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U.S. stocks rallied Wednesday, recovering this week’s losses as investors barreled through the earnings season and weighed upbeat economic data out of the services sector. The S&P 500 jumped 1.6%, and the Dow Jones Industrial Average gained 450 points, or roughly 1.4%. The tech-heavy Nasdaq Composite surged 2.6%. Bonds also pushed forward after hawkish Fedspeak Tuesday, with the benchmark 10-year Treasury yield near 2.8% and the 2-year yield topping 3.1%. Economic data out Wednesday that showed… Source link

Tesla stock is inflated and could lose more than half of its value, according to Citi analyst Itay Michaeli. In a note to clients, Michaeli reiterated a sell rating on Tesla’s stock on with a $424 price target. Tesla stock traded around at $923 per share on Wednesday. The basis for Michaeli’s bold call involves skepticism related to Tesla’s autonomous driving technology and the view that Tesla’s stock — which is trading on a lofty forward P/E ratio of 76 times — is not factoring in a… Source link

Pablo Martinez Monsivais/AP; SEBASTIEN BOZON/AFP via Getty Images Bezos’ yacht was moved from a Dutch shipyard before dawn Tuesday, likely to avoid local attention. After public outcry from locals, it did not involve the dismantling of a historic bridge. Watch Bezos’ yacht make its journey. Jeff Bezos’ megayacht has quietly left the Dutch shipyard where it was built, sans a bridge dismantling and crowds of spectators. The 417-foot vessel, known as Y721 and estimated to cost $500 million, has been… Source link

New England Patriots head coach Bill Belichick answered questions about the NFL’s investigation into the Miami Dolphins’ tampering with Tom Brady in true Belichickian fashion: With indifference. When asked twice Wednesday about the NFL’s decision to take two draft picks from the Dolphins – including the team’s 2023 first-rounder – as well as fine and suspend owner Stephen Ross for “impermissible communications” with Brady while he was on the Patriots in 2019 (as well when he was the Tampa… Source link

Lucid Group (LCID) shares crashed in after hours trading on on Wednesday following the release of the electric vehicle (EV) maker’s second quarter report. The company cut its production outlook for 2022 for the second time in as many quarters, now forecasting it will make 6,000-7,000 cars this year, down from its prior guidance of 12,000-14,000. At the beginning of the year, the company had expected it would make up to 20,000 cars this year. “Our revised production guidance reflects the… Source link

Kansas City Royals reliever Amir Garrett didn’t like what one Chicago White Sox fan said to him Tuesday night, and Garrett let the fan know it. The pitcher was caught on camera tossing his drink at the heckler, who was shouting at Garrett from above the Royals’ dugout in Chicago’s 9-2 win over Kansas City. It’s hard to hear what the fan said to Garrett, but it was enough to evoke a fit of frustration from him. Someone did shout “party foul!” after Garrett tossed the drink, though. It didn’t… Source link

Mullen Automotive, Inc. Team will focus on EV technology development for Mullen’s portfolio of commercial vans New EV team announced for Detroit Metro Area Team to focus on Mullen’s commercial van development. BREA, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) — via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces the opening of a new EV Technology team, focusing on developing EV… Source link

The red-hot PC market is rapidly slowing after surging during the COVID-19 pandemic, and powerhouse chip players AMD and Intel are feeling the financial pain. “We have taken a more conservative outlook on the PC business,” AMD CEO Dr. Lisa Su said on an earnings call late Tuesday. “So a quarter ago, we would have thought that the PC business would be down, let’s call it high-single digits [percentage]. And our current view of the PC business is that it will be down, let’s call it mid-teens… Source link

WASHINGTON – For his last hit as a Washington National, Juan Soto homered off his former teammate and fellow 2019 champion, Max Scherzer, now pitching for the likely playoff-bound New York Mets. By the time the team played again, Soto had been traded to the San Diego Padres. He also walked three times, stole a base and threw out a runner at the plate in the Monday night game that also featured fans giving him an ovation after his final at-bat (one of the walks, fittingly) before the trade… Source link

Tributes have poured in since the death of Bill Russell, whose unparalleled success as an NBA champion was rivaled only by his impact off the court. Magic Johnson would like to see his legacy formalized league-wide. The Hall of Fame Los Angeles Lakers point guard called for the NBA and commissioner Adam Silver on Tuesday to retire Russell’s jersey No. 6 across the league. He made his pitch on Twitter. The suggested step would immortalize Russell’s No. 6 alongside that of No. 42 in MLB, which… Source link