News is out about Elon, The Movie.<\/p>\n
We have the opening 5 seconds:<\/p>\n
first scene of that elon musk movie leaked pic.twitter.com\/KfGzuQPrfe<\/a><\/p>\n \u2014 Mike Scollins (@mikescollins) November 11, 2023<\/a><\/p>\n\n Meantime, the major US averages will begin their week tonight, coming off a second straight week of gains after Wall Street got its groove back on Friday night in New York. Big time.<\/p>\n The S&P 500 rose +1.3% last week, while the Dow Jones and tech heavy Nasdaq improved circa +0.7% and +2.5%, respectively.<\/p>\n Among the benchmark sectors, Tech took topline honours, rising sharply thanks to Microsoft\u2019s 2.5% sprint, which sent the tech giant to an all-time highs during the session.<\/p>\n As ever, Wall Street\u2019s been itching for any reason to leap back into the nearest mega-cap tech stocks.<\/p>\n Friday presented an ideal opening, with Apple (APPL), Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Tesla (TSLA), all ensuring the rally was all about the tech, baby.\u00a0 Thanks in part to the flat-assedness of toppy US bond yields, in the wake of a disrupted and poorly received 30-year Treasury auction. (QED: local futures were up only 25 points after our benchmark index closed Friday still well under the 7,000 mark at 6976.)<\/p>\n Futures on Wall Street were lower on Sunday night after the ratings agency Moody\u2019s lowered its US credit rating outlook to Negative from Stable.<\/p>\n Futures tied to the S&P 500, the Dow Jones Industrial Average and the Nasdaq were all around 0.15% lower in New York.<\/p>\n Via Fox<\/p>\n Moody\u2019s expects America\u2019s \u201cfiscal deficits will remain very large, significantly weakening debt affordability\u201d for some time to come.<\/p>\n Meanwhile, according to October data from trading platform SelfWealth, in the US, Tesla (NASDAQ: TSLA) remained the favourite among traders on Selfwealth.<\/p>\n On US stocks, Selfwealth CEO Craig Keary says Tesla maintaining its position as the platform\u2019s preferred stock despite the company\u2019s recent price dip and earnings miss reflects the resilience apparent in the US economy.<\/p>\n Via SelfWealth<\/p>\n \u00a0<\/p>\n \u201cThis kind of robust trading activity, which increased by 80% month-on-month, along with a rising buy-to-sell ratio, is a testament to the confidence our investors have in the EV market\u2019s long-term potential.<\/p>\n \u201cSimilarly, Bank of America\u2019s (BAC) performance impressed Selfwealth investors, evidenced by its climb to become the fourth most traded US stock and the significant uptake in buying interest post-earnings.\u201d<\/p>\n Elsewhere in US tech, Rivian (RIVN) trades surged, even as its valuation fell by a third, following a US$1.5 billion bond offering, with investors buying into the dip, and popular \u2018Reddit\u2019 stocks like IONQ (IONQ), AMC (AMC), and Marathon Digital (MARA) also caught traders\u2019 interest.<\/p>\n \u00a0<\/p>\n Space X on X<\/strong><\/em><\/p>\n Falcon has delivered over 1000 tons to orbit this year, a world record https:\/\/t.co\/ieJFOeaAdY<\/a><\/p>\n \u2014 Elon Musk (@elonmusk) November 11, 2023<\/a><\/p>\n\n Elon: The Movie<\/strong><\/em><\/p>\n We\u2019re betting on Leo to land the plum role of Elon in \u2018Midsommar\u2019 director Darren Aronofsky\u2019s upcoming Elon biopic announced to the world on Friday.<\/p>\n As we slept in Sydney on Saturday morning, NBC News reported that the super-cool, super-indie studio A24 had just snagged the rights to Walter Isaacson\u2019s salacious, if slightly obedient biography of the man who made Tesla and SpaceX and X.<\/p>\n NBC says a deal was struck \u2018after a highly competitive bidding war involving multiple studios and filmmakers.\u2019<\/p>\n So the man who gave us Brendan Fraser in The Whale could do worse than give us Leonardo DiCaprio as Elon. The only better choice would be Elon.<\/p>\n Tesla: The Coverage<\/strong><\/em><\/p>\n Tesla stock crashed on Thursday largely because HSBC Global initiated coverage on the carmaker with a \u201cReduce\u201d rating and a measly US$146 price target.<\/p>\n At one stage the share price was more than -6% down after the bank suggested the stock was overvalued and that Elon himself was a major problem.<\/p>\n The surprisingly bearish note, likely to be a collectors item regardless of its accuracy, began this way:<\/p>\n \u201cTesla is more than a very expensive auto company\u2026. Elon Musk\u2019s global fame has afforded the group a customer awareness that far outweighs the money it has spent on marketing and advertising, which is therefore a tangible benefit to the [profit-and-loss]\u2026 Leaving aside the current legal issues Elon Musk faces, we think his prominence presents a considerable \u2018singleman\u2019 risk at the group.\u201d<\/em><\/p>\n HSBC called Elon Musk both an asset and a risk \u2013 \u201d a charismatic CEO with a cult-like following\u201d who \u201cfeeds into the innovator narrative, which underpins (TSLA\u2019s) value\u201d.<\/p>\n HSBC says much of Tesla\u2019s hype is baked into the share price already \u2013 ignoring the downside risk of its ambitious future tech projects, be it Artifical Intelligence, trucks, batteries, driverless systems, humanoid robots or supercomputers.<\/p>\n \u201cArguably the ideas need to become reality to support the current share price,\u201d HSBC warned. \u201cSignificant delays or developments that show lack of technological and\/or regulatory feasibility for a commercial launch of these projects pose a significant risk for Tesla.\u201d<\/p>\n And goodness me, the short interest in Tesla is piling up.<\/p>\n Investors worldwide are placing bets against Elon\u2019s toy cars at almost US$19 billion, or 3.03% of the stock\u2019s entire float, according to data from S3 partners. It\u2019s actually a bit of a festival of diplomacy this week, which could easily come back to bite or boost US markets.<\/p>\n The American and Chinese leaders, Joe Biden and Xi Jinping, will meet and greet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in San Francisco on Wednesday for their second in-person get together as respective presidents \u2013 they only met face to face for the first time last year at the Bali G 20. <\/p>\n There\u2019s a lot at stake. They\u2019ll want to get the official communication channels back open for one. Then there\u2019s China\u2019s horseplay in the South China Sea, with Russia, in the Philippines over the weekend and of course, China\u2019s scary military behaviour in, around and over Taiwan. Beijing, meanwhile, will want to turn around some of the crippling tech conditions being placed upon it by the White House\u2019s isolation from American technology.<\/p>\n Meanwhile, the Israel-Gaza conflict continues. It\u2019s Palestine Independence Day on Wednesday, so brace for some global organising.<\/p>\n Rupert Murdoch steps down as News Corp chair following today\u2019s annual shareholders meeting, becoming chairman emeritus.<\/p>\n On the economic front, the October consumer price index US CPI and PPI figures will be closely watched in the coming week for assessment of the Fed\u2019s ongoing fight with inflation.<\/p>\n US CPI will be especially important as investors wonder aloud if inflation has cooled enough for the Federal Reserve to ease its tightening grip after\u00a0 keeping US rates on hold for a second straight time in November.<\/p>\n According to consensus, October\u2019s headline CPI is expected to slow from September\u2019s 0.4% month-on-month (m\/m) print while core CPI may show some signs of stickiness around 0.3% m\/m. S&P Global<\/p>\n S&P Global Intelligence says the US PMI selling price index \u2013 which preludes the trend for official CPI \u2013 further fell at the start of October, \u2018reinforcing the consensus for the lowering of inflationary pressures.\u2019<\/p>\n There\u2019ll also be some excitement around the US retail sales and industrial production data this week and the direction these figures are likely to provide both the US central bank and the Wall St traders watching it.<\/p>\n \u00a0<\/p>\n The earnings calendar for the week ahead includes reports from retail giants Walmart (WMT), Target (TGT), and Home Depot (HD), while investor events scheduled for DraftKings (NASDAQ:DKNG), Roblox (NYSE:RBLX), and Guidewire Software (NYSE:GWRE) have the potential to jolt shares.<\/p>\n Alibaba (BABA)\u00a0\u00a0<\/strong><\/em><\/p>\n Wall Street consensus has Alibaba earning US$2.12 per share on revenue of US$30.79bn vs US$1.81 per share on revenue of $28.95bn for the PCP.<\/p>\n In and out of favour, the Chinese tech giant is smack bang in the middle of its mega annual 11\/11 Singles Day sales festival. The stock is currently trading at around US$82, uo circa +40% from its most recent low of $58.<\/p>\n However Chinese tech names remain mired in uncertainty \u2013 thus the 33% fall BABA\u2019s endured since June and let\u2019s recall that the Jack Ma-less giant remains a shadow of ita former self. It\u2019s still short about -70% in the three years since China\u2019s began its tech crackdown, a period in which the S&P 500 index has gained more than +20%.<\/p>\n The company is poised to catch up amid China\u2019s more relaxed regulatory scrutiny of big tech platforms, which is something that has impacted BABA\u2019s operations for the past three years.<\/p>\n The rubber is hitting the road on the company\u2019s looming breakup \u2013\u00a0 the hefty conglomerate will become six individual segments, including splitting off its cloud division.<\/p>\n Adding to the uncertainty factor is the news ex-CEO Daniel Zhang is getting offloaded to run BABA\u2019s cloud unit, although he resigned from that post in September.<\/p>\n Monday, November 13<\/strong><\/em> \u2013 Tyson Foods (TSN) and Tower Semiconductor (TSEM)<\/p>\n Tuesday, November 14<\/strong> <\/em>\u2013 Home Depot (HD), Sea Limited (SE), On Holding AG (ONON), and Vipshop (VIPS)<\/p>\n Wednesday, November 15<\/strong><\/em> \u2013 Cisco (CSCO), TJX Companies (TJX), Palo Alto Networks (PANW), Target (TGT), JD.com (JD), Babcock International HY, Coface Q3, Foxconn Q3, Getty Images Q3, Home Depot Q3, Sumitomo Mitsui Financial Group HY and XPeng (XPEV)<\/p>\n Thursday, November 16<\/strong><\/em> \u2013 Walmart (WMT), Alibaba (BABA)<\/strong><\/em>, Applied Materials (AMAT), and Macy\u2019s (M)<\/p>\n Friday, November 17<\/strong> <\/em>\u2013 BJ\u2019s Wholesale Club Holdings (BJ) and Spectrum Brands (SPB)<\/p>\n \u00a0<\/p>\n Source: Commsec, Trading Economics, S&P Global Research, AMP\u00a0<\/strong><\/em><\/p>\n \u00a0<\/p>\n MONDAY<\/strong> TUESDAY<\/strong> WEDNESDAY<\/strong> THURSDAY<\/strong> FRIDAY<\/strong> <\/span><\/p>\n The post Tech Heavy: HSBC calls Musk \u2018a charismatic CEO with a cult-like following\u2019 just in time for Elon, The Movie<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"October\u2019s most traded US stocks<\/strong><\/h2>\n
Elon Watch<\/h2>\n
\n\u00a0<\/p>\nThe Week Ahead in the US<\/h2>\n
US Earnings<\/h2>\n
The Everyone Else Economic Calendar<\/h2>\n
Monday November 13 \u2013 Friday November 17<\/strong><\/h2>\n
\nSingapore, Malaysia Market Holiday
\nJapan PPI and Machine Tool Orders (Oct)
\nTurkey Current Account (Sep)
\nIndia Inflation (Oct)
\nGermany Current Account (Sep)
\nUnited Kingdom Regional PMI (Oct)
\nUnited States Consumer Inflation Expectations (Oct)
\nGlobal Business Outlook (Oct)<\/p>\n
\nIndia Market Holiday
\nNew Zealand Food Inflation (Oct)
\nIndia WPI (Oct)
\nUnited Kingdom Labour Market Report (Sep)
\nSouth Africa Unemployment (Q3)
\nEurozone Employment Change (Q3, prelim)
\nEurozone GDP (Q3, 2nd est.)
\nEurozone ZEW Economic Sentiment Index (Nov)
\nGermany ZEW Economic Sentiment Index (Nov)
\nUnited States CPI (Oct)<\/p>\n
\nBrazil Market Holiday
\nJapan GDP (Q3, prelim)
\nSouth Korea Trade (Oct)
\nChina (Mainland) Industrial Production, Retail Sales, Fixed
\nAsset Investments (Oct)
\nChina (Mainland) Unemployment Rate (Oct)
\nChina (Mainland) 1-Year MLF Announcement
\nIndonesia Trade (Oct)
\nJapan Industrial Production (Sep, final)
\nGermany Wholesale Prices (Oct)
\nUnited Kingdom Inflation (Oct)
\nEurozone Industrial Production (Sep)
\nEurozone Balance of Trade (Sep)
\nUnited States PPI (Oct)
\nUnited States Retail Sales (Oct)
\nUnited States Business Inventories (Sep)<\/p>\n
\nJapan Trade (Oct)
\nJapan Machinery Orders (Sep)
\nChina (Mainland) House Price Index (Oct)
\nPhilippines BSP Interest Rate Decision
\nUnited States Industrial Production (Oct)<\/p>\n
\nSingapore Non-oil Domestic Exports (Oct)
\nMalaysia GDP (Q3)
\nUnited Kingdom Retail Sales (Oct)
\nEurozone Inflation (Oct, final)
\nUnited States Building Permits (Oct, prelim)<\/p>\n