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Tesla's market cap evaporated by $90 billion due to a sharp drop in stocks on the international market. Bank of America bought back $25 billion worth of shares. The US housing market has left almost everyone at a loss.
The headline news that global financial media focused on last night and this morning were mainly: the US real estate market has left almost everyone at a loss, only the super wealthy are able to cope. The US real estate market is currently experiencing one of the weakest affordability periods in decades, causing residential real estate sales to stagnate and eager homebuyers to be turned away. However, there is one group that has not been affected by this crisis, and that is the wealthy. Overall, the US performance during this critical sales season is disappointing. After a decrease of 15% in May, new home sales in June fell slightly below expectations, while existing home sales continued to decline for the fourth consecutive month. According to the US
Ford's electric autos business lost $1.1 billion, Q2 profits far below Wall Street's expectations.
On Wednesday, Ford's stock price fell more than 10% in after-hours trading, after the company's quarterly profits were far below Wall Street expectations and its electric vehicle business recorded a loss of 1 billion USD. In the second quarter, Ford posted a profit of 1.8 million USD, or 46 cents per share, compared to 1.9 million USD, or 47 cents per share, in the same period last year. After adjusting for one-time items, this auto manufacturer's earnings per share were 47 cents. Analysts surveyed by FactSet forecast that Ford's adjusted earnings per share will be 68 cents. Ford said the results included a pre-tax profit loss of 1.1 billion USD in its electric vehicle division, “The first generation of electric vehicles is facing…”
Barclays Downgrades FactSet Research Systems to Underweight From Equalweight, Adjusts PT to $390 From $460
BofA Securities Maintains FactSet Research Systems(FDS.US) With Sell Rating, Maintains Target Price $407
Barclays Downgrades FactSet Research Systems(FDS.US) to Sell Rating, Cuts Target Price to $390
Sector Update: Financial Stocks Rise Tuesday Afternoon
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