The Daily Business and Finance Show - Tuesday, 16 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. Elon Musk announces SpaceX's relocation to Texas, citing California's transgender law as the tipping point. Verizon considers selling thousands of U.S. towers, while energy transfer and Sonoco reveal a new crude oil joint venture in the Permian Basin. Palantir sees a pre-market dip after Mizzouro downgrades its rating, and rhythm capital extends its winning streak to seven sessions. Warner Bros. discovery plans a smaller round of layoffs than expected, in-phase energy ranks among the most shorted S&P 500 tech stocks in June, contrasting with Apple and Microsoft being among the least shorted. Meanwhile, PacBio surges over 30%, marking its biggest jump in five years. Stay tuned after this short ad break for more details on these stories. How do custom orders work on Kraken? Need more bass? Crank it? Vocal's not popping? Double it up. Want a bigger sound? Hit that reverb. Hard. That's custom orders on Kraken. Complete control over your crypto trades. Go to Kraken.com and see what crypto can be. Not investment advice. Crypto trading involves risk of loss. Crypto currency services are provided to U.S. and U.S. territory customers by pay word interactive ink. It'll be U.S. disclosure on Kraken.com/legal/disclosures. Elon Musk announced SpaceX and social media site X are relocating from California to Texas due to a new California law on transgender student notifications. SpaceX's headquarters will move from Hawthorne, California to Starbase, Texas. Tesla has also re-incorporated in Texas following shareholder approval. Verizon plans to sell 5,500-6,100 mobile phone towers in the United States for over $3 billion. The New York-based telecom company has hired advisers to find potential buyers. Discussions are preliminary and may not materialize. Verizon did not respond to requests for comment. Energy transfer in Sonoko have formed a joint venture combining their crude oil and produced water-gathering assets in the Permian Basin. Energy transfer will operate the venture, holding a 67.5 percent interest while Sonoko holds 32.5 percent. The venture includes over 5,000 miles of pipelines and 11 million barrels of storage capacity. Additionally, energy transfer completed acquiring WTG midstream for $2.275 billion in cash and newly issued common units, adding 6,000 miles of gas pipelines and 8 processing plants to its network. Palantar technology shares dropped nearly 2 percent pre-market after Mizuho securities downgraded the stock to underperform from neutral. Despite recent strong performance, analysts questioned Palantar's ability to sustain growth and justify its high valuation. Mizuho raised the price target slightly to $22 but cited concerns over transparency and inconsistent results. Rhythm Capital shares rose for seven consecutive sessions, closing at $11.50 on Tuesday, up 2.4 percent. The stock has gained over 5 percent this year compared to the S&P 500's 18 percent rise. Eleven analysts rated a buy with no sell recommendations. Strong Q1 earnings were driven by increased servicing revenue and diversified investments. Turner Brothers' discovery is cutting more jobs this week in a smaller wave of layoffs affecting various business areas, according to Deadline. This follows CNN's recent reduction of 100 positions. The company's stock has dropped nearly a third this year but is currently up 6.5 percent. Concerns about high debt persist. Surface energy was the most shorted S&P 500 technology stock in June with 10.43 percent of shares sold short. Trimble had the least at 0.69 percent. Average short interest in tech stocks fell to 1.45 percent from Miz 1.56 percent. The sector is up over 21.67 percent this year outpacing the broader markets approximately 18 percent rise. Members of Pacific Biosciences of California surged over 30 percent on Tuesday, reaching a two-month high. This spike followed news of a new investment from ARK Investment Management and an upcoming Q2 results announcement. Despite the rally, shares remain significantly below last year's levels and are rated as sell by some analysts but by Wall Street. Thank you for tuning into 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]
