{"id":60661,"date":"2022-04-04T08:52:32","date_gmt":"2022-04-04T12:52:32","guid":{"rendered":"https:\/\/www.t3live.com\/blog\/?p=60661"},"modified":"2022-04-04T08:52:32","modified_gmt":"2022-04-04T12:52:32","slug":"coffee-with-greta-musk-takes-stake-in-twitter","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/04\/04\/coffee-with-greta-musk-takes-stake-in-twitter\/","title":{"rendered":"Coffee With Greta: Musk Takes Stake in Twitter"},"content":{"rendered":"

Editor's Note:<\/strong> Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here<\/span><\/a><\/strong>.<\/p>\n

********<\/p>\n

DJIA Futures:\u00a0<\/b>+23 (+0.1%)<\/p>\n

SPX Futures:\u00a0<\/b>+9 (+0.2%)<\/p>\n

NASDAQ Futures:\u00a0<\/b>+52 (+0.4%)<\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are slightly higher as the market gears up for a new week of trade focused on the Fed.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Musk Takes Stake in Twitter<\/strong><\/h2>\n

Twitter <\/b>(TWTR) shares are surging 19.5% ahead of the open after a new SEC filing revealed <\/span>Tesla <\/b>(TSLA) CEO Elon Musk purchased a big stake in the company.\u00a0<\/span><\/p>\n

The filing shows Musk owns 73,486,938 TWTR shares, which represents a 9.2% stake in the company.\u00a0<\/span><\/p>\n

At Friday\u2019s closing price, that stake is worth $2.89 billion.\u00a0<\/span><\/p>\n

This makes Musk the largest outside shareholder in the stock.<\/span><\/p>\n

The purchase comes after he criticized Twitter in a series of tweets a couple weeks ago.\u00a0<\/span><\/p>\n

He ran a <\/span>poll<\/span><\/a> questioning if the site adheres to free speech principles.<\/span><\/p>\n

\n

Free speech is essential to a functioning democracy.<\/p>\n

Do you believe Twitter rigorously adheres to this principle?<\/p>\n

\u2014 Elon Musk (@elonmusk) March 25, 2022<\/a><\/p><\/blockquote>\n

Musk also <\/span>said<\/span><\/a> he was giving \u201cserious thought\u201d to building a new social media platform.<\/span><\/p>\n

Tesla Unveils Q1 Deliveries<\/strong><\/h2>\n

Tesla <\/b>(TSLA) shares are up 0.8% in premarket trade after the electric automaker unveiled Q1 delivery and production numbers.\u00a0<\/span><\/p>\n

The company said it delivered 310,048 vehicles in the first 3 months of the year while production totaled 305,407.\u00a0<\/span><\/p>\n

Model 3 and Model Y vehicles made up 295,324 of those deliveries.\u00a0<\/span><\/p>\n

Tesla said it struggled with \u201congoing supply chain challenges and factory shutdowns\u201d during the quarter.\u00a0<\/span><\/p>\n

The company was unable to resume production at its factory in Shanghai as planned today.\u00a0<\/span><\/p>\n

Reuters reported an internal notice to employees told workers and suppliers that work would not resume today.<\/span><\/p>\n

Tesla did not tell employees when they expect to reopen.<\/span><\/p>\n

The factory has been closed since March 28 when China put Shanghai under lockdown due to a new Covid outbreak.\u00a0<\/span><\/p>\n

Tesla manufacturers 6,000 Model 3 and 10,000 Model Y vehicles per week at the Shanghai factory.<\/span><\/p>\n

Starbucks Suspends Share Buybacks<\/strong><\/h2>\n

Starbucks <\/b>(SBUX) shares are falling 2.9% ahead of the open after the company announced it\u2019s suspending stock buybacks.\u00a0<\/span><\/p>\n

Today is chairman Howard Schultz\u2019s first day as interim CEO as the coffee chain looks for a permanent replacement for Kevin Johnson.\u00a0<\/span><\/p>\n

In a statement, Schultz said, \u201cThis decision will allow us to invest more profit into our people and our stores \u2014 the only way to create long-term value for all stakeholders\u201d.<\/span><\/p>\n

In October, Starbucks committed to spending $20 billion over the next three years on buybacks and dividends.<\/span><\/p>\n

Treasury Yield Curve Inversion<\/strong><\/h2>\n

The market\u2019s recession alarm bells are going off as a key part of the Treasury yield curve<\/a><\/strong> remains inverted.\u00a0<\/span><\/p>\n

The yield on the 2-year Treasury note is 2.42% while the 10-year yield is 2.39%.<\/span><\/p>\n

That spread has been negative since late Thursday.<\/span><\/p>\n

The inversion comes as traders turn their focus to the Fed minutes which are set to be released Wednesday.<\/span><\/p>\n

The market is hoping that readout of the March meeting will provide more clarity on the bank\u2019s plans to tackle inflation.<\/span><\/p>\n

The spread between the 5-year Treasury note and 30-year Treasury bond is also negative.\u00a0<\/span><\/p>\n

The 5-year yield is 2.53% while the 30-year yield is 2.46%.<\/span><\/p>\n

The inversion is not a guarantee of an impending recession but the 2-year\/10-year curve has inverted before every major recession since 1955.<\/span><\/p>\n

Oil Prices Rebound<\/strong><\/h2>\n

Oil prices are rising today as the U.S. reserve release failed to alleviate supply concerns.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up 2.3% to over $101 per barrel while Brent crude futures are up 1.9% to over $106 per barrel.\u00a0<\/span><\/p>\n

The rally comes as several European leaders call for more sanctions against Russia.\u00a0<\/span><\/p>\n

Talks have also been paused between the U.S. and Iran to revive the Iran nuclear deal.\u00a0<\/span><\/p>\n

Meantime the UN brokered a two-month truce in Yemen between a Saudi-led coalition and the Houthi rebel group after recent Houthi attacks on Saudi oil facilities.<\/span><\/p>\n

Factory Orders Preview<\/strong><\/h2>\n

The Commerce Department reports factory orders for February at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

That data is expected to show a decline of 0.6% after orders jumped 1.4% in January.\u00a0<\/span><\/p>\n

U.S. manufacturers have struggled with worsening supply chain issues and rising costs.\u00a0<\/span><\/p>\n

In Case You Missed It<\/strong><\/h2>\n
    \n
  • The March jobs report showed the U.S. economy added 431,000 jobs last month vs expectations for 490,000. The unemployment rate fell to 3.6% from 3.8% as the labor market nears full employment. But the labor force participation rate rose just 0.1% to 62.4%, down a full point from pre-pandemic levels. Average hourly wages rose 0.4% monthly and 5.6% annually, those gains are continuing to lag behind inflation. <\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures:\u00a0+23 (+0.1%) SPX Futures:\u00a0+9 (+0.2%) NASDAQ Futures:\u00a0+52 (+0.4%) Good morning friends! Futures are slightly higher as the market gears up for a new week of trade focused on the Fed. Let\u2019s get right to it! Musk Takes Stake in Twitter Twitter (TWTR) shares are surging 19.5% ahead of the open after a new SEC filing revealed Tesla (TSLA) CEO Elon Musk purchased a big stake in the company.\u00a0 The filing shows Musk owns 73,486,938 TWTR shares, which represents a 9.2% stake in the company.\u00a0 At Friday\u2019s closing price, that stake is worth $2.89 billion.\u00a0 This makes Musk the largest outside shareholder in the stock. The purchase comes after he criticized Twitter in a series of tweets a couple weeks ago.\u00a0 He ran a poll questioning if the site adheres to free speech principles. Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle? \u2014 Elon Musk (@elonmusk) March 25, 2022 Musk also said he was giving \u201cserious thought\u201d to building a new social media platform. Tesla Unveils Q1 Deliveries Tesla (TSLA) shares are up 0.8% in premarket trade after the electric automaker unveiled Q1 delivery and production numbers.\u00a0 The company said it delivered 310,048 vehicles in the first 3 months of the year while production totaled 305,407.\u00a0 Model 3 and Model Y vehicles made up 295,324 of those deliveries.\u00a0 Tesla said it struggled with \u201congoing supply chain challenges and factory shutdowns\u201d during the quarter.\u00a0 The company was unable to resume production at its factory in Shanghai as planned today.\u00a0 Reuters reported an internal notice to employees told workers and suppliers that work would not resume today. Tesla did not tell employees when they expect to reopen. The factory has been closed since March 28 when China put Shanghai under lockdown due to a new Covid outbreak.\u00a0 Tesla manufacturers 6,000 Model 3 and 10,000 Model Y vehicles per week at the Shanghai factory. Starbucks Suspends Share Buybacks Starbucks (SBUX) shares are falling 2.9% ahead of the open after the company announced it\u2019s suspending stock buybacks.\u00a0 Today is chairman Howard Schultz\u2019s first day as interim CEO as the coffee chain looks for a permanent replacement for Kevin Johnson.\u00a0 In a statement, Schultz said, \u201cThis decision will allow us to invest more profit into our people and our stores \u2014 the only way to create long-term value for all stakeholders\u201d. In October, Starbucks committed to spending $20 billion over the next three years on buybacks and dividends. Treasury Yield Curve Inversion The market\u2019s recession alarm bells are going off as a key part of the Treasury yield curve remains inverted.\u00a0 The yield on the 2-year Treasury note is 2.42% while the 10-year yield is 2.39%. That spread has been negative since late Thursday. The inversion comes as traders turn their focus to the Fed minutes which are set to be released Wednesday. The market is hoping that readout of the March meeting will provide more clarity on the bank\u2019s plans to tackle inflation. The spread between the 5-year Treasury note and 30-year Treasury bond is also negative.\u00a0 The 5-year yield is 2.53% while the 30-year yield is 2.46%. The inversion is not a guarantee of an impending recession but the 2-year\/10-year curve has inverted before every major recession since 1955. Oil Prices Rebound Oil prices are rising today as the U.S. reserve release failed to alleviate supply concerns.\u00a0 West Texas Intermediate crude futures are up 2.3% to over $101 per barrel while Brent crude futures are up 1.9% to over $106 per barrel.\u00a0 The rally comes as several European leaders call for more sanctions against Russia.\u00a0 Talks have also been paused between the U.S. and Iran to revive the Iran nuclear deal.\u00a0 Meantime the UN brokered a two-month truce in Yemen between a Saudi-led coalition and the Houthi rebel group after recent Houthi attacks on Saudi oil facilities. Factory Orders Preview The Commerce Department reports factory orders for February at 10:00 a.m. ET.\u00a0 That data is expected to show a decline of 0.6% after orders jumped 1.4% in January.\u00a0 U.S. manufacturers have struggled with worsening supply chain issues and rising costs.\u00a0 In Case You Missed It The March jobs report showed the U.S. economy added 431,000 jobs last month vs expectations for 490,000. The unemployment rate fell to 3.6% from 3.8% as the labor market nears full employment. But the labor force participation rate rose just 0.1% to 62.4%, down a full point from pre-pandemic levels. Average hourly wages rose 0.4% monthly and 5.6% annually, those gains are continuing to lag behind inflation.<\/p>\n","protected":false},"author":41,"featured_media":60666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-60661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=60661"}],"version-history":[{"count":4,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60661\/revisions"}],"predecessor-version":[{"id":60668,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60661\/revisions\/60668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/60666"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=60661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=60661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=60661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}