In this week’s Recap, Marcello talks about how a judge from Delaware voided Elon Musk from receiving his agreed $56B pay package in shares; Tesla Model 3 was the world’s best-selling vehicle in 2023, surparsing Toyota’s Rav4 and Corolla; Google has revealed that a newly developed AI might start reading all your private messages.
The regional bank New York Community Bancorp stock plunged -37.67%, on Wednesday at $6.47 falling to its worst day since it went public in 1993 & another -13.52% at $5.60 early Thursday morning at $5.60. The company reported that it recorded an adjusted Q4 loss of $193M, as well as a $552M provision for credit losses. NYCB took over the failed Signature Bank during the regional bank crisis in 2023. Shares fell -45.31% in 2024 & -46.25% y/y, with a market cap of $4.67B.
According to a company filing on Friday, Amazon founder Jeff Bezos will sell up to 50M shares in the online retail & cloud services firm over the next 1 year. The securities are worth $8.6B at the current price of $171.8 share.The sale plan, which is subject to certain conditions, was adopted on Nov. 8 last year & will be completed by Jan. 31, 2025, according to the company’s latest annual report.
Cocoa settled at its highest price since 1977. Cocoa futures top $5,000 per metric ton on Friday.settling higher for a 6th straight session on Friday.Prices have climbed 15% in January, marking the best monthly gain since November 2020. Traders are worried about another short production year and these feelings have been enhanced by El Niño that is threatening West Africa crops with hot and dry weather. Cocoa prices have been rallying since the spot month contract posted a new four-month high in November 2022.
United Parcel Service plans to cut 12K jobs & explore strategic options for Coyote, its volatile trucking brokerage business, after the world’s largest parcel delivery company forecast full-year revenue below the analysts target. Shares of Atlanta-based UPS fell 8,20% to $145.06 On Tuesday, amid weak demand from its retail, manufacturing & high tech customers. The firm plans to cut $1B in costs, as it comes off a difficult & disappointing year, when volume, revenue & operating profit declined in all of its business segments, UPS, seen as a bellwether for the global economy, does not expect business conditions to improve until the 2nd half of 2024.
The U.S. Labor Department figures: 353,000 non-farm jobs were added in January, with the unemployment rate at +3.7%. Labor participation at 62.5%. January average hourly earnings rose +4.5% year on year. The January jobs report far exceeded the gain of 185,000 jobs & a +3.8% unemployment rate expected by economists. The number of jobs is likely to be revised downward later, according to analysts as has been happening for most of 2023.
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