 | *past 24-hour performance |
| | Forced-sale due to Chinese state ties: The state of Arkansas has ordered Syngenta to sell 160 acres of farmland in the U.S. state within two years because the company is Chinese-owned. Syngenta was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021. (Reuters)
US single-family starts rise: U.S. single-family homebuilding rebounded in September, boosted by demand for new construction amid an acute housing shortage; Applications for loans to purchase a home plunged to levels last seen in 1995 (Reuters)
More wild housing data: The NAR Housing Affordability Index clocked in at 91.7 in August, down from 93.9 in July (where anything below 100 indicates a household with a median income doesn't earn enough to be approved for a mortgage on a median-priced home). This was the lowest reading since 1989. (Epoch Times)
Netflix’s blowout quarter: Netflix (NFLX) beat Wall Street expectations for profit ($8.54 billion) and user growth (9 million new subs) during the Q3, sending its stock surging as the streaming giant rolled out another price increase. (Hollywood Reporter)
Overstock activism: Hedge fund JAT Capital is urging Overstock (OSTK) to consider selling certain assets and overhauling its management and compensation after taking a 9.1% stake in the company. Shares climbed 9% on the news. (Yahoo)
Amazon hits EV milestone: Amazon (AMZN) says it now has 10,000 of its vehicles co-created with Rivian (RIVN) on roads in the U.S. covering 1,800 cities. The fleet, launched last summer, is now double the size that it was in July. (Axios)
Another major oil deal: Devon Energy (DVN), an Oklahoma City-based oil and gas company, is studying major acquisition targets such as with Marathon (MRO) as it seeks to gain scale in US shale (Bloomberg)
Morgan Stanley’s worst day in 3 years: Though earnings and revenue topped expectations, revenue in the investment banking division declined 27% year over year; Advisory fee revenues were down 35% (CNBC)
Tesla earnings hit speed bump: Tesla’s (TSLA) profit tumbled 44% in the third quarter as the impact of steep price cuts across the company’s lineup continued to take a toll on the electric-car maker’s bottom line (Axios)
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| | Fiat news in the fog of war (Epsilon Theory) Real-Estate commissions could be the next fee on the chopping block (WSJ) US real estate brokers' commission system faces DOJ antitrust risk (Bloomberg) Lessons from the false BTC ETF report (CoinSnacks) Putin and Xi get closer (Semafor)
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| | |  | The Transcript @TheTranscript_ |  |
| On CRE exposure: $BAC Analyst: "...I just wanna make sure I heard correctly. Did you say you marked your exposure by 50% in CRE office?" $GS CFO: "Yes, to clarify, for our CRE in the office space, we've either marked or impaired that down by ~50%...that's quite significant" twitter.com/i/web/status/1… |  | | | Oct 17, 2023 | | |  | | | 290 Likes 84 Retweets 18 Replies |
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