLF) and U.S. Steel (X) wouldn’t make a great alloy at current cast prices, according to the latter company, which just sent a $7B merger proposal to the furnace. U.S. Steel is still entertaining offers after rejecting the takeover, sending shares up 22% premarket, and invited Cliffs – whose stock melted 6% in response – to participate in its review process. A tie-up would create the largest steel company in North America and would profoundly reshape the industry. The developments come after U.S. Steel posted a 20% drop in Q2 sales, hurt by lower average realized prices, though CEO David Burritt said he “couldn’t be more bullish” on the sector thanks to the Inflation Reduction Act. (133 comments)
Maui devastation
The impact of the devastating wildfires in Maui is still being calculated, with the death toll reaching 96 as of Monday. The destruction of tourist and residential areas has also hit certain stocks, with TD Cowen warning that Maui’s recovery could take years and resort destinations are likely to disappear in the foreseeable future. Hawaiian Holdings (HA) fell 8.5% over the past week due in part to the airline having the highest exposure of flights to Maui. Host Hotels & Resorts (HST) also closed at a six-week low on Friday, while Hawaiian Electric Industries (HE), which shed 13.2% last week, has warned affected customers to plan for extended outages. (43 comments)
Tech outperformance?
The tech rally has cooled, with the Nasdaq 100 (NDX:IND) (QQQ) up 5% in the second half of the year, but BMO strategist Brian Belski says Info Tech (XLK) stocks can still outperform the broader market over the rest of 2023. Investors will have to be more selective, though. Belski screened for names with growth at a reasonable price, including Cisco (CSCO), Intel (INTC) and (IBM), but the full list includes over 30 stocks. “Earnings growth improvement was the basis for our upgrade and trends since then have only been better,” he noted. “Elevated valuation could be a sticking point for some investors, but we would point out that it has been a horrible predictor of future performance for Technology.” (13 comments)
Today’s Economic Calendar
No events scheduled
What else is happening…
Student loan repayments start up in October – Will it spark a recession?
U.S. grid operators warn EPA proposal could cause power shortages.
SoftBank in talks to buy 25% stake in Arm (ARMHF) from Vision Fund.
AI beauty firm Oddity Tech (ODD) shines, with room for more growth.
Pharma under threat from bill to expand drug price negotiations.
Illumina (ILMN) under SEC investigation over GRAIL acquisition.
EV price war: Tesla (TSLA) trims some Model Y prices in China.
U.S. judge revokes Sam Bankman-Fried’s $250M bail package.
AMC (AMC) slides, APEs jump as new conversion plan cleared.
Deep dive into COVID-19 vaccine makers: Hope vs. hype.
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