GE Vernova soars after first upgrade from JP Morgan analyst
2 minutes ago
GE Vernova (GEV) stock soared in intraday trading on Monday after conglomerate General Electric's recently spun-off energy division received its first rating upgrade from JPMorgan (JPM) analysts.
Analysts upgraded GE Vernova from “neutral” to “overweight,” expressing confidence that the stock should perform better in the future. Analysts kept their year-end price target at $141, about 15% above GE Vernova's closing price of $122.70 last week.
JPMorgan analysts said Monday that GE Vernova's 14% share price decline since its debut last week represents an “attractive entry point into what we believe will be core for investors in the U.S./global electrification theme.” “I wrote that I was watching.”
They also wrote that the company could benefit from increased power demand from things like data centers that power artificial intelligence (AI) models.
GE Vernova shares rose 5.5% to $129.43 Monday afternoon.
–Aaron McDade
Tesla stock soars after robotaxi announcement plans
42 minutes ago
Tesla (TSLA) stock rose Monday afternoon as the market reacted to CEO Elon Musk's announcement Friday afternoon that the electric vehicle (EV) maker would unveil its long-awaited robotaxis on August 8th. ,Rose.
Friday's announcement came just hours after Mr. Musk denied reports that the EV maker would scrap plans to make low-cost cars and instead focus on self-driving cars that would make other vehicles obsolete.
Robotaxis are the next generation of self-driving cars, a taxi service similar to Uber and Lyft that Musk said owners can rent while not in personal use; Tesla, like those companies, You will receive a portion of the fee.
Since the announcement, the robotaxi project has suffered significant delays. Musk said at a 2019 investor event that robotaxis will be available in 2020.
Tesla shares rose nearly 5% to $173 on Monday, after falling 3.6% on Friday.
Blackstone to take rental homeowner AIR Community private in $10 billion deal
1 hour 33 minutes ago
Blackstone (BX) announced on Monday that it would take Apartment Income REIT (AIRC) private in an all-cash deal worth about $10 billion, sending shares of the real estate investment trust (REIT) known as AIR Communities soaring. .
AIR Community shareholders will receive $39.12 per share, a nearly 25% premium to the REIT's closing price on Friday. AIR Communities owns 76 rental housing communities primarily in coastal U.S. cities, including Boston, Los Angeles, Miami, and Washington, DC.
Blackstone said it “plans to spend more than $400 million to maintain and improve existing communities in its portfolio, and may invest additional capital to fund further growth.” .
The transaction is expected to close in the third quarter of this year.
On Monday, AIR Communities stock soared 22.6% to $38.40, its highest in more than a year. Blackstone shares rose 0.9% to $128.74.
-Bill McCall
midday moving company
2 hours 14 minutes ago
Apartment Income REIT Corporation (AIRC): Shares rose more than 20% after Blackstone (BX) agreed to buy the apartment building owner for nearly $10 billion.
Tesla Inc. (TSLA): The electric vehicle maker's stock rose more than 5% on Friday after Elon Musk announced that the company would unveil robotaxis on August 8th.
Coinbase Global Inc. (COIN): The cryptocurrency exchange's stock price rises more than 5% as Bitcoin soars to nearly $72,000 ahead of the long-awaited halving expected to take place in mid-April. did.
Taiwan Semiconductor Manufacturing Co. (TSM): The company's stock rose more than 2% after raising up to $6.6 billion in CHIPS Act financing for its Arizona plant.
TSMC stock rises on news of multi-billion dollar CHIPS Act funding
3 hours 39 minutes ago
Taiwan Semiconductor Manufacturing (TSM) shares rose on Monday after the company announced up to $6.6 billion in direct federal funding for an Arizona factory complex it began construction on in 2021. It rose in early trading.
The project is the latest announcement of funding from the CHIPS and Science Act of 2022, a bill backed by President Joe Biden that would provide funding for semiconductor research and manufacturing facilities to be built in the United States after the industry largely relocates. More than $50 billion has been allocated for investment. In recent years, even overseas.
The Biden administration has said it wants to make the U.S. a leading semiconductor maker, addressing weaknesses in global supply chains exposed by the pandemic and how important semiconductors are to everyday products like smartphones and cars.
The federal funding announcement comes in conjunction with TSMC's own announcement that it will build a third factory on the Phoenix site, bringing the company's total investment in the region to at least $65 billion by the time the factory is completed. the company said in a statement. They are also eligible for loans of up to $5 billion.
TSMC stock rose 2.2% to $144.50 in the first 30 minutes of trading on Monday. The stock is up 40% since the beginning of the year.
–Aaron McDade
Solar eclipse gives major boost to ongoing cities
4 hours 13 minutes ago
Monday's total solar eclipse will likely be a once-in-a-lifetime event for the 30 million people living in its path and the millions more who will travel to see it. It's also an opportunity to spend a lot of money.
The overall economic impact, including secondary downstream effects, could boost the U.S. economy by up to $6 billion, according to a Perryman Group analysis. The economic consulting firm said this eclipse is likely to garner more attention than the last total solar eclipse in North America in 2017. The reason for this is that it lasts for a long time, and the next opportunity to see a similar phenomenon in North America will be in 2044.
In fact, the 115-mile-wide stretch of the United States that stretches from Texas to Maine attracts tourists from all over the world. They would spend on everything from lodging to food, fuel and souvenirs, providing an explosion of economic activity for cities and towns across the country.
Jamie Lane, chief economist at AirDNA, a company that provides data on companies such as Airbnb (ABNB), said the effect on hotels and short-term rental hosts along the way is that a Taylor Swift concert will be in every city or city. He says it's like they're all happening in town at the same time. Short term rental.
Rental facilities along the path of the total solar eclipse Sunday night had 92% occupancy, Lane said, compared to 30% occupancy for the same location during a normal week.
Read more about the economic impact of solar eclipses, including the experience of one city lucky enough to be in the path of totality twice in a row.
–Dickon Hyatt
Air DNA
