1) Some analysts expect Tesla Inc. stock to hit $3,000 by 2025, up from its current price of $655. This would make the company worth almost $3 trillion dollars. This is based on expectation of a 50% chance of Tesla achieving fully autonomous driving systems within five years. This would allow the company to scale up its planned robotaxi service quickly. Additionally, Tesla’s insurance business adds value to the company, believing the offering could be rolled out to more states in the next few years with better than average margins, thanks to highly detailed driving data the company collects. Presently, their insurance is currently available only in California. Forecasts are for Tesla’s unit sales to be between 5 million and 10 million vehicles in 2025, assuming increased capital efficiency.
2) Intel made small waves by launching an ad campaign featuring none other than the “I’m a Mac guy” himself . . . Justin Long to explain why PCs are better than Macs. Intel’s five YouTube videos have racked up over a million views, but the ad campaign extends to a website extolling the benefits of PC over Mac. In the real world, a PC with an 11th Gen Intel Core mobile processor offers users more, with real research and test results to prove it. Many Apple M1 claims don’t translate to real world usage and appear questionable. When compared to a PC with the 11th Gen Intel Core mobile processor, the M1 MacBook features just don’t stack up.
3) After years of outcry about corruption and wasteful spending, Congress banned earmarks, the legislative maneuver of having special budget items that allow members to funnel money to projects in their districts. Earmark spending went away in 2011 after corruption scandals, but now it’s back on the table. Leaders in both parties are taking steps to allow limited earmarks on spending legislation, opening the door to the sort of ‘horse trading’ that Democrats hope could lead to GOP support for Biden initiatives on issues ranging from infrastructure to the annual federal agency funding bill. Republicans are leery of what type of taxes and revenue-raising devices the Democrats are considering to finance a legislative package that could top $1 trillion dollars. With $28 trillion dollars worth of debt, and on the way to a $30 trillion debt, the Congress ought to be focused on how to save money.
4) Stock market closings for – 22 MAR 21:
Dow 32,731.20 up by 103.23 Nasdaq 13,377.54 up by 162.31 S&P 500 3,940.59 up by 27.49
1) U.S. retail sales surged in January, the most in seven months, beating all estimates. This suggests fresh stimulus checks helped spur a rebound in household demand following a weak fourth quarter. The value of overall sales increased 5.3% from the prior month after a 1% decline in December, and was the first monthly gain since September with all major categories showing sharp advances. The jump in retail sales could further embolden Republican opposition to President Biden’s $1.9 trillion stimulus plan, which the GOP considers too big. Even so, the Democrats can most likely pass the package without Republican votes, while the data might be evidence of how critical relief payments are to the economy and jobs.
2) The IRS has sent out all $600 stimulus payments, delivering more than 147 million second round stimulus checks, worth over $142 billion dollars. Some payments may still be in the mail, but otherwise, eligible Americans who did not receive the first or second payment can claim a Recovery Rebate Credit on their 2020 tax returns, which will be on line 30 of the 2020 Form 1040 or 1040-SR. The agency also noted that its ‘Get My Payment’ tool, which updated taxpayers on the status of their stimulus checks or deposits, was updated in January and will not be refreshed again for the second check.
3) The automaker Kia seems to be in quite a predicament. The automaker’s online services appear to have been severed from the outside world, with customers unable to start their cars remotely via Kia’s apps or even log into the company’s financing website to pay their bills. All signs pointed to a potential cyber attack against Kia, a ransom ware attack most likely, which is exactly what a new report is claiming. A report by information security news site Bleeping Computer seems to solidify that theory, as the publication shared a screenshot of an alleged ransom note asking Kia for the hefty tune of $20,000,000 to decrypt its files. The infection is believed to be the work of a group called DoppelPaymer by Crowdstrike researchers in 2019. Such threat actors routinely hunt big game for large pay outs, according to a security bulletin released by the FBI late last year. The note left behind mentions that the malware not only encrypted live data, but also the company’s backups, which more sophisticated attacks of this sort often prevent an easy restoration.
4) Stock market closings for – 18 FEB 21:
Dow 31,493.34 down by 119.68 Nasdaq 13,865.36 down by 100.14 S&P 500 3,913.97 down by 17.36
1) Ikea, the big Swedish world wide modular furniture manufacture, has experienced a surge in sales from the pandemic as people turned homes into offices and schools. Their online sales are up 45% over the last 12 months to August, with 4 billion visits to their website. Outdoor furniture is the fastest growing category, followed by office furniture. While many of their stores were forced to close from the virus, their online sales remain high even as stores reopen. The furniture retailer has added 6,000 new employees world wide to make a total work force of 217,000. Online sales account for about one fifth of total sales.
2) Job openings in America fell in August for the first time in four months, indicating a moderation in hiring as the crisis continues. Available positions slipped down to 6.49 million from July’s 6.7 million. These numbers do not include recalls from layoffs or positions that are offered only internally. However, layoffs and discharges are at a low for August, although there are still 13.6 million Americans unemployed, which means there are about 2 unemployed competing for each job opening. There are fewer vacancies in construction, retail and health care industries, while vacancies increased for manufacturing, food service and government.
3) Federal reserve Chairman Jerome Powell says America is on the long road to economic recovery from the pandemic induced recession, but still there are other problems on the horizon. There are fears of the economy shifting into reverse once again, especially if a resurgence of the virus comes with cold weather . . . the flue season. Such a resurgence could significantly limit economic activity leaving many unemployed stranded with no jobs for many more months. Powell is calling for the passing of the second stimulus bill presently being debated in the Congress. He considers the risk of pouring too much money into the economy far lower than the risk of not spending enough, despite the already sky high federal budget. While he considers the debt is on an unsustainable path, and has been for some time, but this is not the time to address it.
4) Stock market closings for – 6 OCT 20:
Dow 27,772.76 down 375.88 Nasdaq 11,154.60 down 177.88 S&P 500 3,360.95 down 47.68
1) Just three months after filing for bankruptcy, the Pier 1 retail chain is closing down all its retail store outlets as soon as possible. This drastic action is blamed on store closure from the pandemic and failure to find a buyer. After modeling several options for remaining in business, they found liquidation was the best option to maximize Pier 1’s assets. Plans are to sell its remaining inventory, website and intellectual property. Once a large seller of home goods, the company has suffered severely from online retailers such as Amazon and Wayfair, while big box stores such as Target and Walmart have increased their marketing of home goods products. The fifty-eight year old retailer joins several other big name store chains now in bankruptcy, in what appears to be a fundamental change in consumerism.
2) The damage to employment continues to spread, starting with 1 million public sector workers possibly losing their jobs. All governments are seeing a drop in revenue from businesses being shut down because of the coronavirus. With limited money- cities, counties and states are facing layoffs of their workers until things improve. Restaurants have loss 417,000 jobs to closure. The low wage workers account for 86% of job losses, while over two hundred hospitals have laid off staff because of elective procedures being suspended to accommodate Covid-19 patients, because hospitals have experienced cash crunches.
3) The ride sharing service Uber has had steep revenue losses from the pandemic shutdown, and so announced another 3,000 layoffs to bring their total layoffs to 6,700 or 25% of its workforce. It’s anticipated this action will save the company more than $1 billion dollars annually. Additionally, the company is reorganizing into transportation (Uber Works) and food delivery (Uber Eats).
4) Stock market closings for – 19 MAY 20:
Dow 24,206.86 down 390.51 Nasdaq 9,185.10 down 49.72 S&P 500 2,922.94 down 30.97
1) The investment bank Morgan Stanley is buying ETrade Financial Corp. for $13 billion dollars, planning to now manage money for regular people. ETrade will bring five million retail customers worth $360 billion dollars in assets, and an online bank with cheap deposits which Morgan Stanley can funnel into loans. Morgan Stanley had provided financial management to the upper end clients, the million and billionaires.
2) General Electric has avoided a business setback with exports of its jet engines to China. Fears that the Chinese could reverse engineer the new design and bolster its own aircraft manufacturing industry, has drawn threats of barring the LEAP 1C engine export to China. This would have been a major blow to GE’s efforts to recover from its slump, the engine sales being central to recovery efforts. The GE engine is slated for use in China’s C919 narrow body airliner now in development.
3) Clients of Fidelity Investments experienced shock and duress on finding their account balances at $0.00 or worst yet, even unable to find their accounts on the internet. This is a result of Fidelity’s website going down, which the company is working to resolve amongst a blizzard of Tweets from worried clients. Fidelity has 30 million individual investors, some 29.6 million brokerage accounts with a total of $7.8 trillion dollars in total customer assets.
4) Stock market closings for – 20 FEB 20:
Dow 29,219.98 down 128.05 Nasdaq 9,750.96 down 66.22 S&P 500 3,373.23 down 12.92
Etsy has stated that it will be aquiring Reverb for $275 million. Reverb is the musical instruments online platform.
Reverb considered to be one of the world’s leading marketplaces for musicians; was created in 2012, in Chicago, IL. The platform is one of the leading musician websites, curated for musicians by musicians.
Etsy which is based in NYC, has recently been aquiring new media businesses but nothing of an aquisition in this caliber. With this acquisition new things shall arise in the music front. -SB
We are back like we never left of course, we had the pleasure of interviewing hip hop artist and musician Yoson Tala @Yoson_Tala007. Many people might know Yoson from being on tv shows, such as the @BadGirlsClub (Oxygen) & hit tv show on Fox @EmpireFox, he has been featured on Showtime’s @ShoTheChi & NBC’s @NBCChicagoFire, just to name a few.
Yoson @Yoson_Tala007 came on #TheCast
to discuss his musical endeavors, taping current episodes for Empire,
his upbringing in Gary, Indiana and Chicago, IL, as well as what strip
clubs he enjoys (Luisa L @LuisaModels chimes in * ;)* wink*….and much more ..