Wall Street Today | Tesla Raises Capital Spending Plan to at Least $7 Billion as It Cuts EV Prices
MACRO
Texas Factory Activity Contracted in April to Lowest Level in Nine Months -- Dallas Fed
Manufacturing activity in Texas weakened in April to its lowest reading since July, reflecting a darkened outlook as the pressures of rising interest rates and tough inflation weigh on demand for goods.
Morgan Stanley Sees Risks to Stocks From Earnings, Fed
A rally in US stocks leading up to this earnings season presents a near-term risk to equities given the prospect of further Federal Reserve rate hikes and fading profit growth, according to Morgan Stanley's Michael Wilson.
Corporate Insiders Step Up Stock Buying After Banking Turmoil
More than 1,000 officers and directors at more than 600 companies bought their own stock in March. That is the highest number on an individual and company basis since last May, according to the Washington Service, an insider-trading data analytics provider. The ratio of insider buying to selling last month swelled to the highest level since September, the firm found.
SECTORS
Hedge Funds Place Biggest Ever Short on Benchmark Treasuries
Recent positioning data suggests leveraged investors are about as confident as the central bank is that a slump be dodged even as the past year's inflation-fighting policy tightening bites on activity.
That group of investors boosted net shorts on 10-year Treasury futures to a record 1.29 million contracts as of April 18, data from the Commodity Futures Trading Commission show. It was the fifth straight week that net shorts had increased.
COMPANY
Tesla Raises Capital Spending Plan to at Least $7 Billion as It Cuts EV Prices
$Tesla(TSLA.US$increased its forecast for capital expenditures again and is now budgeting at least $7 billion for this year. The electric-car maker expects to spend as much as $9 billion in 2023, according to a regulatory filing. As of January, Tesla provided a forecast range that was $1 billion less at both the low and high end.
Apple Wins Epic Court Battle While Ceding Ground on App Store
$Apple(AAPL.US$ notched another victory in its long-running court battle to block Epic Games Inc. from breaking down barriers in the App Store, but the iPhone maker's moneymaking fortress remains under siege.
First Republic Stock Plummets Anew After Revealing 'Unprecedented' Deposit Flight, Layoff Plans
$First Republic Bank(FRC.US$'s stock fell 22% in after-hours trading on Monday despite stronger-than-expected first-quarter profit from the bank, as deposits disappeared amid concerns about regional banks.
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LVMH's Market Value Exceeds $500 Billion, a First in Europe
$LVMH Moet Hennessy Louis Vuitton(LVMHF.US$'s market value surpassed $500 billion, becoming the first European company to reach that milestone, thanks to booming sales of luxury goods in China and a strengthening euro.
Bed Bath & Beyond Gets Fresh $40 Million to Fund Bankruptcy
$Bed Bath & Beyond Inc(BBBY.US$ won permission Monday to tap $40 million, money the retailer said it needs to cover payroll for its roughly 14,000 employees and buy management time to try and locate a buyer in Chapter 11 bankruptcy to rescue some or all of its stores.
Source: Bloomberg, Dow Jones, CNBC
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