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arfacapital · 3 months ago

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European markets European markets started the session in positive territory, albeit with modest gains. However, as the session progressed, indices displayed a mixed performance. The SMI outperformed following the SNB's larger-than-expected rate cut, while broader European equities turned more subdued ahead of the ECB's policy announcement. Autos and Energy/Basic Resources led the gains, driven by strong underlying commodity prices. Retail was the clear laggard, extending its prior session's weakness. US pre-market The Nasdaq surged past the 20,000 mark for the first time, driven by gains in Google and Nvidia. Meanwhile, the Dow dropped 99 points, continuing its losing streak, and the S&P 500 gained modestly. Tesla shares reached a record $424.77, propelled by market optimism surrounding its electric vehicle and AI prospects, along with favorable ties between Elon Musk and President-elect Trump. Quantum computing stocks also experienced a significant boost after Google introduced its "Willow" quantum chip, which sparked a 45% rise in Rigetti Computing's stock and lifted the Defiance Quantum ETF by 2%. Fixed income markets USTs are marginally weaker after an overnight selloff. Yields were steeper as the market awaited US PPI and ECB updates. Bunds softened, influenced by ECB anticipation and the SNB's unexpected policy move. French OATs and Gilts also edged lower, reflecting broader risk-off sentiment. The Italian Treasury successfully auctioned EUR 8.5 billion across maturities, meeting upper expectations. Commodities WTI and Brent saw marginal gains but pared earlier advances after the IEA downgraded 2024 demand growth forecasts. Prices remained near USD 70/bbl and USD 73/bbl, respectively. Gold held steady around USD 2,715/oz, under pressure from USD strength and rising yields, though benefitting from mixed risk sentiment. Copper remained range-bound above USD 9,200/MT, reflecting cautious market sentiment. Currencies The Dollar Index (DXY) traded steadily, staying within the 106.26-106.80 range. Market focus shifted to upcoming PPI data after the previous CPI report. EUR/USD hovered around the 1.05 level, awaiting the ECB's expected 25bps rate cut. The pair remained within a 1.0480-1.0539 range. JPY experienced mild depreciation after early APAC strength waned. The BoJ is reportedly leaning toward maintaining rates steady, pending consensus on next week’s decision. GBP held steady with limited UK-specific catalysts. GBP/USD tested a session high of 1.2787 before reverting to the prior range of 1.2714-1.2782. AUD outperformed following robust jobs data. Employment growth exceeded expectations, driving AUD/USD back above 0.64. CHF declined after the SNB surprised markets with a 50bps rate cut, coupled with a reiteration of intervention readiness. Cryptocurrencies Bitcoin remained above the 100k mark but traded slightly lower, reflecting minor consolidation after recent rallies. Political and World News - Israeli forces reportedly entered the Syria buffer zone temporarily. Hamas signaled potential acceptance of Israeli presence in Gaza post-ceasefire. - Chinese President Xi reiterated a commitment to strengthening ties with Russia, emphasizing economic collaboration. - President Biden issued clemency for over 1,500 people, marking the largest single-day clemency action in U.S. history. - FBI Director Christopher Wray announced his resignation ahead of Trump’s inauguration, with Kash Patel set to replace him. - U.S. regulators finalized a rule limiting overdraft fees to $5 for banks with over $10 billion in assets. While welcomed by consumers, the rule faces potential rollback under the incoming administration. - Elon Musk became the first person to reach a net worth of $400 billion, driven by record valuations of Tesla and SpaceX. - Prominent real estate figures Tal, Oren, and Alon Alexander face federal and state charges for alleged sex trafficking over a decade. - A former TD Bank employee was charged with laundering $670 million for drug cartels, highlighting systemic compliance failures within the banking sector. Economic Highlights - Wholesale Price Index: The U.S. producer price index (PPI) increased by 0.4% in November, surpassing expectations, indicating sustained inflationary pressures. Core PPI matched forecasts at 0.2%. - Deficit Expansion: The U.S. budget deficit climbed to $366.8 billion in November, a 17% increase year-over-year. The Treasury forecasts $1.2 trillion in annual interest costs as the national debt hits $36.1 trillion. - Jobless Claims Rise: Initial jobless claims totaled 242,000 for the week ending December 7, a 17,000 increase week-over-week, signaling potential headwinds in the labor market. - European Rate Cuts: The ECB reduced its key interest rate by 0.25% to 3%, marking its fourth rate cut in 2024. The Swiss National Bank made a larger-than-expected 0.50% cut to 0.5%. - India's Inflation Eases: India's inflation dropped to 5.48% in November, raising expectations of a 0.25% interest rate cut in early 2025 under the new RBI governor. Corporate Highlights - Tesla Hits Record High: Tesla shares closed at $424.77, marking a 6% daily increase and a 71% year-to-date gain. The stock's momentum is linked to optimism about the company's EV and AI advancements, as well as Elon Musk's relationship with President-elect Trump. - Quantum Stocks Surge: The unveiling of Google's Willow quantum chip has revitalized quantum computing stocks. Rigetti Computing saw a 45% jump, while the Defiance Quantum ETF (QTUM) rose by 2%. Companies like D-Wave and MicroStrategy have also enjoyed massive year-to-date gains of 355% and 538%, respectively. - SCOTUS Clears Nvidia Case: The Supreme Court allowed a securities fraud lawsuit against Nvidia to proceed, concerning allegations the company misrepresented its reliance on cryptocurrency mining for revenue. - Walmart's Fintech Growth: Walmart's financial services startup, One, reached a valuation of $2.5 billion after raising $300 million in funding. The company plans to leverage Walmart’s expansive customer and employee network to expand its services. - SpaceX Valuation Hits $350 Billion: SpaceX's valuation soared following a $1.25 billion secondary share sale, driven by its dominance in the satellite launch market and Starlink's growth. - Google's New AI Tool: Google launched "Deep Research," an advanced AI tool for its Gemini subscribers, allowing users to generate detailed reports through comprehensive data mining. - Eli Lilly Collaboration: Ro, a health-tech startup, partnered with Eli Lilly to offer the weight-loss drug Zepbound through its platform at significantly lower prices than traditional options. - Hershey's Buyout Rejected: Hershey's controlling trust dismissed Mondelez's takeover bid as too low. Hershey’s stock dropped 3.3%, while Mondelez rose 3.5%. Mondelez announced plans for smaller acquisitions and a $9 billion stock buyback program. - Albertsons and Kroger Dispute: Albertsons terminated its $25 billion merger with Kroger after court opposition, suing Kroger for breach of contract. While Kroger shares rose 2%, Albertsons fell by 1.5%. - ReNew Energy's Go-Private Offer: ReNew Energy received a $2.82 billion buyout proposal, representing an 11.5% premium. The stock surged 17.7% in response. Recent Earnings Recap - Adobe (ADBE) reported robust results with quarterly revenue reaching $5.61 billion, reflecting an 11.05% year-over-year growth, surpassing expectations by $66 million. The company also achieved earnings per share (EPS) of $4.81, a 12.65% increase from the previous year, exceeding forecasts by $0.15. This performance highlights Adobe's continued strength in its subscription-based digital media and cloud services. - Nordson (NDSN) delivered solid quarterly performance with revenue climbing to $744.48 million, a 3.5% year-over-year increase, surpassing expectations by $7.69 million. EPS rose significantly to $2.78, marking a 13.01% year-over-year improvement, beating estimates by $0.19, signaling operational efficiency and steady demand across its markets. - Ciena (CIEN) posted mixed results for the quarter. While revenue slightly declined by 0.44% year-over-year to $1.12 billion, it still managed to beat expectations by $24 million. However, EPS dropped 28% year-over-year to $0.54, falling short of estimates by $0.11, reflecting pressure on margins despite stable top-line performance. Upcoming Earnings Outlook - Broadcom (AVGO) is set to report after the market close today. Analysts project revenue of $14.09 billion, representing a significant 51.59% year-over-year growth, with EPS estimated at $1.38, a 24.32% increase. Investors will focus on updates about its cloud and semiconductor business segments. - Costco (COST) will also report later today. Analysts forecast revenue of $62.08 billion, reflecting a 7.41% year-over-year rise, alongside EPS expectations of $3.79, an 8.91% increase. Key attention will be on membership growth and holiday sales outlook. - RH (RH) is expected to announce earnings with analysts predicting revenue of $813.61 million, an 8.3% year-over-year increase, and EPS of $2.67. Insights into the company's luxury furniture sales trends will be closely monitored. - GE Vernova (GEV) and Solventum (SOLV) are slated to release earnings on Tuesday. GE Vernova is anticipated to report $10.68 billion in revenue, while Solventum is expected to deliver $2.06 billion. - Micron Technology (MU) will report Wednesday, with analysts estimating $8.55 billion in revenue, an impressive 80.91% year-over-year growth, alongside EPS of $1.76. The focus will be on-demand recovery in memory chips. - Lennar (LEN): Projected revenue of $10.08 billion (-8.1% YoY) and EPS of $4.26 (-17.6% YoY). - General Mills (GIS): Expected revenue of $5.13 billion (-0.18% YoY) and EPS of $1.22 (-2.4% YoY). - Jabil (JBL): Anticipated revenue of $6.61 billion (-21.19% YoY) and EPS of $1.83 (-29.62% YoY). - Birkenstock Holding (BIRK): Forecasted revenue of $439.27 million (+7.75% YoY) and EPS of $0.26 (+85.71% YoY). IPO Activity Confirmed Today: - ServiceTitan (TTAN): A cloud-based software provider reported $653.84 million in trailing twelve-month (TTM) revenue, growing 31.34% YoY. Estimated Friday, Dec. 13: - Metros Development Co., Ltd. (MTRS): A Japanese real estate consulting company with $489.07 million in TTM revenue and 52.84% YoY growth. - Mountain Lake Acquisition Corp. (MLAC): A Nevada-based blank check company. - Roman DBDR Acquisition Corp. II (DRDB): Focused on cybersecurity, AI, and fintech sectors. - Anteris Technologies Global Corp. (AVR): A cardiac devices manufacturer with $2.71 million in TTM revenue. - New Century Logistics (BVI) Limited (NCEW): A Hong Kong-based freight forwarding provider with $52.15 million in TTM revenue, down 4.69% YoY. - NetClass Technology Inc (NTCL): A Chinese education software company with $11.09 million in TTM revenue, up 19.79% YoY. Market Outlook and Future Events Investors will closely monitor developments in inflation and interest rate policy, with wholesale inflation data and jobless claims suggesting mixed economic signals. Corporate earnings, particularly from Adobe, will provide further insights into business trends as markets anticipate the Fed's next move. Read the full article

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showbiz-celebrity · 3 months ago

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How Much Money Does Kash Patel Make? A Look at His 2024 Net Worth – Hollywood Life - https://showbizcelebrity.com/?p=1288

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reading-writing-revolution · 3 years ago

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Heather Cox Richardson

October 4, 2021 (Monday)

“hello literally everyone,” the official account of Twitter tweeted this afternoon, after Facebook and its affiliated platforms Instagram and WhatsApp went dark at about 11:40 this morning. The Facebook outage lasted for more than six hours and appears to have been caused by an internal error. But the void caused by the absence of the internet giant illustrated its power at a time when the use of that power has come under scrutiny.

In mid-September, the Wall Street Journal began to publish a series of investigative stories based on documents provided by a whistle-blower.

The “Facebook Files” explore how the company has “whitelisted” high-profile users, exempting them from the rules that put limits on ordinary users. Another article reveals that researchers showed Facebook executives evidence that Instagram damages teenage girls by pushing an ideal body image and that they flagged the increasing use of the site by drug smugglers, human traffickers, and other criminals; their discoveries went unaddressed.

Concerned about declining engagement with their material, Facebook allegedly privileged polarizing material that engaged people by preying on their emotions. It appeared to have encouraged the extremism that led to the January 6 insurrection, lowering restrictions against disinformation quickly after the 2020 election.

Last night, on CBS’s 60 Minutes, former Facebook employee Frances Haugen revealed herself to be the source of the documents. She is concerned, she says, that Facebook consistently looks to maximize profits even if it means ignoring disinformation. Her lawyers have filed at least eight complaints with the Securities and Exchange Commission, which oversees companies and financial markets. Facebook’s vice president of global affairs, Nick Clegg, said it was “ludicrous” to blame Facebook for the events of January 6. Chief executive officer Mark Zuckerberg and chief operating officer Sheryl Sandberg have not commented.

Lawmakers have repeatedly asked Facebook to produce documents for their scrutiny and to testify about the social media platform’s public safeguards. Tomorrow, Haugen will testify before the Senate Subcommittee on Consumer Protection, Product Safety, and Data Security about the effects of social media on teenagers. Her lawyer, Andrew Bakaj, told Cat Zakrzewski and Cristiano Lima of the Washington Post that Haugen’s information is important because “Big Tech is at an inflection point…. It touches every aspect of our lives—whether it’s individuals personally or democratic institutions globally. With such far-reaching consequences, transparency is critical to oversight, and lawful whistleblowing is a critical component of oversight and holding companies accountable.”

Amidst the outrage over the Facebook revelations, technology reporter Kevin Roose at the New York Times suggested that the company’s aggressive attempts to court engagement reveal weakness, rather than strength, as younger users have fled to TikTok and other sites and Facebook has become the domain of older Americans. He notes that Facebook’s researchers foresee a drop of 45% in daily use in the next two years, suggesting that the company is desperate either to retain users or to create new ones.

While the technology Facebook represents is new, the concerns it raises echo public discussion of late nineteenth century industrialization, which was also the product of new technologies. At stake then was whether the concentration of economic power in a few hands would destroy our democracy by giving some rich men far more power than the other men in the country. How could the nation both preserve the right of individuals to build industries and preserve the concept of the common good in the face of technology that permitted unprecedented accumulations of wealth?

While money is certainly at stake in the issue of Facebook’s power today, the more pressing issue for our country is whether social media giants will destroy our democracy through their ability to spread disinformation that sows division and turns us against one another.

When we began to grapple with the excesses of industrialism, lots of people thought the whole system needed to be taken apart—by violence if necessary—while others hoped to save the benefits the technology brought without letting it destroy the country. Americans eventually solved the problems that industrialization raised for democracy by reining in the Wild West mentality of the early industrialists, protecting the basic rights of workers, and regulating business practices.

The leaked Facebook documents suggest there are places where the disinformation at Facebook could be reined in as the overreaches of industrialization were. When Zuckerberg tried to promote coronavirus vaccines on the site, anti-vaxxers undermined his efforts. But one document showed that “out of nearly 150,000 posters in Facebook Groups disabled for Covid misinformation, 5% were producing half of all posts, and around 1,400 users were responsible for inviting half the groups’ new members.” Researchers concluded: ��We found, like many problems at FB, this is a head-heavy problem with a relatively few number of actors creating a large percentage of the content and growth.”

“I don’t hate Facebook,” Haugen wrote in a final message to her colleagues at the company. “I love Facebook. I want to save it.”

While most Americans were busy watching Facebook crash—the falling stock took between $5 billion and $7 billion of Zuckerberg’s net worth—drama in Washington, D.C., was an even bigger deal.

Los Angeles Times reporter Sarah D. Wire noted that the rioters who broke into the Capitol on January 6 ran more than 100 feet past 15 reinforced windows, “making a beeline” to four windows that had been left unreinforced in a renovation of the building between 2017 and 2019. They found the four windows, located in a recessed part of the building, Wire wrote, “by sheer luck, real-time trial and error, or advance knowledge by rioters.”

The Select Committee to Investigate the January 6th Attack on the United States Capitol will likely look into this oddity.

The committee has begun to take testimony from cooperative witnesses. Observers expect fireworks on Thursday when former White House Chief of Staff Mark Meadows, longtime Trump aide Dan Scavino, Trump adviser Steve Bannon, and Trump appointee Kash Patel must hand over documents. Trump has vowed to fight the release of any information to the committee. Chair Bennie Thompson (D-MS) says the committee will make criminal referrals for anyone ignoring a subpoena.

Finally, today, the debt ceiling fight got even hotter. While Congress passed a continuing resolution to fund the government through December 3, the issue of the debt ceiling, which stops the government from borrowing money Congress has already spent, remains unresolved. Treasury Secretary Janet Yellen says the government will be unable to pay its obligations after October 18, and warns that a default, which has never before happened, would be catastrophic.

Senate Minority Leader Mitch McConnell (R-KY) insists the Democrats must raise the debt ceiling themselves, although the Republicans raised it three times under former president Trump and added $7.8 trillion to the debt, which now stands at $28 trillion. But when Democrats tried to pass a measure to raise the ceiling, Republicans filibustered it. As Greg Sargent points out in the Washington Post, McConnell is trying to force the Democrats to raise the debt ceiling through reconciliation, which cannot be filibustered. Since they get only one chance to pass such a bill this year, this would force them to dump their infrastructure bill.

McConnell is holding the nation hostage to keep the Democrats from passing a very popular bill, and today, Biden called him on it. McConnell complained that congressional Democrats were “sleepwalking toward significant and avoidable danger,” prompting Biden to demand that Republicans “stop playing Russian roulette with the U.S. economy.... Not only are Republicans refusing to do their job, but threatening to use their power to prevent us from doing our job—saving the economy from a catastrophic event—I think, quite frankly, is hypocritical, dangerous and disgraceful. Their obstruction and irresponsibility knows absolutely no bounds.”

When asked if he could guarantee we would not default on our debts, Biden said, “No, I can’t…. That’s up to Mitch McConnell.” If McConnell doesn’t blink and the Republicans continue to filibuster Democrats’ attempts to save the economy, there will be enormous pressure on the Democrats to break the filibuster.

Meanwhile, every day this drags on, Congress does not pass the Freedom to Vote Act.

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dreaminginthedeepsouth · 3 years ago

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LETTERS FROM AN AMERICAN

October 4, 2021

Heather Cox Richardson

In mid-September, the Wall Street Journal began to publish a series of investigative stories based on documents provided by a whistle-blower.

The leaked Facebook documents suggest there are places where the disinformation at Facebook could be reined in as the overreaches of industrialization were. When Zuckerberg tried to promote coronavirus vaccines on the site, anti-vaxxers undermined his efforts. But one document showed that “out of nearly 150,000 posters in Facebook Groups disabled for Covid misinformation, 5% were producing half of all posts, and around 1,400 users were responsible for inviting half the groups’ new members.” Researchers concluded: “We found, like many problems at FB, this is a head-heavy problem with a relatively few number of actors creating a large percentage of the content and growth.”

“I don’t hate Facebook,” Haugen wrote in a final message to her colleagues at the company. “I love Facebook. I want to save it.”

While most Americans were busy watching Facebook crash—the falling stock took between $5 billion and $7 billion of Zuckerberg’s net worth—drama in Washington, D.C., was an even bigger deal.

The Select Committee to Investigate the January 6th Attack on the United States Capitol will likely look into this oddity.

Meanwhile, every day this drags on, Congress does not pass the Freedom to Vote Act.

—

Notes:

https://www.commerce.senate.gov/2021/10/protecting%20kids%20online:%20testimony%20from%20a%20facebook%20whistleblower

https://www.washingtonpost.com/technology/2021/10/03/facebook-whistleblower-frances-haugen-revealed/

https://www.wsj.com/articles/the-facebook-files-11631713039

https://apnews.com/article/facebook-whatsapp-instagram-outage-8b9d3862ed957029e545182a595fdce1

https://www.nytimes.com/2021/10/03/technology/whistle-blower-facebook-frances-haugen.html

https://www.wsj.com/articles/facebook-whistleblower-frances-haugen-says-she-wants-to-fix-the-company-not-harm-it-11633304122

https://www.washingtonpost.com/technology/2021/10/04/facebook-instagram-down-outage/

https://www.nytimes.com/2021/10/04/technology/facebook-files.html

https://www.wsj.com/articles/facebook-mark-zuckerberg-vaccinated-11631880296

https://www.latimes.com/politics/story/2021-10-04/jan-6-rioters-exploited-little-known-capitol-weak-spots-a-handful-of-unreinforced-windows

https://www.politico.com/news/2021/10/01/bennie-thompson-jan-6-panel-subpoena-514940

https://www.politico.com/news/2021/10/04/jan-6-panel-trump-collision-514979

https://www.washingtonpost.com/us-policy/2021/10/04/biden-schumer-debt-ceiling/

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

#quotes #political #facebook #social media #debt ceiling #political hardball #Heather Cox Richardson #Letters From An American

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