Avis Budget Group Inc
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By Aditya Soni and Akash Sriram (Reuters) -Elon Musk's warning that high interest rates could sap electric-vehicle demand knocked shares of the sector on Thursday, with some analysts questioning if Tesla (NASDAQ:TSLA) can maintain the runaway growth that has for years set it apart from other automakers. The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements. Rivian (NASDAQ:RIVN) Automotive, Lucid Group (NASDAQ:LCID) and Fisker (NYSE:FSR) fell as much as 2.4%, while legacy automakers Ford Motor (NYSE:F) and General Motors (NYSE:GM) lost 1.4% and 1.1%, respectively. The comments marked a change in tone from Tesla CEO Musk, who had said his company was "recession-resilient" last year. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts. "It didn't have the same zip. We await Tesla's earnings calls with a sense of excitement and suspense - and they usually deliver. Not Wednesday night," Canaccord Genuity analysts said. The company is expected to cut prices further in the current quarter to meet its annual deliveries goal of 1.8 million vehicles, even after its gross margin contracted to 17.9% between July and September from 25.1% a year earlier. "We continue to believe that Tesla is a car company, and that the competitive nature of the auto industry will make it difficult for any player to have a sustained profitability advantage," Bernstein analyst Toni Sacconaghi said. Overall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Tesla shares fell 6.1% at $227.96 in premarket trading. The stock has nearly doubled in 2023 on investor optimism that the company will fare better than rivals in an uncertain economy and see a long-term boost from its self-driving efforts. The stock trades at about 59 times its 12-month forward earnings estimates, compared with 6.3 times for Ford and General Motors' 4.2. "The current market valuation appears to rest on the specious assumption that the hundreds of EVs slated for launch by 2025 will all be flops. Tesla does not operate in a vacuum," said Craig Irwin, senior research analyst at Roth Capital.
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By Ankika Biswas and Shashwat Chauhan (Reuters) - The Nasdaq lagged major U.S. stock indexes on Thursday as megacaps came under pressure with Treasury yields resuming their upward charge, while investors assessed fresh economic data and awaited Federal Reserve chief Jerome Powell's remarks. As the 10-year Treasury yields regained steam, megacap growth stocks including Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) shed between 0.4% and 2.2%. Technology led declines amongst major S&P 500 sectors, down 0.7%, while healthcare added 0.5%. At 9:41 a.m. ET, the Dow Jones Industrial Average was down 5.50 points, or 0.02%, at 33,544.77, the S&P 500 was down 5.18 points, or 0.12%, at 4,269.33, and the Nasdaq Composite was down 54.28 points, or 0.41%, at 13,038.57. Meanwhile, data showed the U.S. economy maintained a fairly strong pace of growth in the second quarter, the government confirmed on Thursday. It also appeared to have gathered momentum this quarter amid a resilient labor market. "We expect a weakening labor market and mounting headwinds to disposable incomes will drive a sharper slowdown in consumption and the broader economy over the rest of the year," said Michael Pearce, lead U.S. economist at Oxford Economics. Pearce added that a sharp slowdown into year-end will keep policymakers on the sidelines, rather than following through with an additional rate hike as planned. Also on radar will be comments by Powell at 4 p.m. ET, as well as remarks by voting member Lisa Cook during the day. Chicago Fed President Austan Goolsbee said the U.S. central bank may be on the cusp of "something rare" by lowering inflation without a major blow to jobs and growth. Deepening inflation concerns, U.S. oil futures jumped to a more than one-year high on earlier on Thursday. Traders' bets on the benchmark rate remaining unchanged in November and December stood around 79% and 62%, respectively, according to CME's FedWatch tool. Meanwhile, a 25-basis-point rate cut is being priced in as early as March, growing to over 31% in June and July. The scope for interest rates staying higher for longer than anticipated has solidified with soaring energy prices keeping headline inflation elevated. The S&P 500 and the Nasdaq are on course for their worst monthly performance of the year as Treasury yields hit multi-year highs on uncertainty around interest rates. All the three indexes are set for their first quarterly decline in 2023. With a partial government shutdown just three days away, a procedural vote on a bipartisan short-term spending measure by the Senate on Thursday will also be closely watched. Among individual movers, Micron Technology (NASDAQ:MU) dropped 4.7% after forecasting a bigger-than-expected first-quarter loss. CarMax (NYSE:KMX) lost 11.2% after the used-car retailer posted a lower-than-expected quarterly profit. Accenture (NYSE:ACN) slumped 4.4% after the IT services firm forecast full-year earnings and first-quarter revenue below Wall Street targets. Advancing issues outnumbered decliners by a 1.34-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and eight new lows, while the Nasdaq recorded 15 new highs and 88 new lows.
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By Sameer Manekar and Yelin Mo (Reuters) -Chinese automaker BYD (SZ:002594) said on Monday its electronics unit has struck a deal with U.S.-based manufacturer Jabil Inc to buy its mobile electronics manufacturing business in China for 15.8 billion yuan ($2.2 billion). The deal will expand BYD Electronic's (BE) customer base, product portfolio and its smartphone components business as it looks to capture Jabil's potential growth in the sector. Jabil Circuit (NYSE:JBL), which is based in Singapore and manufactures printed circuit boards, established a unit this month that absorbed its product-manufacturing businesses in Chengdu and Wuxi, which will now be sold to the Chinese group. Shares in BYD Electronic initially fell as much as 9% in Hong Kong on Monday but reversed their losses and were up 0.5% by the afternoon, while the broader market rose 1.5%. The Hong Kong-listed stock of its parent BYD was up 0.9%. Although now best known for its electric vehicle business, BYD started out by selling electronic components. In 2007, BYD listed its BE unit on the Hong Kong Stock Exchange. BE's major business has been selling electronic components for consumer electronics products such as smartphones and laptops. This was one of three key business segments for BYD Electronic, accounting for more than 70% of its total revenue in 2022. "For BYD, I think it’s a reminder that they do more than just dominate in EVs," said Tu Le, founder of consultancy Sino Auto Insights, adding that they were higher up in the mobile supply chain and were a supplier to Apple Inc (NASDAQ:AAPL). Citi analysts said in a note that they believed the deal involved Jabil's Green Point metal casing operations in Wuxi, and that it could see BE further penetrating into Apple's casing supply with higher market share. BE will likely have to fund the acquisition with loan and equity issuance, they added. BYD and BE did not disclose how they planned to finance the deal. BE and Jabil did not immediately respond to requests for further comment. "While improving BE's market share of products, the acquisition will effectively synergize with BE's existing products, enhance the overall competitiveness, ensure long-term sustainable development," BYD said in an exchange filing, without divulging any further details about the acquisition. If the deal was completed, the definitive agreement would enable Jabil to "enhance our shareholder-centric capital framework, including incremental share buybacks", Chief Executive Kenny Wilson said in a statement. The deal would allow Jabil to further invest in "electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets," Wilson added. Jabil Circuit works with companies in healthcare, telecommunications, computing and storage, with an aim to drive supply-chain intelligence, according to its website. BYD first entered the car industry in 2003 when it acquired Nanjing-based automaker Qin Chuan, which held a permit for car manufacturing. It launched its first car model three years later. ($1 = 7.2890 Chinese yuan)
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By Amruta Khandekar and Shristi Achar A (Reuters) - The S&P 500 and Dow rose on Wednesday as Target results lifted the retail sector, while investors awaited minutes of the Federal Reserve's July policy meeting for cues on the bank's interest rate path. Shares of Target jumped 6.3% after the big-box retailer's second-quarter profit beat outweighed its annual forecast cut. Bigger rival Walmart (NYSE:WMT), which is scheduled to report results on Thursday, rose 0.5%, while department stores Macy's (NYSE:M) and Kohl's (NYSE:KSS) gained 2.1% and 0.7%, respectively. Home Depot (NYSE:HD) rose 1.2%. The S&P 500 consumer staples index added 0.4%, while energy firms rose 0.5% as Chevron (NYSE:CVX) gained 1.3% after Mizuho upgraded its rating. Equities have been going through a rough patch in August, with the S&P 500 languishing at a more than one-month low as data underscoring sticky inflation and a robust economy has fanned fears of interest rates staying elevated for longer. While investors largely expect the Fed's monetary tightening to be nearing its end, worries linger the central bank could hold rates at the current level for longer. Traders' bets of a rate hike pause in September stand at nearly 91%, according to CME Group's (NASDAQ:CME) Fedwatch tool. The Federal Reserve's July 25-26 meeting minutes are due at 1400 ET (1800 GMT). The central bank had raised rates by 25 basis points at the end of the meeting. "Investors are expecting that the Fed's tone will remain fairly hawkish within those minutes," said Sam Stovall, chief investment strategist at CFRA Research. "Our economists believe that rates will be cut in the beginning of 2024, but the worry is that maybe the Fed will keep rates higher for longer in order to ensure that inflation is coming down." Investors also digested stronger-than-expected industrial production data for July which drove yields on the 10-year Treasury note to session highs of 4.235%. Nvidia (NASDAQ:NVDA) edged up 0.5% after Piper Sandler became the latest Wall Street brokerage to raise its price target on the stock ahead of the chip designer's earnings next week. Keeping the Nasdaq under pressure, Tesla (NASDAQ:TSLA) slid 0.4% after the electric-car maker cut prices for its premium Model S and Model X cars in China by more than 6%. At 9:55 a.m. ET, the Dow Jones Industrial Average was up 137.92 points, or 0.39%, at 35,084.31, the S&P 500 was up 5.03 points, or 0.11%, at 4,442.89, and the Nasdaq Composite was down 29.36 points, or 0.22%, at 13,601.68. Among other stocks, U.S.-listed shares of Tower Semiconductor (NASDAQ:TSEM) dropped 8.8%, after Intel (NASDAQ:INTC) terminated its plans to acquire the Israeli contract chipmaker. Coinbase (NASDAQ:COIN) gained 2.5% as it secured regulatory approval to offer cryptocurrency futures to U.S. retail customers. Advancing issues outnumbered decliners by a 1.53-to-1 ratio on the NYSE and by a 1.03-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and 10 new lows, while the Nasdaq recorded 20 new highs and 92 new lows.
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Investing.com -- U.S. stocks wobbled early on Monday as investors anticipate earnings reports from major retailers and retail sales data for July that could shed more light on the health of the American consumer. At 11:21 ET (15:21 GMT), the Dow Jones Industrial Average was down 7 points or less than 0.1%, while the S&P 500 was up 0.3% and the NASDAQ Composite was up 0.5%. The main equities indices have had a tricky start to August, with the broad-based S&P 500 and the tech-heavy Nasdaq Composite both falling last week, the Nasdaq’s first two-week losing streak of the year. The blue-chip Dow Jones Industrial Average, however, posted small gains last week, its fourth positive week in five. Fed minutes to offer monetary policy clues Inflation data at the end of last week came in a touch stronger than expected, causing Treasury yields to rise as investors factored in the possibility of the Federal Reserve continuing to tighten monetary policy in September. However, this is not the prevailing wisdom, with Goldman Sachs speaking for many when it expects the central bank to pause in September and then declare in November that a moderation in inflation means that a final hike would be "unnecessary." The influential investment bank then sees the Fed starting to cut interest rates again by the end of next June, rolling out gradual reductions in borrowing costs every quarter after that month. The Fed releases the minutes from its July policy meeting on Wednesday, which should help investors gauge the appetite for further rate increases ahead of its annual get-together in Jackson Hole, Wyoming at the end of the month. Major retailers set to release earnings Ahead of this, Tuesday sees the release of the retail sales for July, a gauge into the health of consumer spending as investors await quarterly earnings from a number of the country’s big retailers. Home Depot (NYSE:HD) is due to release results on Tuesday, Target (NYSE:TGT) on Wednesday and Walmart (NYSE:WMT) on Thursday. The second quarter earnings season is winding down with S&P 500 results presenting a mixed picture - companies are beating analysts' profit expectations at the highest rate in nearly two years even as revenue beats dropped to the lowest since early 2020. Tesla cuts prices in China Elsewhere, Tesla (NASDAQ:TSLA) has cut prices in China for two of its Model Y model, as the electric car maker attempts to combat increased competition and entice customers wary of making big purchases in an uncertain economy. Tesla shares fell 1.8%. Sales of Tesla cars made in China dropped by 31% month-on-month in July, the first decline since December. Crude retreats as dollar rises Oil prices retreated Monday, as concerns about China’s faltering economic recovery as well as a stronger dollar prompted profit-taking after seven weeks of gains on tightening supply from OPEC+ output cuts. Friday’s U.S. producer price index release saw the dollar climb to a five-week high, which hurts demand for crude as it makes the commodity more expensive for international buyers. (Peter Nurse and Oliver Gray contributed to this item.)
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By Wayne Cole SYDNEY (Reuters) - Asian share markets were in a cautious mood on Monday after a mixed U.S. jobs report sparked a rally in beaten-down bonds, but new hurdles lay ahead in the shape of U.S. and Chinese inflation figures due later this week. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower in thin trade, after losing 2.3% last week. Japan's Nikkei turned flat, having found support at its July low. A summary of the last Bank of Japan meeting showed members felt making yield policy more flexible would help extend the life of its super-easy stimulus. Chinese blue chips eased 0.9% with investors still disappointed at the lack of major and concrete stimulus steps from Beijing. EUROSTOXX 50 futures dipped 0.3% and FTSE futures 0.5%. Going the other way, S&P 500 futures added 0.3% and Nasdaq futures 0.5%. With roughly 90% of S&P 500 earnings reported, results are 4% better than consensus estimates with more than 79% of companies beating the Street. Results due this week include Walt Disney (NYSE:DIS) and News Corp (NASDAQ:NWSA). Data on U.S. consumer prices are forecast to show headline inflation picking up slightly to an annual 3.3%, but the more important core rate is seen slowing to 4.7%. Analysts at Goldman Sachs (NYSE:GS) see a downside risk to the numbers in part due to falling car prices, an outcome that might help keep the bond rally alive and kicking. In China, the market is looking for further signs of deflation with annual consumer prices seen down around 0.5%, and producer prices falling 4%. Any upside surprises would be a test for Treasuries which steepened markedly early last week ahead of a flood of new borrowing. In the event, a mixed payrolls report helped reverse much of the losses, particularly at the short tend. Futures imply only a 12% chance of a Federal Reserve rate hike in September, and 24% for a rise by year-end. Michael Gapen, an economist at BofA, cautioned the market was still expecting too much policy easing next year given the recent run of resilient economic data. "We now expect a soft landing for the U.S. economy, not the mild recession we had previously forecasted," wrote Gapen. "While the market implies between 120-160bps of Fed cuts in 2024 we look for only 75bps," he added. "There's simply less reason for the Fed to quickly pivot to rate cuts in 2024 when growth is positive and unemployment is low." As a result, the bank raised its year-end forecast for two-year and 10-year yields by 50 basis points to 4.75% and 4%, respectively. On Monday, two-year yields were ticking higher again to 4.82%, with the 10-year up at 4.06%. The pullback in yields took some steam out of the U.S. dollar, which was a shade firmer at 142.12 yen but short of last week's top of 143.89. The euro held at $1.0988, having bounced from a trough of $1.0913 last week. The dip in the dollar helped gold hold at $1,940 an ounce, after Friday's rally from $1,928.90. [GOL/] Oil prices paused having rallied for six straight weeks amid tightening supplies. The 17% climb in Brent combined with upward pressure on food prices from the war in Ukraine and global warming, is a threat to hopes for continued disinflation across the developed world. [O/R] Brent was off 8 cents at $86.16 a barrel, while U.S. crude also fell 8 cents to $82.74.
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earning as well as they released new car
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I am just reviewing some charts and just finished watching indy car qualifying in Toronto
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Stellantis (STLAM.MI). Il marchio Fiat di Stellantis ha ufficialmente presentato ieri al Lingotto, a Torino, i suoi ultimi due modelli: la nuova 600e, un Suv di piccole dimensioni offerto da subito in versione elettrica, e la city car Topolino.
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By Qiaoyi Li and Brenda Goh BEIJING/SHANGHAI (Reuters) -U.S. automaker Tesla (NASDAQ:TSLA) and its chief Chinese rival BYD achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up. Tesla sold 93,680 China-made electric vehicles (EVs) in June, up 18.72% from a year earlier, when Tesla's factory in Shanghai delivered 78,906 China-made Model 3 and Model Y vehicles after the city ended a two-month COVID-19 lockdown. The U.S. automaker sold 247,217 China-made cars over April-June, the most since it started delivering vehicles from Shanghai in early 2020, the data also showed. Tesla reported record deliveries of 466,140 globally for the second quarter. Chinese rival BYD, with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, saw June sales surge 88.16% year-on-year to 251,685 vehicles, according to CPCA data. This was also the first time BYD's monthly sales surpassed 250,000 units and meant that between April to June, BYD delivered 700,244 vehicles, the data showed. CPCA estimated total sales of new energy passenger vehicles - both at home and for export, and including pure electric and plug-in hybrids - at 740,000 units in June, up 30% from a year earlier. It did not separate domestic sales and exports. The companies' sales surge point to how they are so far managing to stay ahead of their competition even as overall auto sales slow in China amid a softening economy. Tesla slashed prices for its two ageing models at the beginning of the year to boost sales and started a price war, prompting competitors - including BYD - to offer discounts or new lower-priced models. The EV sector is also being given additional support from the Chinese government, which wants to drive sales to shore up a faltering economic recovery. In June, Beijing announced 520 billion yuan ($71.67 billion) worth of purchase tax breaks on new-energy vehicles through the end of 2027. Caps on the tax exemption, however, may help drive sales growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers, analysts said. ($1 = 7.2553 Chinese yuan)
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lol, they need to drop that magic word, maybe a AI self driving car
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"We view today’s report as supportive of our call for a pause at the June FOMC meeting, because the shelter stepdown looks increasingly durable, inflation breadth softened somewhat further, and the strength in used car prices is likely temporary." - Goldman
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part of the fun, need to voice trade while in car haha
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travel is up don't know about car rental
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car is a tough chart
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I forgot they are electric car. might get a pop. most likely reverse split after that
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the US economy is on the verge of a historical collapse. Think of all those car loans made in the last two years at stupid prices. Even $TSLA have discounted their cars by around 25% since the peaks. Who is going to repay those loans, they going to hand back the car. Commercial real estate is 20% empty, i.e = no tenant...but 30% of the rest are just paying the lease until they can get out. Home are to follow. The banks are all bust
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@Clive #The Sharp End
**What can be done** A message from Andy B a Sharp End Elite Trader "I've over complicated my trading in the past which is why it was bouncing along with no real progress. Under your guidance I've simplified it, not got greedy and become more patient. Seems to be working much better now. MY first Quarter was a bit of a car crash with those big oil trades we discussed really pummelling my account. Since the trading day I'm about 25% up so feeling much better about it all. The trading day at Gatwick was a real game changer. I'm pleased with how its gone since then but I'm not going to run before I can walk. I'm going to trade with this smallish account for the balance of this year just to make sure I'm competent. Then next year if I decide its a go I'll invest in a good screen set up and start trading a bigger account. However lets not put the cart before the horse baby steps."
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yeah @dros, Tsla is the best placed car company in many ways but market looking for an excuse maybe. However maybe they go easy or turn it around overnight, dont think they are ready to pull plug on the market yet
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$FNCH (+15.0% pre) Finch Therapeutics Reports Clinical Collaboration in Ulcerative Colitis http://ooc.bz/l/126371 $JNJ (+0.5% pre) Leaked study results show a CAR-T from J&J providing big benefit for patients with multiple myeloma - STAT http://ooc.bz/l/126372 $OPGN (+11.4% pre) OpGen (OPGN) Enters Distribution Agreement for Unyvero in the US with Fisher Healthcare - SI http://ooc.bz/l/126374
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HONG KONG/SHANGHAI (Reuters) -Chinese electric vehicle (EV) giant BYD said on Wednesday it was large enough to shake off the impact of a bruising price war and faltering demand in China, after reporting an 11-fold increase in fourth-quarter profit. The strong result came as it extended its lead in the Chinese market, thanks to an expanding range of products that is helping it overtake Volkswagen (ETR:VOWG_p) to become the top-selling brand. BYD's large scale would help it maintain strong profit margins despite a price war and the end of EV subsidies, Chairman Wang Chuanfu told reporters in Hong Kong on Wednesday, referring to developments that occurred after the end of the fourth quarter. The company posted on Tuesday a quarterly profit for October-December of 7.3 billion yuan ($1.06 billion), up from 602 million yuan a year earlier. The gross profit margin for automobiles and related products, which accounted for 77% of BYD's revenue in 2022, increased to 20.4%, well above the 3.7% margin in 2021. More than 40 auto brands, including BYD, followed Tesla (NASDAQ:TSLA)'s Jan. 6 move to cut prices to defend market shares amid weakening demand. But BYD is among the few winning market share. Bolstered by its Dynasty and Ocean series of plug-in hybrids and pure electric cars, BYD took overtook Volkswagen in February for the second month in four. BYD accounted for 41% of so-called new energy car sales in the world's biggest auto market for the first two months of the year. Tesla, by contrast, had an 8% share. Wang said he expected the company's vehicle sales to grow more than 80% in the first quarter, which would outperform the overall market but mark a slower pace compared to BYD's more than 200% sales increase in 2022. The Chinese EV giant has been slowing output since the start of the year when Beijing ended a national subsidy programme for EVs and plug-in electric vehicles. It has reduced shifts at two auto assembly plants in Shenzhen and Xian in China making its top-selling models including the Song and Qin EVs, Reuters reported last week. ($1 = 6.8756 Chinese yuan renminbi)
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By Amruta Khandekar and Shubham Batra (Reuters) - Wall Street's main indexes edged lower on Wednesday, ahead of the outcome of the Federal Reserve's rate-setting meeting in which the central bank will seek to balance inflation and banking sector concerns. Traders have halved the size of the expected interest rate hike to 25 basis points following troubles in the banking sector, with some pointing to the Fed's aggressive monetary tightening over the past year as one of the reasons for the crisis. Analysts have said a pause was unlikely as it would indicate the banking turmoil, sparked by the failure of two U.S. regional lenders, had rattled the central bank. The U.S. central bank's two-day policy meeting will end at 2 p.m. ET (1800 GMT), with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. "In order to solve the banking problem, you really have to go back down to very low interest rates and I don't think that's going to happen," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest. "What you're going to wind up with is a Fed that will probably be a little bit more focused on inflation and they're going to deal with the banking situation as it comes up." Eight of the S&P's 11 major sectors were in the red, with rate-sensitive real estate stocks falling 1.9% to their lowest level since Nov. 4. Apple Inc (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA) Corp, up 0.4% and 2.4% respectively, helped limit losses for the broader markets. Wall Street's main indexes notched gains in the past two straight sessions, after the rescue of Credit Suisse as well as measures by central banks to boost liquidity helped soothe some worries about risks to other banks. However, a scramble by troubled regional U.S. lender First Republic Bank (NYSE:FRC) to secure a capital infusion has kept alive some worries about the banking sector. Shares of First Republic slid 4.4%, with a Bloomberg News report on Tuesday stating the bank's rescue could rely on backing from the U.S. government to facilitate a deal. Shares of its peer PacWest Bancorp were down 7.9%, while Western Alliance (NYSE:WAL) Bancorp was marginally up 0.1%. U.S. Treasury yields rose, with the yield on the two-year note, which best reflects interest rate expectations, last at 4.212%. At 9:42 a.m. ET, the Dow Jones Industrial Average was down 31.96 points, or 0.10%, at 32,528.64, the S&P 500 was down 4.51 points, or 0.11%, at 3,998.36, and the Nasdaq Composite was down 17.73 points, or 0.15%, at 11,842.38. Among other stocks, Virgin Orbit Holdings Inc soared 42.3% after Reuters reported the company is near a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown. GameStop Corp (NYSE:GME) jumped 32.1% after the company posted a surprise profit for the fourth quarter, helped by lower costs and job cuts. Carvana Co (NYSE:CVNA) rose 17.8% after the used-car retailer forecast smaller core loss in the current quarter due to a raft of cost-cut measures. Declining issues outnumbered advancers by a 1.56-to-1 ratio on the NYSE a 1.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 13 new highs and 34 new lows.
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By Liz Moyer Investing.com -- U.S. stocks were falling after fresh data showed prices accelerated in January, stoking fears about interest rates. At 10:31 ET (15:31 GMT), the Dow Jones Industrial Average fell 490 points or 1.5%, while the S&P 500 was down 1.6% and the NASDAQ Composite was down 2.1%. A key inflation measure used by the Federal Reserve, called the personal consumption expenditure index, rose 0.6% in January, faster than the 0.2% gain in December. On an annual basis, PCE rose to 5.4% in January from a 5.3% gain in December. Core prices, stripping out fuel and food, rose 0.6% and 4.7% for the month and year, respectively. The readings were higher than expected. Hotter-than-expected inflation could encourage the Fed to keep interest rates higher for longer. The market expects the central bank to raise rates by a quarter of a percentage point in March and again in May. The policy rate is expected to reach 5.36% by mid-summer and could remain elevated for the rest of 2023. Shares of Carvana Co (NYSE:CVNA) sank 16% after the used car dealer known for its car vending machines posted a wider-than-expected loss and declining revenue in the fourth quarter because demand for used cars has dwindled. Boeing Co (NYSE:BA) stock fell 4.4% after the plane maker suspended deliveries of its Dreamliner 787 model to examine a fuselage component. Oil was falling. Crude Oil WTI Futures were down 0.7% to $74.89 a barrel, while Brent Oil Futures were down 0.4% to $81.91 a barrel. Gold Futures fell 0.4% to $1,819.
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2nd hand car prices starting to recover
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$XOM Feb03 115 P $C Jan-24 45 P $UAL Jan-24 28 P $PHG Apr 15 P $PFE Feb03 43 P $PLTR May 7 P $AR Mar 30 P $RL Apr 100 P $BHC Dec-25 3 P $JWN Apr 15 P $AAPL Mar 105 P $AMC Jul 5 P $MPW Apr 11 P $COOP Apr 40 P $FITB Feb 35 P $DASH Mar 50 P $SHLS Feb 25 P $KGC Mar 4.5 P $BIG Apr 12.5 P $CAR Mar 150 P $MSFT Jun 130 P $W Mar 35 P
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$XOM Feb03 115 P $C Jan-24 45 P $UAL Jan-24 28 P $PHG Apr 15 P $PFE Feb03 43 P $PLTR May 7 P $AR Mar 30 P $RL Apr 100 P $BHC Dec-25 3 P $JWN Apr 15 P $AAPL Mar 105 P $AMC Jul 5 P $MPW Apr 11 P $COOP Apr 40 P $FITB Feb 35 P $DASH Mar 50 P $SHLS Feb 25 P $KGC Mar 4.5 P $BIG Apr 12.5 P $CAR Mar 150 P $MSFT Jun 130 P $W Mar 35 P
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car lol you hv lot of stocks anyways > @dros said: or buying the cars at these lowered prices
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By Noor Zainab Hussain and Hannah Lang (Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank's shares were down nearly 4% in premarket trade. The fourth-largest U.S. lender reported a profit of 67 cents per share for the quarter ended Dec. 31, compared with $1.38 per share a year earlier. On an adjusted basis, the bank earned 61 cents per share, compared with analysts' estimates of 66 cents per share, according to Refinitiv IBES data. Provision for credit losses was $957 million in the quarter, compared with a $452 million release a year earlier. Provision for credit losses in the quarter included a $397 million increase in the allowance for credit losses primarily reflecting loan growth, as well as a less favorable economic environment, the bank said. Though Wells Fargo (NYSE:WFC)'s operating losses were "one-offs" related to litigation and regulatory and customer remediation, its results were disappointing, said Thomas Hayes, chairman and managing member at Great Hill Capital. "Of the major banks, Wells is the weakest of the reports today. They continue to underwhelm," he said. Banks are building up rainy day funds as U.S. Federal Reserve policymakers decide on the future path of interest rates. After aggressively raising interest rates in an attempt to bring soaring inflation to heel, Fed policymakers say they are encouraged by the recent slowing in jobs and wage growth that could temper inflation. The outlook for big U.S. banks has been further clouded by the Russia-Ukraine conflict and fading stimulus. Higher borrowing costs have also softened demand for mortgages and car loans, crimping banks' revenues. Meanwhile, a slump in dealmaking has weighed on banks' investment banking businesses, which had a blockbuster 2021. Wells Fargo is still working to contain the fallout from a six-year-old scandal over its sales practices that led to hefty fines and an asset cap imposed by the Fed on the lender's ability to expand its balance sheet. In December, the U.S. Consumer Financial Protection Bureau hit Wells Fargo with the watchdog's largest ever civil penalty as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts. The bank said its estimate of reasonable possible losses in the fourth quarter is around $1.4 billion, down from $3.7 billion as of the end of September. "I wouldn't say we are done with all the regulatory work but what I would say is we put a lot of issues behind us over the last couple of quarters and you can see that come through in the reasonable possible loss estimate, said Wells Fargo Chief Financial Officer Mike Santomassimo on a media call with reporters. Overall, non-interest expenses rose to $16.2 billion from $13.2 billion a year earlier. In the fourth quarter, the bank posted $3.3 billion in operating losses related to litigation, customer remediation and regulatory matters associated with the scandal over its sales practices. The fourth-largest U.S. lender reported a profit of 67 cents per share for the quarter ended Dec. 31, compared with $1.38 per share a year earlier. Chief Executive Officer Charlie Scharf is working on fixing the bank's problems after it spent billions on lawsuits and regulatory fines. As part of his turnaround plan, Scharf aims to cut costs, scale back Wells Fargo's huge mortgage business and expand its investment banking business. "While our risk and regulatory work hasn't always followed a straight line and we have more to do, we have made significant progress, and are moving forward," Scharf said. Art Hogan, chief market strategist at B. Riley Financial, called Scharf's comments constructive. "Wells Fargo results were a combination of higher-than-expected expenses for the fourth quarter as well as lower-than-expected revenue," he said. Wells Fargo has struggled over the past few years to satisfy regulators that it has fixed its problems and repaid customers who were harmed by its aggressive sales practices. The company's net-interest income rose 45% to $13.4 billion in the quarter. Total revenue fell to $19.7 billion from $20.9 billion a year earlier.
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I remember The VW ceo SAYING mUSK COULD MAKE A CAR IN 1/3 TIME IT TOOK VW. Thats a hell of a competitive advantage when it comes to price war
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huge price drops for TSLA, got to hurt margins a bit but I expect its a bodyblow to the nascent Electric car makers and legacy auto
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avis budget group, inc. is a leading global provider of vehicle rental services, both through its avis and budget brands, which have more than 10,000 rental locations in approximately 175 countries around the world, and through its zipcar brand, which is the world's leading car sharing network, with more than 900,000 members. avis budget group operates most of its car rental offices in north america, europe and australia directly, and operates primarily through licensees in other parts of the world. avis budget group has approximately 30,000 employees and is headquartered in parsippany, n.j.
CEO: Joseph Ferraro
HQ: 6 Sylvan Way Parsippany, 07054-3826 New Jersey