Tesla’s annual sales fell for the first time in more than a decade
Rare bad news for Elon Musk: Tesla’s global EV sales last year fell...
Rare bad news for Elon Musk: Tesla’s global EV sales last year fell 1.1% from 2024—the company’s first year over year decline since 2011, the Associated Press reported. That sent the stock tumbling yesterday, marking a rough day for the automaker that had soared since Donald Trump won the presidential election and convinced investors he’d be friendly to Musk’s policy priorities. Meanwhile, BYD is coming for Tesla’s EV crown: The Chinese company posted record sales in December and continues to gain on Tesla’s market share lead despite not being available in the US.
Short-seller firm accused Carvana of “grift for the ages.” Hindenburg...
Short-seller firm accused Carvana of “grift for the ages.” Hindenburg Research, the short seller that recently uncovered alleged accounting manipulation at Super Micro, is now accusing used car retailer Carvana of malpractice. Per Bloomberg, Hindenburg shorted Carvana’s stock and published research showing that the company allegedly uses questionable financial tactics to hide the true risks of its loan portfolio from investors. Carvana’s stock skyrocketed 284% last year, netting CEO Ernest Garcia III and his father, a majority shareholder, billions in profits.
Rolex hiked prices on several of its watches this year as the cost of gold continues to surge.
Morgan Stanley quit the Net-Zero Banking Alliance, joining Citigroup and Bank of America in ditching the climate group meant to help reduce global greenhouse gas emissions.
US mortgage rates are once again approaching 7%, convincing many experts that they’re likely to remain higher for longer.
Bundle up: The polar vortex is coming to much of the US this month.
U.S. stocks fall to start 2025; S&P 500, Nasdaq tally longest skid since April
U.S. stocks got off to a rocky start to 2025 on Thursday...
U.S. stocks got off to a rocky start to 2025 on Thursday as the S&P 500 and Nasdaq Composite declined for a fifth straight day.
For both, it was the longest losing streak since April, according to Dow Jones Market Data.
Meanwhile, the Dow fell for a fourth straight day — its longest losing streak since Dec. 18, when the blue-chip gauge capped off a 10-day stretch of losses, Dow Jones data showed.
All three major U.S. equity benchmarks finished lower after a volatile session. Market watchers blamed the weakness in stocks on profit-taking, as well as a surge in the value of the U.S. dollar.
Here is where stocks finished, according to preliminary closing data from FactSet.
The S&P 500shed 13.08 points, or 0.2%, at 5,868.55.
The Dow Jonefell by 151.95 points, or 0.4%, at 42,392.27.
The Nasdaq Compositefell by 30 points, or 0.2%, at 19,280.79.
Coterra Energy Expands Permian Holdings with $43 Million Acquisition
Coterra Energy Inc....
Coterra Energy Inc. is expanding its investments in the Permian Basin by adding more assets to its $3.95 billion deal with Franklin Mountain Energy and Avant Natural Resources. Specifically, Coterra will purchase an additional 1,650 net royalty acresfrom Sandia Minerals LLC for $43 million, as disclosed in a December 31 SEC filing. These royalties were not part of its initial acquisition from Franklin Mountain. The purchase increases the total cost of the Franklin Mountain acquisition to $1.543 billion. This deal initially included 40.89 million shares of Coterra stock, valued at approximately $1 billion, and the separate deal with Avant is worth $1.45 billion. Collectively, these acquisitions will bring Coterra between 400 and 550 new net drilling locations, primarily located in Lea County, New Mexico.
Jobless claims drop to 8-month low to end 2024 as Low U.S. unemployment fuels economy
Applications for unemployment benefits in the U.S. decreased to an eight-month...
Applications for unemployment benefits in the U.S. decreased to an eight-month low following Christmas, ending the year with notably few layoffs, indicative of a resilient economy. In the last week of 2024, new jobless claims dropped by 9,000 to 211,000. This compares to 198,000 in the same period of 2023. Over the past three years, jobless claims have consistently stayed in the low 200,000s, reflecting strong sales that enable most businesses to retain employees and limit layoffs to a last resort amid steady economic growth. However, it's important to note that seasonal adjustments made during the holiday period starting at Thanksgiving can affect the accuracy of these figures, sometimes overstating changes in jobless claims.
