SAN FRANCISCO (KRON) – Loser: Markets Drop as April Sell-off Continues
The markets have had a pretty rough last four weeks and are getting more bad news. Fear about a global economic slowdown loomed as Asian stock markets cratered amid concerns about COVID case spikes in China.
PepsiCo and Whirlpool will report after today’s close, then the remainder of the week will feature reports from the likes of Alphabet, Microsoft, General Motors, Chipotle Mexican Grill, Meta Platforms, Boeing, Ford, Twitter, Apple, Intel, Amazon.com, and Chevron.
General Motors will produce an electrified Chevrolet Corvette next year, followed by an all-electric version of the iconic sports car.
SpaceX’s Starlink to provide Wi-Fi on Hawaiian Airlines flights with free service for passengers.
China’s zero tolerance approach for COVID has kept Shanghai in an extended lockdown, and now it is feared that Beijing may be next after China ordered mass testing this week.
Demand for oil in China is on pace to slide 20% this month. The monthly collapse could represent China’s biggest demand shock since the start of the pandemic.
Loser: Twitter could accept Elon Musk’s bid today
Twitter is nearing a deal with Elon Musk that could be announced as soon as Monday.
Musk offered to buy Twitter for $54.20 a share, or about $43 billion.
The social media company had been expected to decline a deal and had adopted a so-called “poison pill” to fend off a potential hostile takeover.
Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.
Twitter’s board met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.
The two sides could reach an agreement as soon as today.
Twitter’s openness to a bid “is the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix.
Musk, an avid Twitter user, has argued it needs to be “transformed” into a private company so it can become a forum for free speech.
Loser: Concert Ticket Prices Are Soaring
The Magical Mystery Tour is dying to take you away,
Paul McCartney, Billie Eilish, Elton John, Peral Jam, Billy Joel are coming to your hometown arena and coming to take a chunk of your paycheck.
Prices for tickets to see the world’s biggest artists are rising much faster than broader inflation.
On the Road Again . . .Music kind of died on March 13, 2020 as COVID shut down large gatherings for concerts.
When COVID restrictions waned in the second half of 2021, fans flooded back to venues.
Ticket prices are up as much as 70% compared to 2019, driven by fandom as much as inflation.
Raising prices hasn’t deterred fans. Concert ticket sales are up 45% through mid-February of this year, compared with 2019.
The average ticket price of a live show has increased from $131 in 2019 to $168 today for Elton John, from $208 to $227 for The Eagles, and from $70 to $118 for the aforementioned Billie Eilish.