Closing Wall Street Comments For December 03, 2021

Musk Sold Another $1 Billion Worth Of Tesla Shares

Elon Musks latest round of Tesla stock sale has brought total sales over the past four weeks to 10 million shares worth around $10.9 billion, as the EV manufacturers CEO is looking to offset taxes on the exercising of options to buy 2.1 million shares. Just this week, Musk sold another 934,000 shares in Tesla worth about $1.01 billion, according to regulatory filings cited by Bloomberg. This brought the total number of shares disposed since early November at 10 million. In early November, Musk said he would sell 10 percent of his

OPEC+ Confidence And Caveats Calm A Crazed Oil Market

OPEC+ managed to stabilize oil prices after what had been an incredibly volatile week, with the cartel adding plenty of caveats to its decision to stick to its plan vis-a-vis oil production increases.Friday, December 3rd, 2021The most anticipated event of the week – a decision from OPEC+ on whether or not it would halt its monthly 400,000 b/d oil production increase – ended up being a bit of a non-event as the countries agreed to stick with the original plan but maintained the option to reverse that decision if necessary. Whilst oil

Sour Crude Discounts Widen As Gas Prices, OPEC Production Grow

Higher availability of high-sulfur, or sour, crude grades globally as well as surging natural gas prices in recent months have significantly widened the discount at which sour grades trade relative to the low-sulfur crudes. As OPEC, whose members produce mostly medium-sulfur and high-sulfur grades, is easing the production cuts, more sour crude barrels come on the market. Unlike the sour crude oil supply that has been increasing, supply from OPEC members that produce mostly sweet crude oils has been relatively flat, the U.S. Energy

U.S. Rig Count Unchanged After Crazy Week In Oil Markets

There has been no net change to the number of active drilling rigs in the United States this week, according toBaker Hughes. The total rig count remains at 569a figure that is 246 up from this time last year. Active rigs are still hundreds less than the 790 active rigs that were drilling in the pre-covid world. The U.S. oil rig count rose stayed at 467, while gas rigs stayed at 102. Miscellaneous rigs stayed at zero. The EIA’s estimate for oil production in the United States for the week ending November 26 rose 100,000 bpd for

Goldman Remains Bullish On Oil Despite OPEC+ Decision

Goldman Sachs commodity analysts remain bullish on oil prices despite yesterdays decision by OPEC+ to add another 400,000 bpd to combined production next month. The banks analysts said they see very clear upside risks, per a Bloomberg report, adding it expected an average price of $85 for Brent crude in 2023. The Goldman analysts explained that U.S. shale oil producers would likely continue to stick to their cautious approach to production growth, especially after the latest price drop. At the same time, OPEC has a looming

Iran Delivers Fourth Crude Condensate Cargo To Venezuela

Iran has delivered the fourth cargo of crude oil condensate to Venezuela since the start of this year, Reuters has reported, citing a Venezuelan member of parliamentbut the condensate is causing PDVSA some quality issues that are hampering crude exports. Condensate is vital for Venezuela’s struggling state oil company PDVSA as it has virtually no other options of importing it amid U.S. sanctions. The superlight crude is used to blend into PDVSA’s superheavy crude to make it more liquid and therefore easier to export. The two countriesand

Help Wanted: America’s childcare crisis fueled by worker shortages in daycare centers

A recent survey of more than 7,500 childcare centers across the country found worker shortages in nearly every state, with many taking on fewer children for care as a result.

Federal corruption probe leads to first major overhaul of UAW elections in 70 years

The union’s new voting will be through a direct election, or “one member, one vote,” instead of a weighted delegate-elected system.

Fauci says booster shots likely give cross protection against ‘wide range’ of Covid variants

Dr. Anthony Fauci said studies suggest booster shots could give cross protection against a “wide range” of Covid variants, but noted it has not been proven yet.

Holiday sales on track to blow past record for spending, topping retail trade group’s biggest forecast

The major trade group already said it expected record holiday sales in November and December.

Nebraska, Maryland and Pennsylvania all confirm omicron cases as Covid variant spreads to eight U.S. states

At least eight states have at least 20 cases of the highly mutated omicron Covid variant after Nebraska, Maryland and Pennsylvania all confirmed infections.

Elon Musk says SpaceX has started building a Starship launchpad on Florida’s Space Coast

SpaceX has begun building a launchpad for its Starship rockets in Florida, CEO Elon Musk announced on Friday.

Buy these defensive plays for a potentially difficult December in the market, traders say

With strong earnings and a relatively inexpensive valuation, CVS Health could offer protection in a market showing cracks, says Joule Financial’s Quint Tatro.

How to get the free at-home Covid tests promised by White House

Tens of millions of Americans should soon have access to free at-home Covid tests. Here’s what we know so far.

WHO says Covid omicron variant detected in 38 countries, early data suggests it’s more contagious than delta

The WHO’s Maria Van Kerkhove said there are early indications omicron is more infectious, but additional data is needed.

There’s no reason why Ford shouldn’t break above $20, trader says

Ford’s stock looks primed for upside as it maintains relative strength versus the broader market and its industry peers, Todd Gordon says.

U.S. Covid vaccinations spike as several states confirm omicron cases

CDC data shows nearly 2.2 million shots in arms were reported to the agency over a 24-hour period ended Thursday, the largest single-day total since May.

Racing chief says Formula One shouldn’t get involved in politics as sport faces heat ahead of Saudi Grand Prix

Formula One has faced criticism for allowing the Grand Prix to go ahead in Saudi Arabia this weekend.

5 things to know before the stock market opens Friday

U.S. stock futures rose Friday after the Labor Department’s before-the-bell release of its November jobs data.

Smollett Lawyer Reportedly Demands Mistrial After Accusing Judge Of Lunging At Her

Smollett Lawyer Reportedly Demands Mistrial After Accusing Judge Of Lunging At HerAuthored by Jonathan Turley,

If you thought that Smollett case could not get more bizarre, think again.

CBS 2 Legal Analyst Irv Miller is reporting that defense attorney Tamara Walker had a sidebar conversation with attorneys from both sides and Cook County Judge James Linn.

She reportedly accused Judge Linn of some improper comment and then said that he lunged at her in the courtroom.  She was crying during the sidebar.

Another Smollett attorney accused Linn of snarling and making faces during the trial. In thirty years of practice as a criminal defense attorney, I have never heard of such alleg …

Manslaughter Charges Brought Against Parents Of Michigan School Shooting Suspect

Manslaughter Charges Brought Against Parents Of Michigan School Shooting SuspectThe parents of the suspect in the suburban Detroit school shooting on Tuesday have been charged with involuntary manslaughter after Oakland County Prosecutor Karen McDonald said they bought the gun used in the shooting as a Christmas gift for their 15-year-old son.

Ethan Crumbley, the 15-year-old charged in the Oxford High School shooting. (WDIV)James and Jennifer Crumbley were charged with four counts of involuntary manslaughter each. Their son Ethan stands accused of killing four students and injuring seven others at Oxford High School on Tuesday.

The gun had been stored in an unlocked drawer in their house, and Crumbley’s parents did not ask where it was when they were called to the school the day of the shoot …

Rand Paul: “Throw Fauci In Prison For Five Years”

Rand Paul: “Throw Fauci In Prison For Five Years”Authored by Steve Watson via Summit News,

Senator Rand Paul escalated his feud with Anthony Fauci Thursday by calling for the NAID head’s arrest and imprisonment for continually lying to Congress and denying he funded gain of function research on coronaviruses.

Appearing on Fox Business, the Senator remarked “Fauci should go to prison for five years for lying to congress. They [the DOJ] have prosecuted other people and they have selectively gone after republicans, but in no way will they do anything about him lying.”

Paul added that Fauci “should be prosecuted for lying, and at the very least he should be taken out of his position because I think he cost people lives through misinformation.“

Every time he tells people, ‘Oh, wear a cloth mask,’ he is actually endangering people. If you are around someone with COVID, you don’t …

Bubble Market Bloodbath As Powell-Put-Strike Plunges

Bubble Market Bloodbath As Powell-Put-Strike PlungesWhat a shitshow! It appears that the Hindenburg Omen struck again…

Source: Bloomberg

Bubble markets busted…

Source: Bloomberg

Omicron anxiety? Good news is bad news? Taper Tantrum? Technical Default fears? It was all going so well as long as ‘gurus’ could rely on The Fed do support the market with the promise of moar. But sometimes, things just need to purged…

December rate rise hangs in balance amid Omicron

A Bank of England policymaker says he wants more data on new virus variant before rates decision.

US jobs growth falls far short of expectations

Employers took on 210,000 new workers in November, less than half the number that had been forecast.

Selfridges set for £4bn sale to Thai retail giant

The billionaire Weston family are close to selling the famous luxury stores chain to Central Group.

5 stocks where MFs raised stake by at least 50 bps in last 4 quarters

Data showed that except for one, all other stocks managed to beat BSE500’s 30 per cent return year-to-date. They include Birlasoft, Equitas Small Finance Bank, Jamna Auto Industries, Century Textiles & Industries and Bharat Dynamics. Analysts are largely positive on the majority of these stocks.

Economy is on recovery path, but hold the celebrations

Rising inflation and the uncertainty around Omicron can impact the bounce-back of the Indian economy. It is too early to withdraw support.

Stablecoin giant Tether sheds no new light on crypto reserves

The discloser showed that Tether shifted about $1 billion in “reverse repo notes” holdings to money-market funds. However, they don’t specify in which countries the money funds are based.

NewsWatch: Insider buying says a Santa Claus rally is on the way — here are 10 stocks they favor

Hang on to your stock-market exposure and add more if you can. The twin fears spooking investors – the omicron COVID strain and inflation – are overdone.

The Escape Home: A crystal ball to make sense of the real-estate market right now

Realtors are describing the second-home market as “stuck.”

The Margin: Tesla’s $1,900 ‘Cyberquad’ EV for kids sold out, restocked and sold out again

The all-electric ATV was inspired by Tesla’s Cybertruck