• Elon Musk threatens to end deal with Twitter. Musk said he believes Twitter Inc. is breaching their merger agreement by not meeting his demands for information about spam and fake accounts, injecting another twist into a takeover saga marked by the billionaire’s serial outbursts. Twitter’s stock traded lower as a result while Tesla's stock is up. Read more here.

  • Oil trades at around $120 a barrel as Saudi Arabia raises prices. The move comes after a decision last week by the OPEC and its allies, a group known as OPEC+, to boost output by 648,000 barrels a day in July and August failed to put a lid on rising crude prices. Saudi Arabia on Sunday raised the official selling price, or OSP, of its Arab Light crude to northwest Europe, the Mediterranean, and Asia. Read more here.

  • Biden boosts solar manufacturing in a bid to break the project stalls. Biden is imposing a two-year freeze on new tariffs for solar imports from four Southeast Asia nations, removing a threat of retroactive tariffs that had chilled renewable project construction nationwide. At the same time, he is invoking sweeping powers under the Defense Production Act to support US-made solar panels and other domestic clean-energy manufacturing.

  • Solid-state EV battery begins pilot production. Solid Power, a start-up backed by BMW and Ford Motor, said it has begun pilot production of an innovative solid-state battery cell that promises to offer electric-vehicle owners more range and shorter recharging times at a lower cost. The company will begin supplying batteries to Ford and BMW for testing later this year. If all goes well, mass production could begin as soon as 2024.

  • Housing inventory is up 13.9% year-over-year. As of June 3rd, inventory was at 375 thousand (7-day average), compared to 364 thousand the prior week. Inventory was up 3.1% from the previous week. The seasonal bottom happened on March 4th for Altos. Inventory up year-over-year happened on May 13th. Inventory up compared to two years ago. Inventory up compared to 2019. Read more here.


  • Apple prepares for a world after smartphones. The company has enlisted Hollywood directors like Jon Favreau to develop video content for a headset that it is expected to ship next year. Apple also reportedly showed off the device to its board a few weeks ago. And in December, a shell company that appears to be linked to Apple filed a trademark for realityOS, its rumored headset operating system.

  • Musk plans to build 1000+ Starships to transport 1 million people to Mars. He believes close to a million people are needed on Mars to ensure enough population for the necessary work to survive on the Red Planet. Musk also spoke about humanity and how he can make life multi-planetary by transporting life to Mars.

  • Investors need a new recession playbook, says Goldman. Stocks with strong balance sheets typically beat the market when the economy is going into a recession, but Goldman Sachs said that may not be the case this time. Instead, the firm recommended investors own stable stocks — as well as companies with excess cash. The firm pointed out that, during the 2011 tech bubble burst strong balance sheet stocks underperformed. Read more here.

  • Digital ad agencies to see pressure. All signs are pointing to a slowdown in the digital ad spending spree given the following issues: 1) big increase in shipment costs, 2) big decrease in conversions now that lock-downs are done and 3) big decrease in conversions due to Apple privacy policy changes. Sheryl Sandberg leaving suggests the Meta can’t figure out how to monetize as easily with the new Apple lockdown. Read more here.

  • JetBlue increases its offer for Spirit Airlines ahead of the shareholder vote. Monday morning, JetBlue sweetened its offer for Spirit, raising it to $31.50 a share, up from $30. The extra $1.50 would be paid to Spirit shareholders if they vote to combine the two airlines. That payment would come regardless of any regulatory challenges to industry consolidation.
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