Wall Street Today | Musk says Tesla will continue to expand investments in China
Asia stocks seen steady as Treasury yields rise
Asia stocks are set to start the week under pressure with traders keeping an eye on the pace of economic recovery. The euro pared gains on a close German election.
Futures fell in Japan, where the ruling coalition chooses a new leader this week who will probably be the next prime minister. Contracts were little changed in Australia and fell in Hong Kong earlier. U.S. contracts were little changed. The Nasdaq Golden Dragon China Index -- which tracks some of the Asian nation’s largest firms listed in the U.S. -- sank Friday. The $S&P 500 Index(.SPX.US$ edged up to eke out a weekly gain.
Amazon's Whole Foods will charge for delivery beginning Oct. 25
$Amazon(AMZN.US$'s Whole Foods Market is implementing a grocery delivery fee across the U.S., rolling back a perk the retailer had offered for paying Prime members since it began offering home delivery from the organic grocer.
Shoppers who want home delivery from Whole Foods will be charged a $9.95 service fee on their orders beginning Oct. 25, a Whole Foods spokesperson said on Friday. Whole Foods started testing the delivery fee in several markets beginning in August.
Didi's closest China rival eyes new fundraising, potential IPO
The ride-hailing unit of $GEELY AUTOMOBILE HOLDINGS LIMITED(GELYF.US$, which almost $600 million earlier this month, is already in talks with investors for another funding round as it seeks to make ground on dominant market leader $DiDi Global (Delisted)(DIDI.US$.
Cao Cao Mobility, which says it is No. 2 in terms of daily trips, currently operates in 62 cities with a market share ranging from 15% to 30%. The number of trips doubled in September from the average during March and April.
Michael Burry says he received SEC subpoena over GameStop
Burry, the head of Scion Asset Management who rose to prominence after his winning wager against mortgages ahead of the 2008 financial crisis, took a bullish stance on $GameStop(GME.US$ in 2019. That helped spur the epic surge in the video-game retailer’s shares during the meme-stock frenzy early this year.
Market volatility, which also involved shares of $AMC Entertainment(AMC.US$ and several other stocks, sparked congressional hearings and SEC scrutiny of practices such as payment for order flow.
Market volatility, which also involved shares of $AMC Entertainment(AMC.US$ and several other stocks, sparked congressional hearings and SEC scrutiny of practices such as payment for order flow.
Elon Musk says Tesla will continue to expand investments in China
Elon Musk reassured $Tesla(TSLA.US$'s commitment to China in a virtual speech at the World Internet Conference that’s hosted by the Cyberspace Administration of China. Musk said the automaker will continue to expand its investments in the country.
Bitcoin miners eye nuclear power as environmental criticism mounts
Bitcoin miners, under fire for their sizable environent footprint, are forging partnerships with owners of struggling nuclear-power plants with electricity to spare.
Talen Energy Corp. has entered into a joint venture with bitcoin-mining company TeraWulf Inc., which has started land development for a mining facility the size of four football fields next to its Pennsylvania nuclear plant. Nuclear generator Energy Harbor Corp. will provide power to a Standard Power mining center in Ohio starting in December.
China declares cryptocurrency transactions illegal; Bitcoin price falls
China's central bank said all cryptocurrency-related transactions are illegal, reinforcing the country’s against digital rivals to government-issued money.
Cryptocurrencies weakened following the statement. The price of bitcoin fell more than 8%, compared with its level at 5 p.m. ET Thursday, before paring some of those losses. The cryptocurrency fetched just under $41,370 per bitcoin, according to CoinDesk. Ether tumbled more than 11% to trade at about $2,795.
Corporate-buyout loans near highs of 2007
A buyout boom fueled by easy money and a looming hike in the capital-gains tax is sweeping Wall Street deal making to highs not seen since before the 2008 financial crisis.
Companies have issued $120 billion of “leveraged loans” this year through Sept. 23 to finance corporate buyouts by private-equity firms—just shy of the $124 billion record for the first nine months of the year set in 2007, according to data from S&P Global Market Intelligence’s LCD.
Most deals have also gotten bigger. The average leveraged buyout cost about $2.5 billion in debt and equity this year, eclipsing the mean of roughly $2 billion in 2007, according to S&P.
Source: Bloomberg, WSJ, CNBC
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