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Tesla hopes that new investors will go along for the ride after the stock split
NEW YORK – Unlike the cars, Tesla shares are about to get a lot more expensive. Tesla is paying the stock 3-for-1, so after Tuesday’s trading closes, investors will receive two more Tesla shares each starting Aug. 17. Trading will start around $290 on Wednesday. A stock dividend doesn’t make a company more valuable or more profitable, but the prospect is that the stock looks more affordable to many investors. Tesla joined stock market heavyweights Amazon and Google parent Alphabet in splitting their most valuable shares this year.
Whistleblowers accuse Twitter of cyber security negligence.
SAN FRANCISCO – Twitter’s former security chief misled regulators about the company’s weak cybersecurity defenses and lax efforts to root out fake accounts that spread misinformation, according to a filing with U.S. authorities. Earlier this year, Twitter’s chief security officer, Peter Zatko, filed a complaint last month with the US Securities and Exchange Commission, the Federal Trade Commission and the Justice Department. The hacking team said that Zatko had exhausted all attempts to resolve the concern within the company. Several members of Congress are calling for an investigation.
After a recession, stocks fall when Wall Street gives stable yields
NEW YORK – Stocks edged lower on Wall Street, as a hold on Treasury yields helped calm the market following a months-long sharp decline. The S&P 500 slipped 0.2% on Tuesday. The edge’s low follows Monday’s sharp 2.1% decline, which came on the heels of its first five-week losing streak. Volatility has returned to Wall Street following a strong summer as concerns mount over how aggressively the Federal Reserve will raise interest rates. Recent comments from Fed officials have dampened hopes for a less powerful Fed. Commodities were mixed on Tuesday after weaker readings on the economy.
New electric vehicle tax credits spark talk of trade war
WASHINGTON – A new tax credit for U.S. buyers of eligible electric vehicles manufactured in North America under the Tariff Reduction Act has sparked accusations abroad of unfair trade practices. The Climate Change and Health Protection Bill was signed into law last week. It includes a tax credit of up to $7,500 toward the cost of purchasing an electric vehicle. The vehicle must contain a battery built in North America with 40% of metals produced or recycled on the continent. The European Commission said the new tax credit would discriminate against foreign producers and called the credits a “new, potential, transatlantic trade barrier”. And the regulations on the battery are getting tighter over time, only a few American manufacturers can produce vehicles that qualify.
The Biden administration reported a $1.03T deficit, a $400B reduction.
WASHINGTON – The Biden administration is forecasting this year’s budget deficit to be nearly $400 billion lower than it estimated in March, thanks in part to better-than-expected revenue, spending cuts and restoring all the jobs lost in the economy. Despite the multi-year pandemic, this year’s deficit was reduced by $1.7 trillion, representing the largest single nominal decline in the federal deficit in U.S. history, according to the Office of Management and Budget. Despite the results, the administration announced Tuesday that it is forecasting a deficit of $1.03 trillion for the fiscal year ending September 30. This number represents a move from the 2020 deficit of $3.13 trillion.
Macy’s, Nordstrom cut profit margins with items
NEW YORK – Nordstrom has joined Macy’s in cutting its annual outlook for profit and sales despite second-quarter results that beat Wall Street forecasts. Both retailers are suffering from the same afflictions that plague most of their competitors: gluttony of unsold inventory and deeply discounted prices to move. All the major retailers said in recent weeks that shoppers are making fewer trips to the store and looking for deals when they do. Some trade in cheaper alternatives. Kohl’s last week lowered its sales and profit expectations, citing price cuts to dump unwanted merchandise. Both Target and Walmart said last week that shoppers are cutting back and sticking to essentials.
Yelp to add more flags to anti-abortion pregnancy centers
SAN FRANCISCO – Online reviews site Yelp said Tuesday it is rolling out a new feature to prevent abortion-seeking users from being misled about anti-abortion pregnancy centers listed on its platform. Such centers are usually associated with religion and protect customers from abortion. On Tuesday, Yale said it would put up a consumer notice informing consumers that the centers “typically offer limited medical services and may not have licensed medical personnel.” In the year In 2018, a San Francisco-based company of moderators began listing such organizations as “crisis pregnancy centers” or “faith-based crisis pregnancy centers.” The organizations previously classified themselves as reproductive health services and medical centers, among others.
The S&P 500 fell 9.26 points, or 0.2%, to 4,128.73. The Dow Jones industrial average lost 154.02 points, or 0.5%, to 32,909.59. The Nasdaq was down 0.27 points, or less than 0.1%, at 12,381.30. The Russell 2000 index of smaller companies rose 3.40 points, or 0.2 percent, to 1,919.14.
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