Market Pulse: Tesla’s Bitcoin Transfer Sparks Speculation
In a surprise move, electric vehicle giant Tesla has transferred nearly all of its $760 million in bitcoin to unidentified wallets, fueling speculation that the company may be selling the cryptocurrency. According to CoinDesk, the wallets associated with Tesla moved over 11,500 BTC to unknown wallets, leaving only $6.65 worth of BTC remaining.
Orange Juice Prices Soar Amid Supply Chain Disruptions
The holiday season is bringing a bitter taste to orange juice lovers, as prices skyrocket due to supply chain disruptions. Diseased groves, uprooted trees, and severe weather have decimated crops, causing a 327% price hike over the past three years. The situation is expected to worsen in the wake of Hurricanes Helene and Milton, which swept through Florida, destroying over 3 million boxes of oranges.
Earnings Roundup: Morgan Stanley, Abbott Laboratories, and United Airlines
Morgan Stanley’s Q3 earnings surpassed consensus estimates, driven by momentum in its markets and underwriting businesses. CEO Ted Pick attributed the success to solid client engagement, with total client assets surpassing $7.5 trillion.
Abbott Laboratories increased its full-year earnings guidance after topping quarterly forecasts, thanks to strength in its Pharma and MedTech segments. The company maintained its full-year 2024 organic sales growth guidance range of 9.5%–10.0%.
United Airlines beat Wall Street’s consensus estimate, fueled by gains in Basic Economy and the exit of unprofitable capacity from the market. The carrier announced a $1.5 billion share buyback program, its first since 2020.
Other Market News
In other news, Amazon Web Services signed an agreement with Dominion Energy to explore the development of small module nuclear reactors. GameStop announced a major partnership with Professional Sports Authenticator to grade trading cards, while British American Tobacco plans to launch synthetic nicotine pouches in the United States.
According to BofA’s latest Global Fund Manager Survey, money managers have shifted their portfolio allocations towards cyclicals like Consumer Discretionary, Industrials, and Energy, and away from defensive sectors like Consumer Staples and Utilities. Geopolitics is now considered the biggest tail risk, surpassing a U.S. recession.
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