Wall Street Breakfast

Beryl leaves Houston in the dark

Beryl hits Texas: Houston sees widespread power outage, heat alert issued (CNP). (00:20) Tesla (TSLA) rival BYD (BYDDF) to build $1B EV plant in Turkey. (01:18) Stellantis (STLA) to have 30 hybrid models available in Europe this year. (02:08)

Episode transcripts seekingalpha.com/wsb.

Show links:
Biggest stock movers today: BP, INTC, and more
Study finds patients lost more weight on Mounjaro than Ozempic
Big Lots sets another all-time low as risk of bankruptcy looms
U.S. consumer credit expands by $11.4B in May, exceeding consensus

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Duration:: 5m
Broadcast on:: 09 Jul 2024
Audio Format:: mp3

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning! Today is Tuesday, July 9th. I'm Julie Morgan. Barrow leaves Houston in the dark, BYD is expanding, and Stellantis has more to offer. Most of Houston remains without power after Barrow made landfall along the Texas coast on Monday, and the blackout may be extended for days in the hardest hit areas. Centerpoint Energy ticker symbol CNP, the Houston area's main electric utility, said close to 2.3 million customers lost power during the storm. It restored power to nearly 285,000 customers by Monday night, and expects 1 million customers' power to be restored by the end of Wednesday. Barrow is now a tropical depression. It hit the Texas coast early Monday morning as a Category 1 hurricane. Centerpoint Energy mobilized nearly 12,000 filled resources for restoration efforts. While the center of the storm has moved away from southeast Texas, the region is now facing high temperatures. The National Weather Service issued a heat advisory for the region with heat index values up to 105. Chinese TV maker BYD company plans to build a massive $1 billion EV plant in Turkey with an annual capacity of 150,000 vehicles. Turkey's state-run news agency said on Monday that production is expected to begin at the end of 2026. The plant would include a mobility and R&D center and employ 5,000 people. Given Turkey's customs union with the EU, this new plant could help BYD overcome the potential impacts of new EU tariffs on Chinese EV imports. Additional factories in Brazil and Mexico are also on the horizon. BYD recently opened its first factory in Thailand. BYD company gets a quant rating of buy-on-seeking alpha with the highest factor grades given to momentum and profitability. Automaker Stellantis is set to offer 30 hybrid models this year in Europe and plans to introduce 6 more through 2026. The company said it has achieved a 41% sales increase in EU 30 hybrid models year to date 2024 versus year to date 2023 and expects an increase in customer take rate with the upcoming new launches. Now I'd like to tell you about a few other articles that you can find on Seeking Alpha. A study finds patients lost more weight on Monjaro than O'Zimpik. Big Lot sets another all-time low as risk of bankruptcy looms. And U.S. consumer credit expands by $11.4 billion in May, exceeding consensus. On our catalyst watch for the day, the five-day Allen Conference will begin in Sun Valley, Idaho, and there are some heavy hitters on the invitation list. It includes OpenAI CEO Sam Altman, Meta CEO Mark Zuckerberg, Amazon's Executive Chairman Jeff Bezos, Apple CEO Tim Cook, Salesforce CEO Mark Benioff, the CEO of Uber Technologies, Warner Bros CEO David Zaslav, and Airbnb CEO Brian Chesky. Some analysts think this year's media mogul confab will generate more headlines than has been seen recently. And the three-day Simicon West Conference will begin. The event showcases the latest advancements in the microelectronic sector, covering electronic design automation, device fabrication, and final manufacturing including assembly, packaging, and testing. Now for a look at the markets today as of 6 a.m., Dow S&P and NASDAQ futures are in the green. Food oil is down 0.5% at $81 a barrel. Bitcoin is up 0.1% at 57,000. In the world markets, the FTSE 100 is up 0.1% and the DAX is down 0.1%. BP is on our list of the biggest movers of the day pre-market. BP is down 4% on expecting Q2 impairment charges of $1 to $2 billion and a warning of weak oil trading earnings amid significantly lower refining margins. On today's economic calendar, at 9.15 a.m., the FTSE Michael Barr will speak on the topic Financial Inclusion, past, present, and hopes for the future at the Financial Inclusion Practices and Innovation Conference in Washington, D.C. At 10 a.m., Jerome Powell will give the semi-annual monetary policy report to Congress. Today's report will be before the Senate Committee on Banking, Housing, and Urban Affairs. Tomorrow, he will speak before the House Committee. And at 1.30 p.m., the FTSE Michelle Bowman will speak on the topic promoting an inclusive financial system at the same conference as Michael Barr. That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com/subscriptions. I'm your host, Julie Morgan. Go out and make it a great day! [MUSIC]