🦉 Mullen Automotive On Hiring Spree, What Could That Mean?
Mullen Automotive (NASDAQ: MULN) recently announced hiring 11 more executives for its growing fleet. The hires include new team members for the commercial van and truck segment and the flagship FIVE crossover segment and span all areas of operations. These hires follow John Schwegman and Ronald Dixon who are both former GM executives with world-class experience. Mr. Schwegman was brought on board to lead the commercial sales team, while Mr. Dixon leads sales to government fleets. Seven new hires are in product development, 4 in sales, service and parts, including Matt Gostek as Director of Service and Parts. .
Equity markets reversed course on Tuesday and closed higher for the day ending January on an up note. The S&P 500 gained almost 1.5% at the end of the day on signs the earnings season is better than expected. The caveat is that market action is still below significant resistance and the outlook for earnings is deteriorating. In this light, the next big move in the market is more likely to be down than up and there are more risks than one to be wary of.
Today brings another FOMC policy statement and it could be one for the history books. The market is expecting the FOMC to slow the pace of hikes and indicate the peak of inflation has passed but it might be disappointed. The latest inflation data confirm a peak was hit but give little indication that inflation is truly subsiding in a way that is sustainable. What this means is the FOMC needs to make the market believe interest rates will stay high enough for long enough to ensure that happens.
Mullen Automotive (NASDAQ: MULN) recently announced hiring 11 more executives for its growing fleet. The hires include new team members for the commercial van and truck segment and the flagship FIVE crossover segment and span all areas of operations. These hires follow John Schwegman and Ronald Dixon who are both former GM executives with world-class experience. Mr. Schwegman was brought on board to lead the commercial sales team, while Mr. Dixon leads sales to government fleets. Seven new hires are in product development, 4 in sales, service and parts, including Matt Gostek as Director of Service and Parts.
Some of the richest men in the world are jumping into gold right now... because evidence suggests we could see MUCH HIGHER prices in the coming weeks. But if you're not taking advantage of a little-known way to invest for around $5 today, you're missing out.
Right now is a tricky time to manage investments. Stocks, real estate, gold, and crypto are all in bear market territory with a huge chance that the recession will worsen this year.If you're looking to make a risky bet, you could consider shorting the market in various capacities. However, if you're looking to allocate capital as safely as possible, here are some options with (relatively) high returns. 1. I-BondsUS government-backed bonds are about as safe as it gets. The Series I Savings Bonds accrued at a whopping 9.62% in 2022, and now are offering 6.89%.Source: TreasuryDirect.comInterest on the bonds is tax deductible on your federal income taxes.
SoFi Technologies, Inc. (NASDAQ:SOFI) is up more than 15% in mid-day trading after crushing its fourth quarter and full-year earnings report on Monday, January 30. The company delivered revenue of $443.42 which was better than the $425.84 forecast by analysts. And earnings per share (EPS) came in at a negative 41 cents. But that was nearly 45% better than the negative 75 cents per share that was forecast. The primary reason for the robust report is that the company is adding more customers for what is becoming a wider range of financial products. For now, that is redirecting the headwinds caused by the continued student loan moratorium.
Wall Street closed out a strong January with more gains on Tuesday, ahead of what many investors hope will be one of the Federal Reserve's last hikes to interest rates for a while. Markets got a boost after a report showed that that growth for workers' pay and benefits slowed during the end of 2022. While that's frustrating for people trying to keep up with soaring prices, markets see it as an encouraging sign of easing pressure on inflation and possibly a gentler Fed in the months ahead. The S&P 500 rose 58.83 points, or 1.5%, to 4,076.60. The benchmark index notched its third winning month in the last four.
If one corner of the market suddenly looks all shiny, you may be seeing the glitter of gold stocks such as Wheaton Precious Metals Corp. (NYSE: WPM), AngloGold Ashanti Limited (NYSE: AU), Yamana Gold Inc. (NYSE: AUY), Alamos Gold Inc. (NYSE: AGI) and Iamgold Corp. (NYSE: IAG). All boast strong recent uptrends. As a group, precious metals miners and related companies have advanced nearly 10% this month and 40% since late September. Precious metals mining is one of the leading industries at the start of 2023, with gold companies leading the way. All the above companies are among institutional-quality gold miners that have been in rally mode in the past few months.
Pfizer surprised Wall Street by predicting a bigger-than-expected sales drop this year for two key products: its COVID-19 vaccine and treatment. The drugmaker also released on Tuesday an earnings forecast that starts off below analyst expectations as Pfizer begins what company leaders call a transition year for sales tied to the ongoing pandemic. Pfizer expects revenue from both the vaccine Comirnaty and the treatment Paxlovid to tumble next year before starting to rebound. That drop was anticipated by analysts as the drugmaker moves from supplying governments through big contracts to selling both products on the commercial market.
Grab Holdings Ltd (NASDAQ: GRAB) is a Southeast Asian technology company offering ride-hailing, ride-sharing, food delivery, and financial services. Many investors will remember them as the company listed on the NASDAQ in 2021 through one of those infamous SPAC mergers. It will also be noted as one of those rising, but as yet not profitable, tech companies that the now infamous investment firm Softbank backed. Both of these would usually be enough to make many of us stay clear, as Grab has all the trappings of a company whose shares might have been okay when interest rates were close to zero. But it’s a very different world now.
Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors' fourth-quarter net income up 16% over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according to a poll of industry analysts by FactSet. Quarterly revenue rose 28% to $43.1 billion, the company said, also beating estimates for $39.96 billion. Shares of General Motors Co. jumped more than 9% at the opening bell Tuesday.
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