Trading Ideas

Tesla Inc plans to increase its production capacity for certain car parts at its $2 billion factory in China, according to a government document seen by Reuters, as it pushes to localize its supply chain in the world’s biggest auto market. The U.S. automaker, which started delivering Model 3 electric sedans from its Shanghai factory in December, plans to add lines to make more battery packs, electric motors, and motor controllers, according to the document submitted by Tesla to Shanghai government. Tesla, which as of end-December used about 70% imported parts for the cars it made in …read more […]

(Bloomberg) — President Donald Trump promised “very dramatic” actions to support the U.S. economy as the World Health Organization said the threat of a pandemic is “very real.”Infections climbed across Europe, prompting a nationwide lockdown across Italy, but signs of improvement emerged in Asia. China announced only 19 new cases, the lowest since Jan. 18 according to official figures, while South Korea also saw a slowing trend. In a sign China sees the virus under control, President Xi Jinping visited the city of Wuhan for the first time since the disease emerged.Trump said he will seek a payroll tax cut …read more […]

The drivers, three individuals and a couple, are among some 350 people who opted out of a $10 billion U.S. class action settlement with the German automaker which agreed to buy back hundreds of thousands of its cars after it admitted to using illegal software to cheat U.S. pollution tests in September 2015. The five were part of an initial trial of 10 plaintiffs, aimed at setting a pattern to resolve the remaining claims. The jury had earlier this month awarded the five a total of $5,747 in compensatory damages. …read more […]

(Bloomberg) — At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according to people familiar with the matter.The so-called nominations show how the price war that’s broken out between the world’s biggest crude producers is having an immediate impact on global oil flows. Taking additional Saudi crude would mean the buyers make significantly fewer purchases in the spot market, potentially devastating markets in which companies traditionally sell their crude via tenders and spot transactions, including West Africa and some …read more […]

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The Committee on Foreign Investment in the United States (CFIUS) informed Cypress that it had determined “there are no unresolved national security concerns” with the merger, the San Jose, California-based company said in a statement. Shares of both companies took a hit last week after a report said, citing sources, that the U.S. Treasury-led CFIUS had advised President Donald Trump to block the deal due to national security risks. Cypress shares were up about 45% at $22.20 after market close on Monday. …read more […]

Oil prices jumped more than 6% on Tuesday, clawing back some ground on hopes that a price war by top producers Saudi Arabia and Russia that sparked the biggest daily rout since the 1991 Gulf War will not be sustained. Brent crude futures rose $2.31, or 6.7%, to $36.67 a barrel by 0115 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.79, or 5.8%, to $32.92 a barrel following declines of nearly 25 percent on Monday. Both benchmarks dropped to their lowest since February 2016 in the previous session and recorded their biggest one-day percentage declines since …read more […]

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(Bloomberg) — U.S. stock futures saw a modest gain in early Asian trading Tuesday after the biggest rout in equities on Wall Street since 2008.Contracts on the S&P 500 Index, which briefly traded down 20% from their high — signaling a bear market — gained after the Trump administration previewed economic measures to be unveiled Tuesday to address the blow from the coronavirus. Treasury Secretary Steven Mnuchin rejected comparisons with the financial crisis. Australia’s benchmark fell as much as 3.8% before erasing most of the losses. Japan stocks are set to open weaker, while bonds and currencies stabilized after wild …read more […]

(Bloomberg) — U.S. stock futures erased losses after President Donald Trump promised “very substantial relief” for the economy as the coronavirus spreads.Contracts on the S&P 500 gained 1.5% as of 8:17 a.m. in Tokyo, erasing earlier losses as Trump said he’s considering payroll-tax cuts. The White House virus task force is holding a press conference in Washington.Futures had dropped as much as 1.9%, bringing the plunge since a February record past almost 20%. Dow Jones Industrial Average contracts also briefly fell more than 20% from the all-time high.“We certainly expect an economic slowdown but so much of where the global …read more […]

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With every day passing, and the headlines getting further hogged by worrisome developments regarding the spread of the coronavirus, the need for a treatment or vaccine becomes more acute.The market has recognized the need, too. While the bloodbath across all the major indexes continues, apart from a few outliers, the biotech companies searching for solutions are among the only names to have experienced any upward movement recently. Which brings us to small-cap biotech firm CytoDyn Inc. (CYDY).Yesterday, CytoDyn reported it had filed an Investigational New Drug (IND) application to launch a Phase 2 trial in the U.S. with leronlimab (PRO …read more […]

Contracts on the S&P 500, Dow and Nasdaq kicked off the overnight session sharply lower, suggesting the equity market carnage from Monday was set to continue. …read more […]

(Bloomberg) — Stitch Fix Inc. plunged almost 40% in extended trading after the clothing-subscription company cut its full-year sales and profit forecast on lower order values, rising costs and the potential impact of coronavirus.The company said fiscal 2020 net revenue will be $1.8 billion to $1.84 billion, from a previous projection of $1.9 billion to $1.93 billion, and below analysts’ estimates of $1.92 billion. Annual adjusted earnings before interest, taxes, depreciation and amortization will be zero to $10 million, the company said, from an earlier estimate of $18 million to $32 million.For the current quarter ending in April, sales will …read more […]

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