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Tesla shareholder sues Musk for alleged $7.5 billion insider trading

(Reuters) – A Tesla shareholder filed a lawsuit on Thursday accusing CEO Elon Musk of insider trading when he sold over $7.5 billion of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before potentially disappointing production and delivery numbers were made public. Shareholder Michael Perry, in the lawsuit filed in Delaware Chancery Court, said that Tesla’s share price plummeted after the company’s fourth-quarter numbers were made public … Read more…

Delta Air Lines committed to Boeing MAX 10, doesn’t expect delivery soon

By Lisa Barrington DUBAI (Reuters) – Delta Air Lines is still committed to the Boeing 737 MAX 10 model that it has on order for deliveries beginning next year, even though it does not anticipate receiving the aircraft for some time, CEO Ed Bastian said on Saturday. Delta, one of the largest U.S. airlines, operates a large mixed fleet including planes from Airbus and Boeing, which is engulfed in a quality and corporate crisis. Bastian … Read more…

The Invested Consumer – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) The Bull keeps charging on with popular high-techs leading the way! All three indexes, the Dow Jones Industrial Average, the S&P 500 and the heavy tech Nasdaq Composite are cresting new highs weekly. Even the small cap Russell 2000 with value companies is ‘on-the-bandwagon.’ The U.S. investor, and small time consumer want a piece of the exploding techs. The market has been robust with consumer friendly stocks many of … Read more…

Stocks lose steam after U.S. data

By Sinéad Carew and Huw Jones LONDON (Reuters) -MSCI’s global equities index gave up earlier gains on Friday after data showed modest U.S. inflation in April, while the dollar fell with Treasury yields as investors still bet on Fed interest rate cuts this year. The U.S. Commerce Department said the personal consumption expenditures (PCE) price index, widely seen as the Fed’s favoured inflation indicator, increased 0.3% last month, in line with expectations and the March … Read more…

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Tesla to recall 125,227 vehicles over faulty seat belt warning system

(Reuters) -Tesla is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday. The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 … Read more…

Trump conviction gives some Republicans pause in key Pennsylvania county

By Nathan Layne BANGOR, Pennsylvania (Reuters) – Bronwen Brown, a registered Republican in a bellwether Pennsylvania county, was ready to vote for Donald Trump again in November despite long-held reservations about his character. His conviction by a New York jury has given her pause. “He’s been found guilty on all 34 counts. Do I want to go with that? Probably not,” the 72-year-old former opera singer told Reuters minutes after Trump became the first former … Read more…

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Nvidia set to overtake Apple as world’s second-most valuable company

By Medha Singh (Reuters) – Nvidia could soon surpass Apple to become the world’s second-most valuable company, as the kingmaker behind the AI revolution takes on the iPhone maker that has ruled Wall Street for decades. The reliance of virtually all artificial intelligence applications such as OpenAI’s ChatGPT on Nvidia’s high-end chips has helped the stock nearly triple in value over the past year to $2.72 trillion. In contrast, Apple ceded its No. 1 spot … Read more…

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US lawmakers ask FBI for briefing on GenScript Biotech’s links to China

By Karen Freifeld (Reuters) – The U.S. House of Representatives committee on China has asked the FBI and the intelligence community for a briefing on GenScript Biotechnology Co and three subsidiaries to determine if the Chinese Communist Party has influence over their operations. In a letter dated May 30 to the FBI and the U.S. office of the director of national intelligence, committee chair John Moolenaar and ranking member Raja Krishnamoorthi said GenScript’s work with … Read more…

Failed Wall Street trades rate roughly stable under faster settlement

NEW YORK (Reuters) – The rate of U.S. failed trades stood at 1.90% on Wednesday, a big test day for the recently implemented faster settlement cycle, roughly stable from Friday’s number, Depository Trust & Clearing Corporation (DTCC) showed this morning. Market participants were expecting it to increase to 4.1% after T+1 implementation, from 2.9%, according to research firm ValueExchange. On Friday, before the settlement period was halved to one day in the U.S., the fail … Read more…

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Salesforce plummets as weak forecast sparks concerns of AI competition

By Kanchana Chakravarty and Arsheeya Bajwa (Reuters) -Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm. The company could lose more than $48 billion in market value if losses hold, as it also reported quarterly revenue that was below expectations for the first time since 2006. “Weak bookings in Q1 further test … Read more…