Coffee With Greta: Roku’s BIG Revenue Miss
Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures: +42 (+0.1%) SPX Futures: +7 (+0.1%) NASDAQ Futures: +23 (+0.2%) Good morning friends! Futures are slightly higher after the market tumbled Thursday with the Dow suffering its worst drop of 2022. Let’s get right to it! Roku Plunges After Disappointing Q4 Roku (ROKU) shares are tumbling 27.2% ahead of the open after the company reported slower than expected revenue growth. Roku reported adjusted earnings of $0.17 per share on $865.3 million in revenue. Earnings were ahead of consensus but revenue fell short of analysts’ estimates for $894 million. Roku’s sales rose 33% year-over-year, a sharp slowdown from 51% in Q3 and 81% growth in Q2. The company expects that slowdown to continue. Roku forecast Q1 revenue of $721 million, implying 25% growth. The stock is the second largest holding in Cathie Wood’s Ark Innovation ETF (ARKK). ARKK is down 2.3% in premarket trade. St. Louis Fed President Reiterates Hawkish Stance St Louis Fed President James Bullard warned the U.S. is at risk of “out of control” inflation. In a panel discussion at Columbia University, Bullard repeated his calls to “front-load” rate hikes with a full percentage increase by July 1. He said, “the Fed should move faster and more aggressively than we would have in other circumstances.” CME Group’s FedWatch Tool now shows 69% of traders expect a 0.25% rate hike at the March meeting, 93% expected a 0.5% hike just a week ago. Russia-Ukraine Tensions Escalate The market is continuing to monitor the tensions between Russia and Ukraine as the U.S. calls for a diplomatic solution. Ukraine has accused pro-Russian rebels of attacking a village near the border on Thursday. Russia is continuing to demand the removal of all NATO and U.S. troops from Eastern Europe. President Biden told reporters Thursday it appears Russia is engaged in a “false flag operation” and it is likely Moscow will invade Ukraine “in the next several days”. The VanEck Russia ETF (RSX) tumbled 5.2% on Thursday and is down 1.9% ahead of the open. Senate Avoids Government Shutdown The Senate passed a short-term funding bill in a 65-27 vote Thursday to avoid a government shutdown today. The legislation will now be signed by Biden and maintains current funding levels through March 11. Lawmakers are now hoping to agree on a long-term spending bill which would fund the government through the end of the fiscal year on September 30. Existing Home Sales Preview The National Association of Realtors reports existing home sales for January at 10:00 a.m. ET. Consensus estimates are for sales to fall to a seasonally adjusted annual rate of 6.10 million units from 6.18 million in December. Homebuyers have been squeezed by high prices due to low supply with demand at record highs. Rising mortgage rates have made that affordability issue worse. No Trading Monday Next week will be shortened for traders as the markets are closed Monday in observance of Washington’s Birthday. There will be no Coffee with Greta that morning but I’ll be back in your inbox Tuesday morning! In Case You Missed It Ford’s (F) Mustang Mach-E beat out Tesla’s (TSLA) Model 3 as Consumer Reports’ top EV pick in 2022. The group said the Mach-E is better when it comes to self-driving and ensuring the driver remains alert. Tesla fell seven spots to 23rd out of 32 major auto brands on the list.
Continue Reading -->Coffee With Greta: Walmart Pops, Nvidia Slips
Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures: -121 (-0.4%) SPX Futures: -20 (-0.4%) NASDAQ Futures: -78 (-0.5%) Good morning friends! Futures are lower as the market digests some key earnings. Let’s get right to it! Walmart Pops on Strong Earnings Walmart (WMT) shares are up 1.5% ahead of the open after the retailer beat Q4 expectations on the top and bottom line. The company reported adjusted earnings of $1.53 per share on $152.87 billion in revenue. That beat analysts’ expectations for adjusted EPS of $1.50 on $151.53 billion in revenue. Walmart’s earnings show the retailer had a strong performance over the holidays. Same-store sales in the U.S. rose 5.6%, in-line with expectations. Walmart hiked its quarterly dividend to $0.56 per share and said it plans to repurchase $10 billion of its stock in fiscal 2023. Nvidia Crushes Q4 Expectations Nvidia (NVDA) shares are down 2% in premarket trade despite reporting a record-breaking fourth quarter. The chipmaker reported adjusted earnings of $1.32 per share on $7.64 billion in revenue. That was higher than analysts’ expectations for EPS of $1.22 on $7.42 billion in revenue. Nvidia’s profits were up 69% year-over-year, while revenue jumped 53%. The company’s gaming business remains its biggest revenue generator. Sales in that division rose 37% year-over-year to $3.42 billion in Q4, driven by sales of its GeForce graphics processors. Nvidia’s data center sales jumped 71% annually to $3.26 billion, while professional visualization sales surged 109% to $643 million. Automotive chip sales fell 14% year-over-year to $125 million amid continued supply constraints for global automakers. The company also had strong Q1 guidance, forecasting $8.10 billion in sales vs the consensus estimate for $7.29 billion. Nvidia also has $9 billion in long-term supply obligations, up from $2.54 billion a year ago. DoorDash Users Hit Record-High DoorDash (DASH) shares are surging 21.5% ahead of the open after reporting record-high user numbers in Q4 even as restaurants reopened. The delivery app reported a steeper profit loss than expected, at $0.45 per share vs the $0.25 loss analysts were expecting. But $1.3 billion in revenue came in higher than estimates for $1.28 billion. The company’s gross-order value jumped 36% year-over-year to $11.2 billion. That was ahead of analysts’ projections for $10.6 billion. DoorDash also had 369 million total orders last quarter vs consensus estimates for 361 million. The company forecast gross-order value this year will range between $48 billion and $50 billion, in-line with analysts’ projections of $49.4 billion. Weekly Jobless Claims Rise Unexpectedly The Labor Department reported 248,000 Americans filed initial claims for unemployment benefits last week. That was up 23,000 from the previous week and higher than expectations for claims to fall to 218,000. It’s the first time claims have risen in a month. Continuing jobless claims fell more than expected to 1.59 million down about 26,000 from the previous week and better than expectations for 1.62 million. Housing Construction Stumbles U.S. home construction pulled back in January as builders struggle with supply chain issues. The Census Bureau reported housing starts fell 4.1% at the beginning of the year, to a seasonally adjusted annualized rate of 1.638 million units. That was a steeper drop than economists’ expectations for a SAAR of 1.69 million units. Single-family starts tumbled 5.6% while multi-family starts fell 2.1%. But permitting activity beat expectations, signaling the pullback in homebuilding may be short-lived. New permits approved in January were at an SAAR of 1.899 million, up 0.7% from December and higher than economists’ forecasts for 1.75 million. Homebuilder sentiment fell 1 point on Wednesday to 82, declining for the second straight month as builders struggle with supply. The average size of a 30-year mortgage in the U.S. also hit a new record high at $453,000 this week. And the average 30-year mortgage rate popped above 4% for the first time since 2019. Higher rates are expected to squeeze more buyers out of the market who are already struggling with high prices. In Case You Missed It The Fed’s January meeting minutes told us what we already know, the bank is ready to raise rates and shrink its balance sheet. But the readout didn’t provide much detail about how many rate hikes officials expect this year. FOMC participants agreed this tightening cycle should be faster than the last and said they will assess moves on a meeting-by-meeting basis. The VanEck Oil Services ETF (OIH) jumped to the highest level in more than two years Wednesday as tensions simmer between Russia and Ukraine. The fund closed 2.3% higher at $248.54 and is up 34.5% YTD. The jump in energy prices comes amid continued tensions between Russia and Ukraine. U.S. officials confirmed Thursday that Russia had increased its troop presence at the Ukraine border by 7,000 in recent days. That contradicts Moscow’s previous claim it was pulling troops back.
Continue Reading -->Coffee With Greta: Inflation Boosts Retail Sales
Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures: -45 (-0.1%) SPX Futures: -8 (-0.2%) NASDAQ Futures: -38 (-0.3%) Good morning friends! Futures are flat as the market digests a strong retail sales report. Let’s get right to it! Retail Sales Surge Amid Hot Inflation The Census Bureau reported retail sales rose 3.8% in January, beating expectations for a 2.1% increase. Core retail sales, which excludes auto and gas sales, jumped 3.3% vs expectations for 0.8%. The beat comes despite inflation soaring to a 40-year high in January, when the CPI surged 7.5%. Since the data is not adjusted for inflation, those surging prices helped boost the sales total to $649.8 billion, as Americans paid more for most goods. Retail sales were 13% higher compared to January 2021 December’s sales were revised lower to show a 2.5% drop from the previous 1.9% decline. Roblox Tumbles on Earnings Miss Roblox (RBLX) shares are dropping 17.2% ahead of the open after the online gaming company reported a steeper Q4 loss than expected. Roblox reported an adjusted loss of $0.25 per share on $568.8 million in revenue. But analysts had forecast a per share loss of just $0.12. Roblox’s bookings also fell short at $770.1 million vs expectations for $772 million. The company defines bookings as “revenue plus the change in deferred revenue during the period and other non-cash adjustments.” This is an important metric because Roblox games use the digital currency Robux for transactions between players, which may be considered “deferred revenue”. The company did report strong user growth. Average Daily Active Users jumped 33% year-over-year to 49.5 million in Q4. In January, DAUs were already up to 54.7 million. “With nearly 55 million daily active users, Roblox is increasingly an integral part of people’s lives,” said the CEO. “As we look ahead to 2022, we will continue to develop our technology to enable deeper forms of communication, immersion and expression on our platform.” Airbnb Pops on Strong Guidance Airbnb (ABNB) shares are up 2.9% in premarket trade after Q4 earnings and Q1 guidance both beat expectations. The company reported earnings of $0.08 per share on $1.53 billion in revenue. That beat analysts’ expectations for EPS of $0.03 on $1.46 billion in revenue. Airbnb’s strong performance came as bookings continued to rebound from the pandemic. The company said average trip lengths have increased by 15% in the past two years, as remote work becomes more permanent for many in the U.S. Stays of more than seven days now represent nearly half of all gross bookings. Airbnb expects Q1 2022 bookings to exceed Q1 2019 levels. The company also forecast revenue between $1.41 billion and $1.48 billion this quarter, topping consensus estimates for $1.24 billion. High Lumber Prices May Weigh on Homebuilders The National Association of Homebuilders releases its February sentiment index at 10:00 a.m. ET. That survey is expected to slip to 82 this month from 83 in January. Homebuilders have benefited from strong demand and short supply in the housing market. But high costs have weighed on their business. And lumber prices are climbing again after cooling last summer. CNBC reported that lumber prices are three times higher than average pre-pandemic levels. The NAHB has estimated those high prices have added more than $18,600 to the price of a new single-family home. Fed Minutes Ahead The Federal Reserve releases the minutes of its January meeting at 2:00 p.m. ET today. The market is eyeing this report to get more clarity on the Central Bank’s plans to tighten monetary policy. With the CPI hitting a 40-year high and the PPI remaining at a record high in January, many analysts have raised their rate hike expectations for the year. The market has priced in as many as seven rate hikes this year. CME Group’s FedWatch Tool shows 57.9% of traders expect the March rate hike to be 0.5% instead of 0.25%. In Case You Missed It President Biden expressed cautious optimism about Russia pulling troops back from the Ukraine border on Tuesday. In a speech at the White House, Biden said the U.S. is prepared to defend NATO members if needed. He reiterated America’s commitment to Ukraine’s sovereignty. Biden said he has made it clear to Russia that the U.S. “will respond” forcefully if Russia targets Americans or Ukraine. Marriott International (MAR) shares closed at a new record $181.20 per share after strong Q4 earnings Tuesday. The hotel chain beat expectations on both the top and bottom line last quarter. Revenue more than doubled year-over-year as leisure bookings bounced back. Marriott said it expects business demand to continue rebounding as the economy recovers.
Continue Reading -->Coffee With Greta: More HOT Inflation Data
Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures: +352 (+1.0%) SPX Futures: +55 (+1.3%) NASDAQ Futures: +244 (+1.8%) Good morning friends! Futures are higher as the market digests some more hot inflation data and Russia-Ukraine tensions appear to be cooling. Let’s get right to it! U.S. Producer Prices Surge The Bureau of Labor Statistics released more hot inflation data this morning. The Producer Price Index surged 9.7% year-over-year in January, higher than expectations for 9.1%. On a monthly basis, the PPI rose 1.0% vs expectations for 0.3%. The Core PPI, which excludes food, energy, and trade prices, jumped 0.9% monthly and 6.9% annually. Both of those readings were higher than expected. This comes after the CPI surged 7.5% year-over-year in January, marking the fastest pace of inflation in 40-years. The higher producer prices are expected to contribute to higher consumer inflation down the line, as producers pass down those costs. Russian Troops Pull Back from Ukraine Border Oil prices are retreating, stock futures are higher, and cryptocurrencies are up after Moscow announced it is pulling back some of the troops at the Ukraine border. U.S. crude prices are down nearly 3%, under $93 per barrel. Oil prices hit a seven-year high as tensions appeared to escalate on Monday. Over the past 24 hours, Bitcoin is 3.7% higher while Ethereum has risen 5.7%. The bounce comes as there appears to be a deescalation between Russia and Ukraine. A spokesman for the Russian Ministry of Defense said the troops had completed their military drills along the Ukraine border and will begin moving back to their bases today. But NATO officials are urging caution in taking Russia’s word. NATO Secretary General Jens Stoltenberg said the group had “not seen any sign of de-escalation on the ground from the Russian side.” The tensions stem from Ukraine’s desire to join NATO, while Russia wants that to never be allowed to happen. Moscow also wants NATO to shrink its presence in Eastern Europe. Israeli Chipmaker Soars on Intel Acquisition News Tower Semiconductor (TSEM) shares are up 41% in premarket trade following a report that it is about to acquired by Intel (INTC). The Wall Street Journal reported Monday evening that Intel was looking to buy the chipmaker for nearly $6 billion. The acquisition is reportedly part of Intel’s plans to expand its manufacturing capabilities. TSEM shares soared more than 50% in after-hours trade following the announcement. Tower Semiconductor has manufacturing facilities in Israel, Italy, California, and Texas. It also owns a 51% stake in Tower Partners Semiconductor, which has three locations in Japan. INTC shares are 1.1% higher ahead of the open. In Case You Missed It St Louis Fed President James Bullard reiterated his hawkish stance on monetary policy Monday. He told CNBC the bank is already behind on inflation and needs to “front load” rate hikes. Bullard is calling for interest rates to be a full 1% higher by July, which would mean one 0.5% hike in the next three meetings. He is a voting member of the FOMC this year and said he will try to convince his colleagues that his position is correct. Shares of the major vaccine makers tumbled Monday as COVID cases wane. Moderna (MRNA) shares plunged 11.7%, BioNTech (BNTX) tumbled 9.6%, Pfizer (PFE) fell 1.9%, and Johnson & Johnson (JNJ) closed 1.3% lower. The drop comes as Omicron cases are rapidly dropping across the U.S. The seven-day average of cases in the U.S. plunged 42% in the past week, to 175,000 as of Sunday.
Continue Reading -->What Would it Take to Be Bullish?
The market has consistently had lower highs and lows since December, culminating in bearish moves at the end of last week after it had tried to move higher. How has that affected Sami’s view of the market? Could another move higher changes his sentiment? In this video, Sami explains: – What AA and CF reveal about the agricultural sector – How the oil stocks on his watch list compare – Which stock is a possible hedge against a market selloff – Why it’s not too late to play NVCT – Why he has a hard time finding a stop in ETSY
Continue Reading -->Scott Redler’s Dog Bytes: Tactical Trading in Tech
SPX futures were down big but are off the lows on news that Russia-Ukraine could have a diplomatic outcome. Last week they sold the CPI report. On Friday, there were ways to adjust as 4515 was rejected and 4484 was broken. For two weeks I’ve discussed the possible head & shoulders. Now we’ll see if we hold above the neckline. Reclaiming 4401 would relieve some pressure today. But I think we will test 4220 in the weeks to come. For today we’ll see if 4455-4500 gets rejected.TSLA: last Thursday I pointed out how it wasn’t leading, which was a reason to be cautious. Some got short when it broke $920 or $895. I avoided it. It’s getting some downside follow-through this morning. Perhaps there is a tactical long vs. a 5-15-30 minute low. $829 is support and then $792 is the low. If it reclaims $850.70, it might relieve some pressure. AAPL: many active longs got stopped out at $174.90 or $170. This morning we’ll see if there is tactical long vs. a 5-15-30 minute low for cash flow. See if it reclaims Friday’s low of $168.04. MSFT gave clues the sellers can take control again as $307 broke. That got confirmed below $299 Friday. We will be tactical each day here. Maybe there is a scalp long vs. a 5-15-30 minute low. $294.22 is Friday’s low. GOOGL failed to hold $3018 and filled its post-earnings gap in four days. It’s not special. But there are tactical trades. On Friday, it hit a low of $2668. We’ll see if it holds the January lows or if it gives a tactical bounce vs. a 5-15-30 minute low.Positions Disclosure as of 2/14/2022 at 9:03 a.m. ET
Continue Reading -->Coffee With Greta: The Bulls Disappear
Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. DJIA Futures: +6 (+0.02%) SPX Futures: +3 (+0.1%) NASDAQ Futures: +3 (+0.02%) Good morning friends! Futures are flat as the market continues to monitor tensions between Ukraine and Russia. And the market bulls have vanished. Let’s get right to it! Fear Takes Over The market bulls are gone. T3 Live’s weekly market sentiment survey found traders are more bearish than ever. 81% of respondents to this week’s survey said the S&P 500 will go down in the next 30 days. That’s an all-time low in bearish sentiment for the survey. Sentiment flipped on Apple (AAPL), with 68% saying the stock will go down over the next month. And it was even worse for Tesla (TSLA), as 78% are bears on the stock. The risk-off sentiment spread to crypto, with 70% saying they’re bearish on Bitcoin. As traders ditch risk, gold sentiment hit an all-time high for the survey. 81% of traders said they see gold prices going up in the next 30 days. And oil sentiment rose further. 80% of surveyed traders expect those prices to continue rising. Markets Monitor Russia-Ukraine Tensions Global markets are monitoring tensions between Russia and Ukraine. Bloomberg reported this morning that Russian Foreign Minister Sergei Lavrov is proposing a continuation of diplomatic efforts. But Russia is continuing to train along the Ukraine border, with 130,000 troops in the area. The White House says there was no breakthrough from President Biden’s phone call with Russian President Putin over the weekend. Now the German Chancellor is visiting Ukraine and Russia today. A war in Ukraine would add another layer of uncertainty for Wall Street, on top of tightening monetary policy. More Inflation Data, Retail Sales This Week The Bureau of Labor Statistics releases more inflation data Tuesday morning with the January Producer Price Index. All eyes are on that report after the Consumer Price Index surged to a 40-year high last week. Economists expect that report to show prices surged 9.3% year-over-year last month, down from 9.7% in December. Higher producer prices translate into higher consumer prices down the line. The Census Bureau’s retail sales report Wednesday morning will be key to gauge how much January’s inflation pressures hurt consumer activity. Consensus estimates are for that report to show a 2% increase in retail sales last month after a surprise drop in December. In Case You Missed It Pfizer (PFE) and the FDA delayed the company’s emergency request to approve its COVID vaccine for children under 5-years-old. The company had requested the first two doses to be approved while they awaited clinical data for a third dose. But the FDA said they need that data before they will approve the shots. Pfizer expects to release those trial results in April. The first two doses did not produce an adequate immune response in young children. The Los Angeles Rams won Super Bowl LVI at home on Sunday. It’s the team’s first Super Bowl win since 1999 and the second in franchise history. The Rams were losing at the start of the 4th quarter and secured the win with a late comeback drive.
Continue Reading -->81% of Traders Are Bearish
Bullish sentiment just fell a cliff. We created this sentiment survey in October 2021, so we have a short history. Still, it’s fascinating that we have all-time lows in bullish sentiment on the SPX, Bitcoin, Apple (AAPL), and Tesla (TSLA). Meanwhile, bullish sentiment on gold and oil hit record highs. Let’s dig in. SPX Mood Is Super Bearish Last week, bullish sentiment on the S&P 500 was 58%.This week, it dropped to just 19% – by far the lowest reading we’ve ever had in our admittedly short 18 week history. Traders appear to be spooked by the market dropping into the end of last week, combined with existing concerns over inflation and central banks removing the punch bowl. Plus, the Russia-Ukraine conflict is adding tension. Bitcoin Sentiment Collapses Bitcoin sentiment hit a record low this week, with just 30% of surveyed respondents saying they think it will go up over the next 30 days. This appears related to a general fear of risk assets — which is the big theme this week. Apple Bears Are Here Apple (AAPL) delivered a monster earnings report 3 week ago… but it doesn’t seem to be helping. Just 32% of respondents think the world’s biggest stock will rise, Tesla Gets No Love Tesla (TSLA) really has a lack of love, with just 22% of traders saying they are bearish. Gold Bulls Rise With traders seeking safety, and gold surging last week, bullish sentiment on gold hit record highs at 81%. Traders Still Love Oil Oil has raged higher in 2022 to hit 8-year highs, and as you might expect, energy stocks have led the market. So it’s no surprise that oil remains in favor, with 80% of surveyed traders expecting oil to rise. The Russia-Ukraine conflict has been a driver of oil prices, since there are worries about supply disruptions in the region. What Happens Now? Traders are very, very bearish. And that’s no surprise given the aforementioned concerns over inflation and central banks pulling back after a very long bull market. Sometimes — but not always — the market bottoms when traders show maximum fear. It will be interesting to see if that’s the case this time around.
Continue Reading -->Elon Musk: 5 Fun Facts You Need to Know
Elon Musk… you can love him. You can hate him. But you can’t ignore Tesla’s (TSLA) polarizing CEO. Because most executives can’t move markets with a single Tweet. But you might be surprised to learn the self-proclaimed “Dogefather” hasn’t always liked crypto and is a citizen of 3 countries. So let’s learn a little more about the man.. Musk Was the First Person in History Worth $300 billion Tesla CEO Elon Musk is the richest person in the world and his climb to the top has been historic. The Bloomberg Billionaires Index shows Musk had a net worth of $27.6 billion at the end of 2019. By the end of 2020, that number ballooned to $161 billion. That’s the biggest one-year increase for any person in history. In 2021, he became the first person ever to be worth more than $300 billion. Musk crossed that milestone on October 28, 2021 as Tesla shares jumped to $1,114. Musk’s worth has fluctuated along with Tesla’s share price, but he still remains on top of the billionaire’s list. Tesla is the Only Stock Musk Owns During a 2018 interview at South by Southwest, Musk said, “I actually don’t invest in anything. In fact, the only public security that I own of any kind is Tesla.” As of February 2022, Musk holds an estimated 177 million Tesla shares, after selling a bunch of the stock in the second half of 2021. Those share sales were part of a 10B5-1 trading plan filed by Tesla with the SEC in September 2021. But Musk had a little fun before executing the sales, sending out a Twitter poll in November asking if he should sell 10% of his stake. Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? — Elon Musk (@elonmusk) November 6, 2021 That poll prompted a short-lived selloff in the stock, and Musk proceeded to sell more than $16 billion worth of shares by December 28. But he also exercised options to purchase more shares at the same time, increasing his total stake by the end of the year. Although he doesn’t own any other stocks, Musk has become a big fan of cryptocurrencies. Speaking of which… The Dogefather Has Not Always Liked Crypto It’s safe to say Musk’s feelings about crypto have changed over the years. In a February 2018 tweet, the Tesla CEO said he literally owned zero cryptocurrency. Not sure. I let @jack know, but it’s still going. I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago. — Elon Musk (@elonmusk) February 22, 2018 We don’t know exactly when his attitude about crypto changed, but Musk was all-in by 2021. He boosted the value of Dogecoin by tweeting about it, and even proclaimed himself the Dogefather before hosting SNL in April 2021. The Dogefather SNL May 8 — Elon Musk (@elonmusk) April 28, 2021 But he’s also worked to enact change in the crypto space. Musk changed his mind on Tesla accepting Bitcoin as payment in May 2021, raising concerns about the environmental impact of mining. Speaking at the virtual B Word Conference in July 2021, he said the automaker would probably accept Bitcoin again in the future. “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin,” Musk said. Tesla’s 2022 annual report with the SEC showed the automaker still holds about $2 billion worth of Bitcoin. PayPal Helped Musk Start Tesla In March 1999, Musk cofounded the online banking site called X.com. A year later, X.com merged with Max Levchin and Peter Thiel’s PayPal. When PayPal was bought by eBay for $1.5 billion in 2002, Musk received a $180 million payout $70 million of that money went into Tesla. Musk is from South Africa Hearing Elon Musk speak, you might wonder where he’s from. He was born in Pretoria, South Africa on June 28, 1971. The billionaire was raised in that town by his South African father and Canadian mother. He moved to Canada at 17-years-old to avoid being forced to enlist in the South African military. Musk then came to the U.S. two years later when he transferred to the University of Pennsylvania. He holds triple citizenship in South Africa, the U.S., and Canada. So an immigrant from South Africa started the most valuable car company ever and cemented himself as the richest person in history. Talk about your success stories…
Continue Reading -->Scott Redler Talks Moving Averages and More on Seeking Alpha
In this video, Scott Redler joins Daniel Snyder of SeekingAlpha for a special interview:Scott goes over:How he views the 8, 21, 50, and 200 day moving averagesWhy Scott predicted 2022 would be trickyWhy the market is so challengedWhat a healthy market looks likeThe signal Meta (FB) and Alphabet (GOOGL) is sendingWhy Scott is watching Apple (AAPL) and Microsoft (MSFT)Why bank longs are happyWhether or not the Fed watches the marketHow stocks like PayPal (PYPL) and Peloton (PTON) have fooled tradersWe hope you enjoyed this interview!Scott’s Positions as of 2/8/2022 at 5:06 p.m. ET
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