Remember the whale loser? In the early days of Twitter, the service was so unreliable that the “conquered” icon, a depiction of a flock of birds attached to a whale caught in the net, has become a more popular Twitter symbol than the bird logo.
It is not clear what is in this picture. Did the weight of the whale drag the birds into the ocean, or did it drag their tweets underwater? Do the birds catch the whale with their nets and now fly with their prey? Are the strings really Spider-Man-style whale nets disappearing and catching birds? Did the birds save the whale?
The bad whale emerged today as Twitter’s stock, which it closed on April 1, the last trading day before Elon Musk announced that he had bought a large stake in the company, fell below $39.91. Shares fell 8.1 percent to $37.39. Shares fell early the day after Elon Musk’s tweet over the weekend in which Twitter lawyers said he violated his confidentiality agreement with the company because some of his tweets were controversial over data management regarding the number of spambots on the service. This isn’t all really bad, but it certainly shows that the deal won’t go smoothly.
But hours after markets opened, Bloomberg News reported that Musk had said at a tech conference in Miami that repricing his purchase was “out of the question.” (Meanwhile, the conference sold for $7,500 per ticket. Musk came from afar.) We said several times in the last session that we expect Musk to try to lower the purchase price due to the turmoil in the stock market. year. hi-tech stocks are tough. Snap shares, for example, are down 37.4 percent since April 1, when they closed at $37.39 in a strange market symmetry. If Twitter shares follow the same trajectory (which is probably not a buyout offer), they’d be worth around $25 right now. Anyone considering buying Twitter today is not going to offer $54.20.
The sharp shift in consumer spending from services to goods has benefited US industrial production, but a New York Fed report released Monday raises the possibility that supply chain problems will continue and rising prices could hurt them. The Empire State Manufacturing Index fell 36.2 points to minus 11.6 in May as orders and shipments fell. More worryingly, analysts were shocked. They predicted a slight decrease from 24 to 18 or more.
Lloyd Blankfein, former chairman and CEO of Goldman Sachs, may not be too surprised. Over the weekend, Blankfein said there were “very, very high risk factors” for the US to enter recession.
We expect home builder sentiment to continue to decline in Tuesday’s May survey. April’s survey showed a drop in builders’ mood amid rising mortgage rates, inflation in building materials prices and rising labor costs. There is no stagnation in either commodity inflation or the labor market. Interest rate expectations are considerably higher than a year ago. Most likely, home builders feel worse than they did in April.
Source: Breitbart
