Steve Eisman, the investor who called the subprime mortgage crisis, said fears of the massive size of the federal budget deficit may be overblown. President Donald Trump’s One Big Beautiful Bill Act signed last week added to investor concerns about the fiscal trajectory of the country and future government borrowing. The bill includes trillions of dollars in tax cuts, increased spending for immigration enforcement and large cuts to funding for Medicaid and other social programs. The independent Congressional Budget Office has said the bill could add $3.4 trillion to the $36.2 trillion of outstanding U.S. debt over the next decade. ‘The Real…
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Tesla shares will probably fall even further as CEO Elon Musk continues to devote his attention to politics, Morgan Stanley analyst Adam Jonas told clients in a Tuesday note. Tesla stock fell nearly 7% on Monday, erasing $68 billion from the company’s market capitalization after Musk announced on Saturday that he was forming a new America Party. “While the situation remains fluid, we believe investors should be prepared for further devotion of resources (financial, time/attention) in the direction of Mr. Musk’s political priorities, which may add further near-term pressure to TSLA shares,” Jonas told clients in a 12-page report. Musk…
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A view of the Internal Revenue Service (IRS) building in Washington, D.C., U.S., April 11, 2025. Jonathan Ernst | ReutersThe IRS said in a new federal court filing that churches can endorse political candidates without risking the loss of their tax-exempt status.The move upends a 70-year interpretation of the U.S. tax code, whose Johnson Amendment has barred non-profit groups, including churches, from endorsing political candidates without putting their tax-exempt status in jeopardy.”Communications from a house of worship to its congregation in connection with religious services through its usual channels of communication on matters of faith do not run afoul of the…
Robinhood CEO Vlad Tenev says it’s not “entirely relevant” that the trading platform’s so-called tokenized shares of OpenAI and SpaceX aren’t technically equity in the companies.It comes after OpenAI raised concerns about the product, which is designed to give users in the European Union exposure to various U.S. stocks — including private companies, which are less liquid than publicly listed firms.OpenAI last week warned that Robinhood’s stock tokens do not represent equity in the company and said in a post on X that, “any transfer of OpenAI equity requires our approval — we did not approve any transfer.”Robinhood says its…
Bilibili is cementing its staus as a premier media platform in China with top tier content, according to Bernstein. “We like the model of Bilibili — its content is of higher quality, longer shelf life and dare we say, as research analysts, we are partial,” analyst Boris Van said. “In a world where short form videos and quality are variable at best, there is a place for a platform with refreshing content.” Bernstein initiated research coverage of the Chinese online entertainment services provider with an outperform rating and a $28 per share price target. Bernstein’s forecast implies nearly 25% upside…
Kirk Tanner, then chief executive officer of North America beverages for PepsiCo Inc., speaks during the Bloomberg Power Players Summit in Miami, Florida, U.S., on Friday, Jan. 31, 2020. Marco Bello | Bloomberg | Getty ImagesWendy’s CEO Kirk Tanner has been named the new chief executive of The Hershey Company, effective August 18.Tanner will replace Michele Buck, who is retiring after almost 20 years at Hershey, including almost eight as CEO.Tanner joined Wendy’s in 2024 after more than 30 years at PepsiCo, including leading the company’s North American beverages unit. His move to Hershey marks a return to the consumer packaged…
Here are the biggest calls on Wall Street on Tuesday: TD Cowen reiterates Amazon as buy TD Cowen raised its price target on the stock to $250 per share from $240 ahead of earnings “We Expect AMZN to Beat 2Q25 Consensus Estimates and Provide a Solid 3Q25 Guide.” Raymond James upgrades PNC to outperform from market perform Raymond James says the regional bank is well positioned. “We are upgrading PNC shares from Market Perform to Outperform, increasing our EPS estimates following recent commentary at an investor conference, and establishing a $220 price target.” Wells Fargo reiterates Alphabet as equal weight…
Goldman Sachs sees more gains ahead in the latter half of 2025. David Kostin, the firm’s chief U.S. equity strategist, raised his year-end S & P 500 price target to 6,600, representing a nearly 6% increase from the broad-market index’s latest closing level. Kostin also lifted his 3-month and 12-month price target on the S & P 500 to 6,400 and 6,900, respectively. Tuesday’s change comes after the benchmark hit fresh record highs last week, recovering from the lows seen in April after President Donald Trump unveiled new tariffs on imported goods. Kostin’s previous 2025 target for the S & P…
WASHINGTON, DC – JULY 7: An aide picks up a page from a letter to Japan and South Korea, signed by U.S. President Donald Trump, announcing 25% tariffs beginning on August 1st, during the daily press briefing in the Brady Press Briefing Room at the White House on July 7, 2025 in Washington, DC. Andrew Harnik | Getty Images News | Getty ImagesU.S. President Donald Trump slapped punitive tariff rates on 14 trading partners on Monday — but global markets are so far shrugging off the new policies.The president announced on Monday that he had sent letters to the leaders…
