In this week’s recap we talk about how the government says that UFOs are real and how Tesla is profitable and eligible for the S&P 500.
Tesla, after 4 consecutive profitable quarters, is eligible to join the S&P 500 index in a move that may turbocharge the index of America’s top companies. The electric car firm reported $104 million in profit for the last quarter, even though its Fremont manufacturing plant was shut for nearly half of that period. Shares moved +4% in pre-market trading at $1,655.00. Shares are up over +280% this year.
Precious metals continue to rise even, as Covid-19 cases begin to plateau & tensions grow between the U.S. & China, the high for gold was $1921 in 2011. Gold surpasses $1900.00, a gain of 5.2% from last week. Silver falls below $23.00, still near a 7-year peak, up over +17% from last week, (High of $48.48 in 2011 & a record $49.45 in early 1980).
U.S. investment bank Goldman Sachs on Friday reached a $3.9B settlement with Malaysia over the multibillion-dollar 1MDB scandal. Will see all criminal charges against the bank dropped. Deal to include a $2.5B cash payout by Goldman & a guarantee by the bank to return at least $1.4B in proceeds from assets linked to sovereign wealth fund 1Malaysia Development Bhd.
Warren Buffett bought up 34M shares of Bank of America over the last few days, at an average price of about $24 bringing his stake to over 11% from about 7.4%. He spent the $816M after shares plunged nearly 32%, since the beginning of 2020. Buffett has been criticized recently over failing to use Berkshire Hathaway’s enormous cash hoard, which climbed to $137B in Q1.
The U.S. State Department has ordered the closure of China’s consulate in Houston to protect property & private information of Americans. This came about with reports last night of documents being burned in the compound’s courtyard. The Chinese government has vowed to retaliate, heightening already frayed relations.
Croatian Parliament approves new government; Apple is under investigation for consumer deception; Optimism for EU Recovery Fund boosts global markets; US national debt reaches 25 trillion dollars; The US exceeds 4 million infected with COVID-19