{"id":61383,"date":"2022-05-13T09:00:37","date_gmt":"2022-05-13T13:00:37","guid":{"rendered":"https:\/\/www.t3live.com\/blog\/?p=61383"},"modified":"2022-05-13T09:00:37","modified_gmt":"2022-05-13T13:00:37","slug":"coffee-with-greta-is-elon-musk-getting-cold-feet","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/05\/13\/coffee-with-greta-is-elon-musk-getting-cold-feet\/","title":{"rendered":"Coffee With Greta: Elon Musk Gets Cold Feet"},"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: <\/b>+341 (+1.1%)<\/span><\/p>\n

SPX Futures: <\/b>+57 (+1.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+246 (+2.1%)<\/span><\/p>\n

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

Futures are higher as traders look to shake off a dramatic week of selling.\u00a0<\/span><\/p>\n

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

Musk Puts Twitter Deal On Hold<\/strong><\/h2>\n

Twitter <\/b>(TWTR) shares are plunging 12.4% ahead of the open after Elon Musk announced his buyout deal is on hold.\u00a0<\/span><\/p>\n

In a <\/span>tweet<\/span><\/a>, Musk said the deal is \u201ctemporarily on hold pending details\u201d on fake accounts.\u00a0<\/span><\/p>\n

\n

Twitter deal temporarily on hold pending details supporting calculation that spam\/fake accounts do indeed represent less than 5% of usershttps:\/\/t.co\/Y2t0QMuuyn<\/a><\/p>\n

\u2014 Elon Musk (@elonmusk) May 13, 2022<\/a><\/p><\/blockquote>\n

In a follow-up <\/span>tweet<\/span><\/a>, he said he is \u201cstill committed\u201d to the acquisition.<\/span><\/p>\n

\n

Still committed to acquisition<\/p>\n

\u2014 Elon Musk (@elonmusk) May 13, 2022<\/a><\/p><\/blockquote>\n

Musk included a link to a Reuters report on Twitter\u2019s estimation that less than 5% of accounts on the platform are spam or fake accounts.\u00a0<\/span><\/p>\n

He wants this confirmed before he moves ahead with purchasing the platform.\u00a0<\/span><\/p>\n

If he were to ditch the deal, he would owe Twitter a $1 billion breakup fee.<\/span><\/p>\n

Fed Can\u2019t Guarantee Soft Landing<\/strong><\/h2>\n

Fed Chair Jerome Powell knows getting inflation under control may cause some pain for the economy.\u00a0<\/span><\/p>\n

In an interview with <\/span>Marketplace<\/span><\/a> Thursday, Powell said he can\u2019t guarantee the Fed can accomplish a soft landing. <\/span>
\n<\/span>
\n<\/span>\u201cSo a soft landing is, is really just getting back to 2% inflation while keeping the labor market strong. And it\u2019s quite challenging to accomplish that right now, for a couple of reasons,\u201d he said.<\/span><\/p>\n

His comments came after fresh stagflation fears swept across Wall Street Thursday.<\/span><\/p>\n

But Powell steered clear of saying a recession is imminent.\u00a0<\/span><\/p>\n

He said avoiding a recession \u201cwill be challenging, it won\u2019t be easy. No one here thinks that it will be easy. Nonetheless, we think there are pathways … for us to get there.\u201d<\/span><\/p>\n

The Fed Chair reiterated the Fed\u2019s target to get inflation back down to 2%.<\/span><\/p>\n

The CPI jumped 8.3% annually in April while the PPI rose 11%.<\/span><\/p>\n

Cryptocurrencies Bounce<\/strong><\/h2>\n

The crypto market is clawing back gains after a week of intense selling similar to the moves on Wall Street.\u00a0<\/span><\/p>\n

Bitcoin is up nearly 9% in the past 24 hours and nearing $31,000.<\/span><\/p>\n

Ethereum is up nearly 9% as well, topping $2,100.<\/span><\/p>\n

The global crypto market cap has risen 8.2% to $1.38 trillion.<\/span><\/p>\n

Crypto was hit hard this week as traders sold-off risk assets.\u00a0<\/span><\/p>\n

The collapse of Terra\u2019s UST stablecoin also wreaked havoc across the market.\u00a0<\/span><\/p>\n

The world\u2019s largest stablecoin, Tether, briefly dropped below $1 on Thursday but has since reclaimed that peg.<\/span><\/p>\n

Oil Rises, Gas Hits 4th Straight Record<\/strong><\/h2>\n

Oil prices are rising despite fears of weaker demand.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up more than 2% to over $108 bbl while Brent crude futures are up 2% to over $109 bbl.<\/span><\/p>\n

But oil is still on track for its first weekly loss in three weeks amid heightened concerns about slowing economic growth.\u00a0<\/span><\/p>\n

In the meantime, U.S. gas prices hit a new record-high today.\u00a0<\/span><\/p>\n

Data from <\/span>AAA<\/span><\/a> shows the national average for a gallon of regular is now $4.432 while diesel jumped to $5.56\/gal.<\/span><\/p>\n

This is the 4th day in a row those prices have jumped to a fresh record.<\/span><\/p>\n

Affirm Rallies On Fiscal Q3 Results<\/strong><\/h2>\n

Affirm Holdings <\/b>(AFRM) shares are rallying 36.1% in premarket trade after beating fiscal Q3 expectations.<\/span><\/p>\n

The buy-now, pay-later company reported a loss of $0.19 per share on $354.8 million in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for a loss of $0.46 per share on $344 million in revenue.\u00a0<\/span><\/p>\n

Affirm said it processed $3.9 billion in gross merchandise volume (GMV) last quarter, up 73% year-over-year and better than estimates for $3.85 billion.\u00a0<\/span><\/p>\n

The CEO said 81% of those transactions were from repeat customers.\u00a0<\/span><\/p>\n

Affirm forecast fiscal Q4 GMV between $3.95 billion and $4.05 billion with revenue ranging from $345 million to $355 million.<\/span><\/p>\n

That was in line with analysts\u2019 estimates.<\/span><\/p>\n

Crypto Exchange CEO Buys Stake in Robinhood<\/strong><\/h2>\n

Robinhood <\/b>(HOOD) shares are jumping 20.3% ahead of the open after the CEO of a major crypto exchange bought a large stake in the company. <\/span>
\n<\/span>
\n<\/span>A new SEC filing shows FTX CEO Sam Bankman-Fried bought a 7.6% stake in Robinhood.<\/span><\/p>\n

The rally comes after HOOD tumbled to an all-time low at $7.71 Thursday.\u00a0<\/span><\/p>\n

Bankman-Fried purchased $648 million worth of the stock through his firm Emergent Fidelity Technologies.<\/span><\/p>\n

The SEC filing says he bought the shares believing they \u201crepresent an attractive investment\u201d.<\/span><\/p>\n

Consumer Sentiment Expected to Fall<\/strong><\/h2>\n

The University of Michigan releases the preliminary reading of its May consumer sentiment index at 10:00 a.m. ET.<\/span><\/p>\n

Sentiment is expected to fall more than 1 point to 64.<\/span><\/p>\n

So far, consumers have weathered inflation well with spending remaining high.\u00a0<\/span><\/p>\n

But many economists see Americans reaching a breaking point soon as the threat of a recession rises.\u00a0<\/span><\/p>\n

In Case You Missed It<\/strong><\/h2>\n
    \n
  • The Senate confirmed Fed Chair Jerome Powell for a second 4-year term Thursday. His nomination was approved on an 80 to 19 vote. 13 Republicans and 6 progressive Democrats voted \u2018no\u2019. Powell\u2019s term will expire in February 2026.<\/span><\/li>\n
  • U.S. airline bookings tumbled 17% in April as flight prices surged 8% from March. Consumers spent $7.8 billion on domestic flights last month, down 13% from March. But demand is still higher than pre-pandemic levels. Bookings rose 5% compared to April 2019 while prices jumped 27%.<\/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: +341 (+1.1%) SPX Futures: +57 (+1.5%) NASDAQ Futures: +246 (+2.1%) Good morning friends! Futures are higher as traders look to shake off a dramatic week of selling.\u00a0 Let\u2019s get right to it! Musk Puts Twitter Deal On Hold Twitter (TWTR) shares are plunging 12.4% ahead of the open after Elon Musk announced his buyout deal is on hold.\u00a0 In a tweet, Musk said the deal is \u201ctemporarily on hold pending details\u201d on fake accounts.\u00a0 Twitter deal temporarily on hold pending details supporting calculation that spam\/fake accounts do indeed represent less than 5% of usershttps:\/\/t.co\/Y2t0QMuuyn \u2014 Elon Musk (@elonmusk) May 13, 2022 In a follow-up tweet, he said he is \u201cstill committed\u201d to the acquisition. Still committed to acquisition \u2014 Elon Musk (@elonmusk) May 13, 2022 Musk included a link to a Reuters report on Twitter\u2019s estimation that less than 5% of accounts on the platform are spam or fake accounts.\u00a0 He wants this confirmed before he moves ahead with purchasing the platform.\u00a0 If he were to ditch the deal, he would owe Twitter a $1 billion breakup fee. Fed Can\u2019t Guarantee Soft Landing Fed Chair Jerome Powell knows getting inflation under control may cause some pain for the economy.\u00a0 In an interview with Marketplace Thursday, Powell said he can\u2019t guarantee the Fed can accomplish a soft landing. \u201cSo a soft landing is, is really just getting back to 2% inflation while keeping the labor market strong. And it\u2019s quite challenging to accomplish that right now, for a couple of reasons,\u201d he said. His comments came after fresh stagflation fears swept across Wall Street Thursday. But Powell steered clear of saying a recession is imminent.\u00a0 He said avoiding a recession \u201cwill be challenging, it won\u2019t be easy. No one here thinks that it will be easy. Nonetheless, we think there are pathways … for us to get there.\u201d The Fed Chair reiterated the Fed\u2019s target to get inflation back down to 2%. The CPI jumped 8.3% annually in April while the PPI rose 11%. Cryptocurrencies Bounce The crypto market is clawing back gains after a week of intense selling similar to the moves on Wall Street.\u00a0 Bitcoin is up nearly 9% in the past 24 hours and nearing $31,000. Ethereum is up nearly 9% as well, topping $2,100. The global crypto market cap has risen 8.2% to $1.38 trillion. Crypto was hit hard this week as traders sold-off risk assets.\u00a0 The collapse of Terra\u2019s UST stablecoin also wreaked havoc across the market.\u00a0 The world\u2019s largest stablecoin, Tether, briefly dropped below $1 on Thursday but has since reclaimed that peg. Oil Rises, Gas Hits 4th Straight Record Oil prices are rising despite fears of weaker demand.\u00a0 West Texas Intermediate crude futures are up more than 2% to over $108 bbl while Brent crude futures are up 2% to over $109 bbl. But oil is still on track for its first weekly loss in three weeks amid heightened concerns about slowing economic growth.\u00a0 In the meantime, U.S. gas prices hit a new record-high today.\u00a0 Data from AAA shows the national average for a gallon of regular is now $4.432 while diesel jumped to $5.56\/gal. This is the 4th day in a row those prices have jumped to a fresh record. Affirm Rallies On Fiscal Q3 Results Affirm Holdings (AFRM) shares are rallying 36.1% in premarket trade after beating fiscal Q3 expectations. The buy-now, pay-later company reported a loss of $0.19 per share on $354.8 million in revenue.\u00a0 That was better than analysts\u2019 expectations for a loss of $0.46 per share on $344 million in revenue.\u00a0 Affirm said it processed $3.9 billion in gross merchandise volume (GMV) last quarter, up 73% year-over-year and better than estimates for $3.85 billion.\u00a0 The CEO said 81% of those transactions were from repeat customers.\u00a0 Affirm forecast fiscal Q4 GMV between $3.95 billion and $4.05 billion with revenue ranging from $345 million to $355 million. That was in line with analysts\u2019 estimates. Crypto Exchange CEO Buys Stake in Robinhood Robinhood (HOOD) shares are jumping 20.3% ahead of the open after the CEO of a major crypto exchange bought a large stake in the company. A new SEC filing shows FTX CEO Sam Bankman-Fried bought a 7.6% stake in Robinhood. The rally comes after HOOD tumbled to an all-time low at $7.71 Thursday.\u00a0 Bankman-Fried purchased $648 million worth of the stock through his firm Emergent Fidelity Technologies. The SEC filing says he bought the shares believing they \u201crepresent an attractive investment\u201d. Consumer Sentiment Expected to Fall The University of Michigan releases the preliminary reading of its May consumer sentiment index at 10:00 a.m. ET. Sentiment is expected to fall more than 1 point to 64. So far, consumers have weathered inflation well with spending remaining high.\u00a0 But many economists see Americans reaching a breaking point soon as the threat of a recession rises.\u00a0 In Case You Missed It The Senate confirmed Fed Chair Jerome Powell for a second 4-year term Thursday. His nomination was approved on an 80 to 19 vote. 13 Republicans and 6 progressive Democrats voted \u2018no\u2019. Powell\u2019s term will expire in February 2026. U.S. airline bookings tumbled 17% in April as flight prices surged 8% from March. Consumers spent $7.8 billion on domestic flights last month, down 13% from March. But demand is still higher than pre-pandemic levels. Bookings rose 5% compared to April 2019 while prices jumped 27%.<\/p>\n","protected":false},"author":41,"featured_media":61385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-61383","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\/61383","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=61383"}],"version-history":[{"count":5,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/61383\/revisions"}],"predecessor-version":[{"id":61389,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/61383\/revisions\/61389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/61385"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=61383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=61383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=61383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}