Author: starbpo

Monday, shares of Tesla Inc. went up because the company’s stock chart showed its first bullish moving-average crossing signal in more than a year. Yesterday, Tesla’s stock (TSLA 5.30%) fell 12.6%, the first time in three weeks that it had gone down. This morning, it went up 3.8%. It’s been six weeks since the last such streak stopped on January 26. The worst day of the selloff was July 24, when shares fell 12.3% after Tesla reported a profit for the second quarter that was lower than expected and announced that its much-anticipated “robotaxi” event would not happen until October…

The Delaware Basin is in Texas and New Mexico. On Monday, Occidental Petroleum Corp. said it had agreed to sell parts of it to Permian Resources Corp. PR 0.10% for around $818 million. The energy giant said it had sold other assets worth a total of $152 million. Warren Buffett’s Berkshire Hathaway Inc. BRK.B 0.05% owns a 29% share in the company, which is worth about $15 billion. Occidental OXY -0.35%, based in Houston, said that the $970 million in proceeds would be used to pay down debt as part of a previously announced $4.5 billion to $6.0 billion divestiture…

When she spoke to a major teachers union in Houston on Thursday, Vice President Kamala Harris talked about the Biden administration’s work to forgive student loans. She did this to show how different the White House’s record is from the way Republicans handle this problem. So far, the Biden administration has forgiven more than $168 billion in student loans for some groups of borrowers. Officials at the White House are also working on a plan to forgive even more loans for a wider range of borrowers. People who have worked for the government or certain nonprofits for at least 10…

The numbers show that consumers’ confidence in the U.S. economy stayed at an eight-month low in July. This was due to frustration with long-lasting inflation, especially among low-income families that are feeling the pinch the most. The University of Michigan said Friday that the final reading of the consumer mood index for July was 66.4, up a little from the first reading of 66.0 earlier in the month. The snow level has dropped four months in a row, though, and it’s now the lowest it has been since last winter. It is also a long way below its all-time high…

Since inflation in the U.S. is falling and worries that the economy is getting too hot are subsiding, experts are pretty sure that the Federal Reserve will lower its key interest rate for the first time this cycle in September. It’s not clear what will happen next. Diane Swonk, chief economist at KPMG Economics, said, “The ground is rough, and the Fed is walking a tightrope.” The Fed has kept its policy rate steady at between 5.25% and 5.5% for the past year. That’s a lot higher than the nearly 3% rate that’s considered “neutral.” The central bank kept policy…

Only three S&P 500 sectors — Consumer Staples, Materials and Utilities — show insider optimism. People who work for companies are selling their shares at the fastest rate in at least ten years, showing a sharp change in their outlook. This is what the website InsiderSentiment.com says. It is run by Nejat and Jon Seyhun. The first person is a finance professor at the University of Michigan and one of the foremost experts in academics on figuring out what insiders are doing. The Seyhuns only look at two types of people that the law considers insiders (corporate leaders and directors)…

The New York Stock Exchange said on Friday that the date for the initial public offering of billionaire investor Bill Ackman’s new investment fund Pershing Square USA looked a little less clear. However, the fund said it was still going ahead with the offering. The NYSE first said that Pershing Square USA’s IPO was “postponed to a date to be announced” in a notice that was part of a list of corporate actions. They did not give any other details. Later, the notice was changed to say that the IPO would happen “on a date to be announced.” In a…

Shares of 3M Co. went through a record high on Friday after the company that makes Post-it Notes, Scotch tape, and Command strips beat earnings estimates for the second quarter and raised its forecasts for the whole year. “We had another great quarter with adjusted earnings growth in the double digits and strong cash generation,” said Bill Brown, the new CEO. “I want to thank the people who work at 3M for doing a great job, which we expect to continue in the second half of the year.” The price of MMM 22.99% stock went up 23% to the highest…

Berstein analyst Stacy Rasgon says that when Advanced Micro Devices Inc. reports its second-quarter earnings on Tuesday, the company’s AI story “will still probably be all that matters to investors.” In order to do that, he thinks the company will likely raise its AI revenue forecast again. Will that be enough to help its stock, which has been one of the S&P 500’s 1.10% SPX: The worst performers since July 10? Rasgon and his team feel that current expectations, which are already high, could go up even more. 0.48% direction. Another thing he mentioned was “recent newsflow” about possible problems…

Wedbush, an analyst firm, says that AMC Entertainment Holdings Inc. will gain from better summer box office. On July 24, the movie theater chain and original meme stock gave guidance for the second quarter. AMC AMC 0.68% said that the strikes by Hollywood actors and writers had caused lingering weakness. Wedbush analyst Alicia Reese wrote in a note released Thursday that the North American box office ended down 27% year over year due to a tough comparison and the fact that fewer movies came out this year because of last year’s Hollywood labor strikes. “However, we expect the summer box…