The Daily Business and Finance Show - Wednesday, 17 July 2024 We get our business and finance news from Seeking Alpha and you should too! Subscribe to Seeking Alpha Premium for more in-depth market news and help support this podcast. Free for 14-days!
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Welcome to the Daily Business and Finance Show. G. Vernova faces a major setback as vineyard wind operations are halted due to blade failure while the NASDAQ plunges 2.3% marking its worst trading day of 2024. YPF is in discussions with energy transfer to fund an Argentina pipeline and Trump outlines his economic and foreign policy plans under Trumponomics. U.S. listed Chinese stocks tumble amid trade concerns and Trump's warning to Taiwan even as Google and Microsoft grant Chinese companies access to NVIDIA AI chips. Casava sciences sees a sharp decline after CEO Remy Barbier's resignation, energy transfer files to sell over 50 million common units for holders, and beyond meat negotiates with bondholders over restructuring efforts leading to a 15% drop in BY&D stock. Stay tuned after the short ad break for more details on these headlines. How do stop-losses work on Kraken? Let's say I have a birthday party on Wednesday night but an important meeting Thursday morning. So sensible me free books a taxi for 10 p.m. with alerts. Voila! I won't be getting carried away and staying out until 2. That's stop-loss orders on Kraken, an easy way to plan ahead. Go to Kraken.com and see what crypto can be. Not investment advice, crypto trading involves risk of loss, cryptocurrency services are provided to U.S. and U.S. territory customers by Payward Interactive Inc. P.W.I. D.P.A. Kraken. U.P.W.I.S. disclosures at Kraken.com/legal/disclosures. General Electric Vernova shares dropped 9.3% after the U.S. government ordered vineyard wind to stop operations because a damaged turbine blade washed up on Massachusetts beaches. The Bureau of Safety and Environmental Enforcement is investigating, impacting a project owned by Copenhagen infrastructure partners and Evangred. The tech-focused NASDAQ composite tumbled 2.35% by 11 a.m. Eastern Standard Time Wednesday, marking its worst day of 2024. This decline pulled down growth sectors in the S&P 500, with information technology dropping 3.2%, consumer discretionary falling 1.9%, and communication services dipping 1.8%. PETFs affected include QQQ, VGT, SMH, and IGV. YPEF has discussed financing a crucial cross-country pipeline with energy transfer to boost Argentina's Vachamuerta shale exports, Bloomberg Reports. The $2.5 billion Vachamuerta's are pipeline aims to increase Argentina's oil exports and central bank reserves, targeting 500 million barrels per day by the end of the decade. The odds of a second Donald Trump presidency are rising after a failed assassination attempt and strong debate performance. Wall Street braces for potential inflation, protectionist trade policies, and higher bond yields. Trump aims to boost the economy with low interest rates and taxes through his Trumponomics plan. Chinese companies listed in the U.S. plunged Wednesday due to fears of a deeper crackdown on Chinese chip technology and Donald Trump's comments about Taiwan. Taiwan's semiconductor manufacturing shares dropped 8%, contributing to a $500 billion loss in global chip stocks. Major Chinese exchange-traded funds and solar stocks also fell sharply. Google and Microsoft are reportedly allowing Chinese companies to access NVIDIA's AI chips through data centers, despite U.S. export controls. The Biden administration is considering stricter regulations on cloud services to prevent unauthorized AI training by foreign entities. Both tech giants have not commented on the matter. Kasava Sciences announced leadership changes. Richard Berry is now the principal executive officer and executive chairman. The company is searching for a new CEO to replace Remy Barbier, who resigned but will stay until September 2024 in a non-executive role. Shares dropped 35% pre-market after the news. Energy Transfer has filed a prospectus for the offer and sale of up to 50.8 million common units. This filing is not an offer to sell. The company benefits from favorable industry and political trends and continues its growth with acquisitions like WTG Midstream, excluding the BNGL pipeline. Beyond meat has begun discussions with bondholders to restructure its balance sheet, leading to a 15% drop in stock after hours. The company is dealing with liquidity problems and has $1.1 billion in convertible notes. First quarter revenue is decreased by 18% and cash reserves fell to $157.9 million from $258.6 million last year. Thanks for tuning in to the Daily Business and Finance Show. Stay informed, stay ahead. Join us tomorrow for more insights and updates on the financial world. I'm Montgomery Jones and I'm Amalia Duprey. Until tomorrow, farewell. This content is sourced from the Seeking Alpha website, so support our podcast by becoming a Seeking Alpha Premium subscriber. See the show notes page for links to sign up. This episode is produced by Classic Studios. This podcast provides information only and should not be construed as financial or business advice. Check out our other podcasts in our network at classicstudios.com. [MUSIC]
