Author: Press Room

Elon Musk indicated he was willing to sacrifice Tesla’s profits in the short term in an aggressive push for market share, with the aim of making more money later when the company’s cars are fully autonomous and can earn extra fees by operating as “robotaxis”.The Tesla chief executive’s unconventional justification for why shareholders should stomach lower profits came as the US electric-car maker reported price cuts this year had driven its profits margins in the first quarter below already-reduced forecasts. His comments on an earnings call on Wednesday pushed Tesla shares lower in after-market trading, adding another 6 per cent…

House Homeland Security Chairman Mark Green barred GOP Rep. Marjorie Taylor Greene from speaking further in a hearing after she called Department of Homeland Security Secretary Alejandro Mayorkas a “liar” – a stunning example of how Greene’s extreme rhetoric led even members of her own party to shut her down, creating tensions inside the House GOP. Greene, a Georgia Republican, began her time during Wednesday’s hearing by going after Democratic Rep. Eric Swalwell of California, who had shown an Instagram photo of her calling to defund the FBI. Greene brought up an incident from several years ago, when Swalwell was…

“Be careful what you wish for.” That’s Morgan Stanley’s Mike Wilson, chief U.S. equity strategist, warning investors on Wednesday of the hazards of cheering recently cooler inflation data. While price pressures have pulled back from peak levels last summer, easing, “especially for goods, is a sign of waning demand,” Wilson said in a new client note, adding that “inflation is the one thing holding up revenue growth for many businesses.” If revenues start to fall short of expectations, “earnings could see a gradual, then sudden, slide,” Wilson wrote, riffing off what a character in Ernest Hemingway’s book, “The Sun Also…

Only 16 all-electric vehicle versions now qualify for a U.S. purchase tax credit, down from 24 model versions at the beginning of the year. The Internal Revenue Service has issued an update on what electric vehicles qualify for what tax credits, as it promised it would on April 17. Investors knew it was coming, but they didn’t know exactly which car makers would win out, or which vehicles would remain eligible. Prospective EV buyers can search for an EV model here. The EVs that lost the credit are: the R1S and R1T from Rivian Automotive (ticker: RIVN); the Genesis GV70…

If you used Facebook between May 2007 and December 2022, the social-media giant may owe you some money. A California judge preliminarily approved a $725 million settlement between Facebook parent Meta Platforms META, -1.01% and users who say the company allowed their data to be viewed or shared by third parties, notably Cambridge Analytica, without their consent. The judge’s approval was a precursor to the final approval hearing, which will take place in September, but people can begin submitting claims now to potentially get a cash payment.Who does the Facebook settlement apply to? The $725 million settlement applies to anybody…

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, jumped 35.4 points in April to 10.8, the regional Fed bank said Monday.  Economists had expected a reading of negative 15, according to a survey by the Wall Street Journal. Any reading above zero indicates improving conditions. This is the first reading in positive territory in five months. Key details: The index for new orders soared 46.8 points to 25.1 in April and the shipments index jumped 37.3 points to 23.9. Unfilled orders rose 6.7 points to a flat reading. Despite…

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. REUTERS/Brendan McDermid By Lewis Krauskopf, Sruthi Shankar and Ankika Biswas (Reuters) – The ended virtually unchanged on Wednesday while the Dow dipped as investors digested a mixed bag of corporate earnings, including upbeat reports from medical technology companies, countered by weakness in Netflix shares. The Dow was weighed down by declines in Walt Disney (NYSE:) Co and UnitedHealth Group Inc (NYSE:) shares following results from rivals in their respective industries. Major equity indexes have been largely…

WASHINGTON (Reuters) – U.S. Senate Republicans will block Democrats’ plans to temporarily replace Senator Dianne Feinstein on the committee that approves federal judges, the chamber’s top Republican, Mitch McConnell, said on Tuesday. That would make it harder for Democrats to confirm President Joe Biden’s appointments to the federal judiciary until Feinstein, 89, returns to the Capitol after having been sidelined by a bout of shingles since early March. “Senate Republicans will not take part in sidelining a temporarily absent colleague off a committee just so Democrats can force through their very worst nominees,” McConnell, himself just returned from a five-week-long…

By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said Wednesday that inflation is still at problematic levels and the U.S. central bank will act to lower it, in comments that noted recent stress in the banking sector will likely weigh on economic activity. “Inflation is still too high, and we will use our monetary policy tools to restore price stability,” Williams said in prepared remarks for delivery before a gathering held by the Money Marketeers of New York University. Williams, who also serves as vice-chairman of the rate setting Federal Open…

There are plenty of stocks out there, right now, with payouts growing fast—heck, some of them give shareholders a “raise” every three months. You won’t find these “Dividend Accelerators” among the big names of the Dow. Many are real estate investment trusts (REITs)—“landlords” of everything from apartments to warehouses. And they’re not just dividend-growth machines; most throw off higher current yields than the typical S&P stock, too. And I mean much higher: right now, the REIT benchmark Vanguard Real Estate ETF (VNQ VNQ ) yields 4.1%. The typical S&P 500 name? A sorry 1.6%. You can thank the Feds for…