Tesla overtakes GM as most valuable U.S. automaker — and short sellers get burned
* Stories are summarized by an A.I.
* Companies mentioned: TSLA, FB, AMZN, GOOG, SNE, SoftBank, and TWTR
Tesla overtakes GM as most valuable U.S. automaker — and short sellers get burned
TSLA (Tesla Inc.) | Auto Blog
Tesla shares soared 17% on Thursday after the electric carmaker surprised Wall Street by delivering on Chief Executive Officer Elon Musk's promise of a profit in the third quarter, even as doubts remained about its long-term prospects. Trading at $298, Tesla's market capitalization was $53 billion, surpassing General Motors' $51 billion stock market value and making it the United States' most valuable car company. 1 U.S. car company by market cap before, but recently GM has had a substantial lead. Tesla late on Wednesday reported a quarterly profit, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Tesla's shares remain down 10% year to date.
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Facebook's libra may not be approved, but one expert says it could spur the creation of another global digital currency
FB (Facebook Inc.) | CNBC
Facebook's libra may not be approved, but the chances of a different digital global currency being created are now higher, the president of a European think tank told CNBC this week. "What libra has done is … it has shaken up the central banking community," she said, because a private sector-backed, global digital currency has suddenly become real possibility. But that doesn't mean the world isn't ready for something similar to libra, Weder di Mauro said. "Central banks would be able to, if they banded together, to issue a global currency themselves." "You can actually show that an international monetary system with a global currency would have advantages over the one we have at present where there is a huge dominance of the dollar."
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Wall Street can’t stand when Amazon invests in itself
AMZN (Amazon.com Inc.) | Quartz
Since then, it’s been posting other massively profitable quarters when it wants to, and more modest ones when it reinvests in itself. The company posted its third-quarter earnings today, with its lowest net income since early 2018. “Customers love the transition of Prime from two days to one day—they’ve already ordered billions of items with free one-day delivery this year,” founder and CEO Jeff Bezos said in the company’s earnings release. The overwhelming majority of the profit Amazon did make in the quarter (around 70%) didn’t come from its e-commerce business, but instead from AWS, its cloud-services division. AWS brought in $2.3 billion in income for the quarter, and actually helped offset losses in the company’s international retail business.
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Google says it’s planning to build multiple first-party game studios for Stadia exclusives
GOOG (Alphabet Inc.) | The Verge
When Microsoft was slammed for not offering enough compelling exclusive games to attract gamers to Xbox, it bought its way out — purchasing game developer after game developer to prep itself for the next console war. Now, it appears Google may similarly be shoring up the upcoming Stadia cloud gaming platform by building multiple internal game studios of its own. In March, Google suggested its plans to become a game developer would start small, hiring Ubisoft and EA industry vet Jade Raymond to lead up a single studio dubbed Stadia Games and Entertainment. But in a new interview with GamesIndustry.biz, Raymond reveals that Google isn’t planning to stop at just one. There will be some coming out every year, and more and more each year.”You can read the full interview at GamesIndustry.biz, which includes more of Raymond’s thoughts on the kinds of games Stadia might eventually produce.
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How the U.S. Trade War With China Might Affect Sony
SNE (Sony Corporation) | The Motley Fool
Sony (NYSE:SNE) recently confirmed that its next-generation video gaming console, the Playstation 5, will arrive in time for the 2020 holiday season. Why Sony cares about the trade warFor the first time, the Trump administration's trade war with China is going to include tariffs on video game consoles and gaming accessories, like controllers and charging cables. Why is Sony, a Japanese company, so concerned with the U.S.-China trade war? How this impacts Sony won't be known until the company reports Q2 earnings on Oct. 30, when investors should also get insight into how Sony is responding to trade war pressures. The trade war might be over and tariffs lifted by next year when the Playstation 5 hits the market.
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SoftBank to write down minimum $5 bln for WeWork, other losses -Bloomberg
SFTBF (SoftBank Group Corp) | Financial Post
SoftBank Group Corp is poised to write down at least $5 billion to account for a sharp drop in the value of some of its biggest holdings including WeWork and Uber Technologies Inc, Bloomberg reported. Citing people with knowledge of the matter, Bloomberg said SoftBank, which runs the $100 billion Vision Fund, would announce the writedown along with its second-quarter earnings on Nov. 6. SoftBank this week agreed to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the U.S. office-space sharing startup.
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How Bugs Sapped Twitter’s Ad Capabilities and Drove Prices Lower
TWTR (Twitter Inc.) | The Wall Street Journal
Prices fell in the third quarter after a period of growth, Twitter Chief Financial Officer Ned Segal said during an earnings call Thursday to discuss the latest results. The damage may get worse: Twitter executives said the company is still working to fix the problems, which will reduce fourth-quarter revenue growth by at least 4 percentage points. Twitter called out two bugs that directly affected its ability to target users for advertisers and share crucial data back to measurement partners and advertisers. That hurt Twitter’s earnings potential because advertisers pay higher rates for more precise ad targeting and measurement. Twitter’s revenue growth in the quarter also suffered from fewer big events and launches than a year earlier, Mr. Segal said.
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* Companies mentioned: TSLA, FB, AMZN, GOOG, SNE, SoftBank, and TWTR
Tesla overtakes GM as most valuable U.S. automaker — and short sellers get burned
TSLA (Tesla Inc.) | Auto Blog
Tesla shares soared 17% on Thursday after the electric carmaker surprised Wall Street by delivering on Chief Executive Officer Elon Musk's promise of a profit in the third quarter, even as doubts remained about its long-term prospects. Trading at $298, Tesla's market capitalization was $53 billion, surpassing General Motors' $51 billion stock market value and making it the United States' most valuable car company. 1 U.S. car company by market cap before, but recently GM has had a substantial lead. Tesla late on Wednesday reported a quarterly profit, citing improvements in operating efficiency and a reduction in manufacturing and material costs. Tesla's shares remain down 10% year to date.
Read More
Facebook's libra may not be approved, but one expert says it could spur the creation of another global digital currency
FB (Facebook Inc.) | CNBC
Facebook's libra may not be approved, but the chances of a different digital global currency being created are now higher, the president of a European think tank told CNBC this week. "What libra has done is … it has shaken up the central banking community," she said, because a private sector-backed, global digital currency has suddenly become real possibility. But that doesn't mean the world isn't ready for something similar to libra, Weder di Mauro said. "Central banks would be able to, if they banded together, to issue a global currency themselves." "You can actually show that an international monetary system with a global currency would have advantages over the one we have at present where there is a huge dominance of the dollar."
Read More
Wall Street can’t stand when Amazon invests in itself
AMZN (Amazon.com Inc.) | Quartz
Since then, it’s been posting other massively profitable quarters when it wants to, and more modest ones when it reinvests in itself. The company posted its third-quarter earnings today, with its lowest net income since early 2018. “Customers love the transition of Prime from two days to one day—they’ve already ordered billions of items with free one-day delivery this year,” founder and CEO Jeff Bezos said in the company’s earnings release. The overwhelming majority of the profit Amazon did make in the quarter (around 70%) didn’t come from its e-commerce business, but instead from AWS, its cloud-services division. AWS brought in $2.3 billion in income for the quarter, and actually helped offset losses in the company’s international retail business.
Read More
Google says it’s planning to build multiple first-party game studios for Stadia exclusives
GOOG (Alphabet Inc.) | The Verge
When Microsoft was slammed for not offering enough compelling exclusive games to attract gamers to Xbox, it bought its way out — purchasing game developer after game developer to prep itself for the next console war. Now, it appears Google may similarly be shoring up the upcoming Stadia cloud gaming platform by building multiple internal game studios of its own. In March, Google suggested its plans to become a game developer would start small, hiring Ubisoft and EA industry vet Jade Raymond to lead up a single studio dubbed Stadia Games and Entertainment. But in a new interview with GamesIndustry.biz, Raymond reveals that Google isn’t planning to stop at just one. There will be some coming out every year, and more and more each year.”You can read the full interview at GamesIndustry.biz, which includes more of Raymond’s thoughts on the kinds of games Stadia might eventually produce.
Read More
How the U.S. Trade War With China Might Affect Sony
SNE (Sony Corporation) | The Motley Fool
Sony (NYSE:SNE) recently confirmed that its next-generation video gaming console, the Playstation 5, will arrive in time for the 2020 holiday season. Why Sony cares about the trade warFor the first time, the Trump administration's trade war with China is going to include tariffs on video game consoles and gaming accessories, like controllers and charging cables. Why is Sony, a Japanese company, so concerned with the U.S.-China trade war? How this impacts Sony won't be known until the company reports Q2 earnings on Oct. 30, when investors should also get insight into how Sony is responding to trade war pressures. The trade war might be over and tariffs lifted by next year when the Playstation 5 hits the market.
Read More
SoftBank to write down minimum $5 bln for WeWork, other losses -Bloomberg
SFTBF (SoftBank Group Corp) | Financial Post
SoftBank Group Corp is poised to write down at least $5 billion to account for a sharp drop in the value of some of its biggest holdings including WeWork and Uber Technologies Inc, Bloomberg reported. Citing people with knowledge of the matter, Bloomberg said SoftBank, which runs the $100 billion Vision Fund, would announce the writedown along with its second-quarter earnings on Nov. 6. SoftBank this week agreed to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the U.S. office-space sharing startup.
Read More
How Bugs Sapped Twitter’s Ad Capabilities and Drove Prices Lower
TWTR (Twitter Inc.) | The Wall Street Journal
Prices fell in the third quarter after a period of growth, Twitter Chief Financial Officer Ned Segal said during an earnings call Thursday to discuss the latest results. The damage may get worse: Twitter executives said the company is still working to fix the problems, which will reduce fourth-quarter revenue growth by at least 4 percentage points. Twitter called out two bugs that directly affected its ability to target users for advertisers and share crucial data back to measurement partners and advertisers. That hurt Twitter’s earnings potential because advertisers pay higher rates for more precise ad targeting and measurement. Twitter’s revenue growth in the quarter also suffered from fewer big events and launches than a year earlier, Mr. Segal said.
Read More
Download Folo, add stock symbols to your watchlist, and get notified.
When you look up U.S or China stock symbols and add them to Watchlist, Folo, an A.I. based news curator will keep you updated with stock news from 270 sources.
Download on the App Store
http://folo.moya.ai
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