Tesla stocks fell another 10% on Thursday and hit its lowest since September 2020 after the company’s website showed discounts
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2022-12-23 | Sign Up | View Online
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Business & Stocks 🏢
Tesla shares tumble, on track for worst month ever (2 min read)

Tesla stocks fell another 10% on Thursday and hit its lowest since September 2020 after the company’s website showed discounts on certain models delivered in the US. So far in December, it dropped more than 36% and is on track for its worst month in history. It’s been a downward spiral for Tesla stocks this year amid market sell-offs, acquiring twitter, and Elon selling more of his shares. Some analysts have also raised concerns that rising rates and a weakened economy could dent demand for Tesla vehicles.
AMC plunges after theater company announces capital raise, proposes reverse stock split (3 min read)

Shares of AMC were halted briefly after the market opened on Thursday as it slid in double digits and reached a new 52-week low. The stock plunged after the company raised $110 million through the sale of its APE units and proposed a reverse stock split that will require shareholder approval. AMC plans on converting APE units into AMC common shares. The newly raised assets will be put towards its hefty debt load accumulated from the pandemic days.
Markets & Economy 📈
US economy grew much faster in Q3 than previously thought (3 min read)

The third quarter US GDP growth was revised to an annual pace of 3.2%, which was above the 2.9% estimates from a month ago. The stronger reading was due to increases in exports and consumer spending that were partly offset by a decrease in spending on new housing. US stocks tumbled on Thursday over fears that the stronger revised GDP growth might prompt the Fed to raise interest rates more than expected next year.
Hedge fund titan David Tepper 'leaning short' on stocks as central banks keep raising rates (3 min read)

David Tepper is betting against the equity markets over concerns that global central banks will continue to tighten monetary policy and that will further batter stocks. He thinks the upside/downside just doesn’t make sense as so many central banks already said they will bring interest rates higher for a longer time to tame inflation. He believes the current global labor participation rate along with the shortage of immigrant labor in the US have kept employment conditions tight, a continued force driving inflation up.
Funds & ETFs 📊
Vanguard to Launch First ETF in Nearly 2 Years (2 min read)

Vanguard is launching a new ETF in the US for the first time since early 2021 as municipal bond ETFs have attracted record flows this year. Muni bond ETFs have raised almost $29 billion this year and the top performing was Vanguard’s VUSB, which pulled in $11 billion in the same time frame. The Vanguard Short-Term Tax-Exempt Bond ETF (VTES) that will be launched in Q1 next year tracks an index of muni bonds with maturities between one month and seven years.
Cathie Wood’s Ark sheds $50bn in assets since 2021 peak (4 min read)

Ark ETFs combined have lost nearly $50 billion from its 2021 peak that was led mostly by ARKK, their flagship fund. ARKK holds innovative tech stocks and has lost about two-third of its value this year due to rate hikes which prompted a major sell-off in the tech sector. However, ARKK still received $1.4 billion of new assets this year as investors bought the dip. Cathie Wood has also doubled down on many of the underlying holdings in recent months despite people calling them “profitless tech”.
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