Artificial Intelligence Is On The Side Of Apes? Tesla-Fame's AI-Based ETF Sells Facebook, Walmart And Buys AMC

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Markets Insider 12 July, 2021 - 06:26am 17 views

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The Qraft AI-Enhanced US Large Cap Momentum ETF (NYSE:AMOM), an exchange-traded fund driven by artificial intelligence, has sold a majority of its holdings in Facebook Inc. (NASDAQ:FB) and Walmart Inc. (NYSE:WMT), while loading up on shares in AMC Entertainment Inc. (NYSE:AMC).

What Happened: The ETF’s latest portfolio after rebalancing in early July showed that the fund has also sold major chunks of its holdings, or entirely divested, in home retailer Home Depot Inc. (NYSE:HD), software company Adobe Inc. (NASDAQ:ADBE) and chipmaker Texas Instruments Inc. (NASDAQ:TXN).

The fund has a history of accurately predicting the price movements of electric vehicle maker Tesla Inc.'s (NASDAQ:TSLA) shares.

The ETF now has online dating services provider Match Group Inc. (NASDAQ:MTCH), cybersecurity solutions company Fortinet Inc. (NASDAQ:FTNT) and auto parts retailer O’Reilly Automotive Inc. (NASDAQ:ORLY) as its three largest investments.

The other two stocks that make up the top five holdings in AMOM include auto parts retailer AutoZone Inc. (NYSE:AZO) with a 3.1% weighting and enterprise technology company Zebra Technologies Corp. (NASDAQ:ZBRA) with 2.7%.

AMC Entertainment has been added to the portfolio this month with a 2.34% weighting. The movie theater chain's stock is up 2078% year-to-date thanks to a short squeeze conducted by retail investors that refer to themselves as "apes."

Prior to the rebalancing, the ETF had Facebook, Walmart, Home Depot, Adobe and Texas Instruments as its five largest stock holdings.

AMOM has delivered year-to-date returns of almost 15.1%, compared to its benchmark – the Invesco S&P 500 Momentum ETF (NYSE:SPMO) – which has returned 14.4% so far this year.

The fund said last week that it has surpassed an important milestone of $50 million in assets under management (AUM), an increase of nearly 1,500% from its $4.22 million total in August last year.

Price Action: Match Group shares closed almost 2.8% higher in Friday’s trading session at $162.63, while Fortinet shares closed 1.5% higher at $256.81.

O’Reilly Automotive shares closed 1.7% higher in Friday’s trading session at $591.65.

Read full article at Markets Insider

Elon Musk will leave Earth with Branson — soz Bezos

The Next Web 31 December, 1969 - 06:00pm

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I’m a measly human being, sitting in my room, and typing away words, waiting for the world to open so I can meet my friends freely, and travel to places.

But billionaires don’t have these problems. If they want to get away from the earth, they just fly to space. Elon Musk, Tesla’s Technoking, is also doing the same by buying a ticket on a plane of Virgin Galactic, owned by Richard Branson. That makes me wonder, is Jeff Bezos feeling left out?

Secure your spot today at super early bird prices!

In an interview with the UK’s Sunday Times, Branson said, “Elon’s a friend and maybe I’ll travel on one of his ships one day.” Plus, he tweeted his own photo with Musk before the flight.

Big day ahead. Great to start the morning with a friend. Feeling good, feeling excited, feeling ready.

Watch #Unity22 launch and livestream TODAY at 7:30 am PT | 10:30 am ET | 3:30 pm BST.@virgingalactic@elonmuskhttps://t.co/1313b4RAKIpic.twitter.com/FRQqrQEbH8

— Richard Branson (@richardbranson) July 11, 2021

Last night, Branson successfully flew into space through a rocket-powered plane. By doing so, he became the first billionaire to grace the space, keeping Bezos behind. It was literally “fifteen minutes of fame” for Branson, as the actual space flight lasted just 15 minutes. You can watch the flight stream here.

Meanwhile, newly-retired Bezos is set to also fly to space in his space company Blue Origin’s New Shephard vehicle on July 20. The firm tweeted out a comparison chart between its space vehicle and Virgin Galactic’s SpaceShipTwo. 

From the beginning, New Shepard was designed to fly above the Kármán line so none of our astronauts have an asterisk next to their name. For 96% of the world’s population, space begins 100 km up at the internationally recognized Kármán line. pic.twitter.com/QRoufBIrUJ

— Blue Origin (@blueorigin) July 9, 2021

Please note that there’s a special row about the size of the windows in the vehicle, claiming they’re “the largest windows in space.” Weird flex, but okay.

Now, we have to wait for Bezos’ flight to see if he will mention Branson or Musk.

Meanwhile, I hope Musk is taking a symbolic dogecoin with him during his flight. After all, market manipulation and space travel is what billionaire life’s all about.

TNW is a Financial Times company.

Elon Musk to Testify About Tesla's 2016 SolarCity Acquisition

Barron's 12 July, 2021 - 09:13am

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• Tesla CEO Elon Musk might be called to testify as soon as today about the company’s 2016 acquisition of SolarCity Corp., a home solar company he was CEO of at the time, The Wall Street Journal reported. Plaintiffs including several pension funds that owned Tesla shares say the deal was designed to benefit Musk and bail out a failing company. But his attorneys say SolarCity was worth more than Tesla paid for it and that the acquisition fulfilled his long-held goal of creating a vertically integrated sustainable energy company. A Delaware court will decide if Musk improperly controlled the transaction, which was approved by the company’s shareholders. Musk owned about 22% of Tesla at the time, and his brother, Kimbal Musk, was on its board, but Elon Musk’s lawyers say board members acted independently. The board members have denied wrongdoing. “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Elon Musk said in a 2019 deposition. If he loses, he could be required to repay Tesla for the value of the SolarCity transaction.

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Musk defends Tesla's $2.6 billion deal for SolarCity

Yahoo Finance 12 July, 2021 - 05:02am

WILMINGTON, Del. (Reuters) -Elon Musk took the stand on Monday to defend Tesla Inc's 2016 acquisition of SolarCity against a lawsuit by shareholders seeking to recoup the $2.6 billion the company paid for the ailing solar panel maker.

Soon after taking the stand, Musk denied the deal was a bailout of SolarCity as Tesla shareholders have alleged.

“Since it was a stock-for-stock transaction and I owned almost exactly the same percentage of both there was no financial gain,” he said, responding to questions from his attorney.

Musk's testimony kicks off a two-week trial in Wilmington, Delaware, before Vice Chancellor Joseph Slights, who will decide whether the SolarCity deal was fair to Tesla stockholders.

The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla's board to buy SolarCity, just as it was about to run out of cash. Musk owned a 22% stake in SolarCity, which was founded by his cousins.

Shareholders asked the court to order Musk, one of world's richest people, to repay to Tesla what it spent on the deal, which would represent one of the largest judgments ever against an individual. However, even if the judge finds the deal was unfair, he could award a much lower amount of damages.

Musk, wearing a dark suit, white shirt and dark tie, testified that for years before the SolarCity deal he saw the solar panel company as a natural part of the transition to sustainable energy.

He touted the deal at the time as central to his "Master Plan, Part Deux," which aims to reshape transportation by using sustainable energy to power fleets of self-driving electric vehicles.

Musk said on Monday that he did not control the appointment of board members or their compensation and that they negotiated the SolarCity deal and its economic terms without his influence.

Asked by his attorney, Evan Chesler, to describe his relationship with the board of directors Musk said: “I’d say good. They work hard and are competent. They provide good advice and are rigorous in acting on behalf of shareholders.”

Legal experts said the judge will be looking for evidence that Musk threatened board members or that directors felt they could not stand up to him.

The shareholders' lawsuit accuses Musk of dominating deal discussions, pushing Tesla to pay more for SolarCity and misleading shareholders about the deteriorating financial health of the solar panel maker.

Central to the case will be allegations that Musk, who had a 22% stake in Tesla at the time of the deal, was nonetheless a controlling shareholder. If he was, it would impose a tougher legal standard and increase the likelihood the deal was unfair to shareholders.

"It would be a surprise to most people if the court were to come out and say that he doesn't control here," said Brian Quinn, a professor at Boston College Law School. "Because he certainly acts like he does."

Musk is expected to be cross-examined by shareholder attorney Randy Baron, who Musk called "reprehensible" at a testy 2019 deposition during which he also accused Baron of attacking sustainable energy, according to a transcript.

When Baron asked if Musk bailed out SolarCity, Musk replied: "You are a shameful person."

Tesla's directors settled allegations from the same lawsuit last year for $60 million, paid by insurance, without admitting fault.

Slights will likely take months before he issues a ruling.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder, Daniel Wallis and Andrea Ricci)

(Bloomberg) -- The gap between megacap technology stocks in China and the U.S. is at its widest in at least a year, as Beijing tightens its grip on some of the nation’s biggest companies.An equal-weighted basket of China’s three internet giants collectively dubbed BAT-- Baidu Inc., Alibaba Group Holding Ltd. and Tencent Holdings Ltd. -- fell about 2% in the 12-months through Friday, according to calculations by Bloomberg. That compares with a 40% surge in an equivalent portfolio of their U.S. pe

U.S. stocks traded mixed on Monday as investors awaited signs of a further rebound in corporate profits with the start of second-quarter earnings season this week.

A case fresh copy of 'Super Mario 64' has sold at auction for more than $1.5 million.

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At 26, Andrea Fletcher has worked for Google, Apple and Roblox but says her career in software engineering really began with her childhood love of logic and math puzzles.

Shares of E-commerce shipping solutions provider Stamps.com (STMP) closed 64% higher on Friday following the news that software investment firm Thoma Bravo signed an agreement to acquire it for nearly $6.6 billion. Stamps.com offers Internet-based shipping and mailing services. As per the terms of the agreement, the company’s shareholders will get $330 per share in cash, which represents a 67% premium over the company’s closing price on July 8. The Chairman and CEO of Stamps.com, Ken McBride, sa

When looking for the best artificial intelligence stocks to buy, identify companies using AI technology to improve products or gain a strategic edge, such as Microsoft, Netflix and Nvidia.

(Bloomberg) -- Oil dipped after a two-day gain as investors assessed the demand outlook amid a resurgence of Covid-19 in many regions.Futures in New York fell below $74 a barrel after rising more than 2% on Friday. While the rollout of vaccines and the revival of major economies have helped boost fuel consumption, the spread of the highly infectious delta variant and uncertainty over supply from the OPEC+ alliance are clouding the outlook.There are also signs that China’s recovery is slowing. It

Leading international energy companies are resisting the temptation to rush and spend an unexpected windfall from rallying oil and natural gas prices as they focus on longer-term energy transition challenges, executives and analysts said. That, along with higher global natural gas prices because of supply issues, will boost the coffers of oil companies after firms like Exxon Mobil, Royal Dutch Shell and BP sharply cut costs in the wake of the coronavirus pandemic last year. While the heads of top energy companies said last month $100-a-barrel oil was achievable again in coming years, they added prices would be volatile, meaning there is little incentive, at least for now, to commit billions to projects that could take a decade or more to show a return on investment.

The best 5G stocks to invest in will change over time. The consumer smartphone market will evolve into broader 5G wireless enterprise opportunities.

Oil futures on Monday head sharply lower, succumbing to growing concerns about the spread of the spread of the delta variant of the coronavirus that could hobble appetite for crude in parts of the world.

Countries should be able to tax a quarter of big multinationals' profits no matter where they are earned, France proposed on Saturday at a G20 finance ministers meeting focused on overhauling the rules for cross-border corporate taxation. Key details remain to be hammered out after G20 finance chiefs formally endorsed the outline of plans that would make new rules for where multinationals get taxed and set a global minimum corporate tax rate of 15%. The rules, to be finalised at a Rome summit in October, would allow countries where revenues are earned to tax 20-30% of a big multinational's excess profit - defined as profit in excess of 10% of revenue.

JPMorgan Chase & Co's Securities Services division is setting up a new data business which will be led by Gerard Francis, who joins the bank from Bloomberg, a memo seen by Reuters showed. The new Data Solutions business will bring together several projects already underway at the bank including post-trade analytics services and a new asset manager platform, the memo said. Francis, who was head of enterprise data solutions at Bloomberg, will report to Teresa Heitsenrether, JPMorgan's executive vice president and global head of securities.

Observability tools seek clues to network health much as doctors diagnose illnesses by looking for symptoms that point to internal issues.

This differs from most wealth managers who tend to steer clients toward best-of-breed managers outside their firms. The private wealth business, which had $110 billion of assets under management at the end of the first quarter, increasingly caters to what the Alliance Bernstein describes as “ultra-high-net worth” clients and uses a significant amount of proprietary financial products including alternatives with clients generally giving their financial advisors considerable discretion in making investments.

It’s a bullish start to the day, with EOS on the move early on. Avoiding the day’s pivot levels would support further upside in the day.

In the runup to Tesla Inc.'s 2016 acquisition of a company called SolarCity, Elon Musk hailed the deal as a “no brainer" — a purchase that would combine the leading maker of electric vehicles with a manufacturer of solar panels that can recharge EVs. On Monday in the Delaware Court of Chancery, the Tesla CEO will testify about the $2.5 billion deal in a shareholder lawsuit that alleges that Tesla's acquisition was rife with conflicts of interest, overlooked SolarCity's fundamental weaknesses and unsurprisingly failed to produce the profits Musk had promised.

As older owners retire, millions of small businesses will change hands, and that means opportunities for young entrepreneurs The majority of US business owners are not as young and fetching as Anne Hathaway, who played a fashion entrepreneur in The Intern. Photograph: François Duhamel/AP When you think of the typical small business do you think of the savvy and beautiful actor Anne Hathaway, who ran a Brooklyn-based fashion startup in The Intern? Or maybe you’re thinking of Jesse Eisenberg’s por

MADRID (Reuters) -Spain will invest 4.3 billion euros ($5.1 billion) to kick-start the production of electric vehicles and batteries as part of a major national spending programme financed mostly by European Union recovery funds, the government said on Monday. Prime Minister Pedro Sanchez said the government-run plan would include the whole production chain, giving grants to companies with the goal of building the country's first battery plant and boosting manufacturing of electric vehicles. "It is important for Spain to react and to anticipate this transformation in Europe's automotive sector," he said, adding the private sector could contribute a further 19.7 billion euros to the initiative from 2021 to 2023, according to government estimates.

A specialist London court will decide whether a long-awaited multi-billion pound class action against some of the world's biggest banks over alleged foreign exchange rigging can proceed, after a five-day hearing kicked off on Monday. JPMorgan, Citigroup, Barclays, UBS and NatWest, along with Japan's MUFG Bank, are braced for the first forex class action in Britain over cartels dubbed "Essex Express" and "Three Way Banana Split". The European Commission fined all the lenders https://www.reuters.com/article/us-eu-antitrust-banks-idUSKCN1SM0XS apart from UBS, which had alerted the body to the two cartels, a total of more than 1 billion euros ($1.2 billion) over the matter in 2019.

Elon Musk expected to testify this week in shareholder lawsuit in Wilmington courthouse

The News Journal 12 July, 2021 - 04:01am

The Associated Press reported that Musk will testify on Monday. 

The lawsuit claims that Musk and directors of Tesla, an electric car company, breached their fiduciary duties when they agreed to a $2 billion deal to buy SolarCity, a struggling solar-panel installing company founded by Musk and his cousins. Musk was the largest SolarCity shareholder of at the time of the purchase, which the suing Tesla shareholders claim improperly benefited him and his family members.

Last year, a Delaware judge approved a $60 million settlement between the plaintiffs and other directors who were on Tesla’s governing board when the 2016 SolarCity purchase was ratified.

Musk opted to defend the purchase, which has led to Monday’s trial.

Last week, Forbes and other financial news outlets reported that the case could cost Musk more than $2 billion and rank as the largest judgement ever against an individual corporate executive.

Musk under fire again: CEO to testify over Tesla acquisition

Fox Business 11 July, 2021 - 11:46am

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Fort Lauderdale Mayor Dean J. Trantalis says the proposed underground beach tunnel will be an ‘experience in itself.'

In the runup to Tesla Inc.'s 2016 acquisition of a company called SolarCity, Elon Musk hailed the deal as a "no brainer" – a purchase that would combine the leading maker of electric vehicles with a manufacturer of solar panels that can recharge EVs.

It didn't exactly work out that way.

On Monday in the Delaware Court of Chancery, the Tesla CEO will testify about the $2.5 billion deal in a shareholder lawsuit that alleges that Tesla's acquisition was rife with conflicts of interest, overlooked SolarCity's fundamental weaknesses and unsurprisingly failed to produce the profits Musk had promised.

Questioned under oath, Musk plans to defend the purchase as a justifiable acquisition.

At the time of the all-stock purchase, Musk was SolarCity's largest stakeholder and its chairman. Seven shareholder lawsuits, consolidated into one, alleged that Tesla directors breached their fiduciary duties in bowing to Musk’s wishes and agreeing to buy the struggling company. In what the plaintiffs call a clear conflict of interest, SolarCity had been founded by Musk and two of his cousins, Lyndon and Peter Rive.

Last August, a judge approved a $60 million settlement that resolved claims made against all the directors on Tesla's board except Musk without any admission of fault. That left Musk, who refused to settle, as the sole remaining defendant. The trial that begins Monday had been scheduled for March of last year but was postponed because of the viral pandemic.

Daniel Ives, an analyst at Wedbush Securities, called the acquisition a "clear black eye" for Musk and Tesla, in large part because SolarCity has failed to turn a profit.

"It basically was putting good money after bad," Ives said. "For all the successes and all of the unimaginable heights Musk has achieved, this is one of the lowlights."

Most investors, Ives said, place no value on the company's solar business.

"I just think Musk and Tesla underestimated the challenges and the hurdles that the business brings," he said.

That said, Ives said he thought Tesla's energy business could still become "modestly successful."

Tesla, which has disbanded its media relations department, did not answer a message Friday seeking comment about the lawsuit. In its 2020 annual report, the company argued that the lawsuit was without merit and that Tesla would vigorously defend itself.

"We are unable to estimate the possible loss or range of loss, if any, associated with these claims," the company report said.

Tesla's energy generation and storage business generated $1.9 billion in revenue last year – 24% more than it did the previous year. Much of that revenue came from selling battery storage units. Tesla doesn't specify whether the business made a profit, and it also has debt and expenses.

The lawsuit filed by the plaintiffs contends that Musk drove the decision to acquire SolarCity despite his clear conflict of interest.

Musk has a history of fighting government agencies and lawsuits. He was forced to pay a $20 million fine to the Securities and Exchange Commission for making statements on Twitter about having the money to take the company private when he didn't. But he won a defamation lawsuit that was filed by a British diver involved in the rescue of a Thai soccer team that was trapped in a flooded cave. Musk had called the man "pedo guy" on Twitter.

Even if the trial ends with Musk having to pay personally for the whole SolarCity deal, $2.5 billion won't much hurt the world's third-wealthiest person. Forbes magazine has estimated that Musk is worth roughly $163 billion.

Ives suggested that while any such payment wouldn't seriously affect Musk's wealth, it would damage his reputation for choosing acquisitions.

Musk is fighting the lawsuit after others have settled "because that’s what Musk does," Ives said. "I think Elon believes this was the right deal and still does."

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Elon Musk called to defend Tesla’s acquisition of SolarCity

KTLA Los Angeles 11 July, 2021 - 09:53am

In this March 14, 2019, file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company’s design studio in Hawthorne, Calif. (AP Photo/Jae C. Hong, File)

In the runup to Tesla Inc.’s 2016 acquisition of a company called SolarCity, Elon Musk hailed the deal as a “no brainer” — a purchase that would combine the leading maker of electric vehicles with a manufacturer of solar panels that can recharge EVs.

It didn’t exactly work out that way.

On Monday in the Delaware Court of Chancery, the Tesla CEO will testify about the $2.5 billion deal in a shareholder lawsuit that alleges that Tesla’s acquisition was rife with conflicts of interest, overlooked SolarCity’s fundamental weaknesses and unsurprisingly failed to produce the profits Musk had promised.

Questioned under oath, Musk plans to defend the purchase as a justifiable acquisition.

At the time of the all-stock purchase, Musk was SolarCity’s largest stakeholder and its chairman. Seven shareholder lawsuits, consolidated into one, alleged that Tesla directors breached their fiduciary duties in bowing to Musk’s wishes and agreeing to buy the struggling company. In what the plaintiffs call a clear conflict of interest, SolarCity had been founded by Musk and two of his cousins, Lyndon and Peter Rive.

Last August, a judge approved a $60 million settlement that resolved claims made against all the directors on Tesla’s board except Musk without any admission of fault. That left Musk, who refused to settle, as the sole remaining defendant. The trial that begins Monday had been scheduled for March of last year but was postponed because of the viral pandemic.

Daniel Ives, an analyst at Wedbush Securities, called the acquisition a “clear black eye” for Musk and Tesla, in large part because SolarCity has failed to turn a profit.

“It basically was putting good money after bad,” Ives said. “For all the successes and all of the unimaginable heights Musk has achieved, this is one of the lowlights.”

Most investors, Ives said, place no value on the company’s solar business.

“I just think Musk and Tesla underestimated the challenges and the hurdles that the business brings,” he said.

That said, Ives said he thought Tesla’s energy business could still become “modestly successful.”

Tesla, which has disbanded its media relations department, did not answer a message Friday seeking comment about the lawsuit. In its 2020 annual report, the company argued that the lawsuit was without merit and that Tesla would vigorously defend itself.

“We are unable to estimate the possible loss or range of loss, if any, associated with these claims,” the company report said.

Tesla’s energy generation and storage business generated $1.9 billion in revenue last year — 24% more than it did the previous year. Much of that revenue came from selling battery storage units. Tesla doesn’t specify whether the business made a profit, and it also has debt and expenses.

The lawsuit filed by the plaintiffs contends that Musk drove the decision to acquire SolarCity despite his clear-cut conflict of interest.

Musk has a history of fighting government agencies and lawsuits. He was forced to pay a $20 million fine to the Securities and Exchange Commission for making statements on Twitter about having the money to take the company private when he didn’t. But he won a defamation lawsuit that was filed by a British diver involved in the rescue of a Thai soccer team that was trapped in a flooded cave. Musk had called the man “pedo guy” on Twitter.

Even if the trial ends with Musk having to pay personally for the whole SolarCity deal, $2.5 billion won’t much hurt the world’s third-wealthiest person. Forbes magazine has estimated that Musk is worth roughly $163 billion.

Ives suggested that while any such payment wouldn’t seriously affect Musk’s wealth, it would damage his reputation for choosing acquisitions.

Musk is fighting the lawsuit after others have settled “because that’s what Musk does,” Ives said. “I think Elon believes this was the right deal and still does.”

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Police are searching for whoever shot two people traveling in an SUV in the Hyde Park neighborhood of South Los Angeles Monday morning.

The shooting was reported about 1:40 a.m. near the intersection of Florence and Brynhurst avenues.

Some who have not been inoculated may have hoped that the dramatic decline in COVID-19 cases this spring and summer — which officials attribute to a robust vaccination campaign — would be enough to protect them without getting a shot. But with the spread of the highly contagious Delta variant, infections are again on the rise — and communities with low vaccination rates are in the crosshairs.

More than twice as many acres burned in the first six months of this year than during the same period last year — and hundreds more fires, officials said.

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