Dow Jones Extend Win Streak
The Dow Jones Industrial Average extended its win streak on Tuesday, rising for a fourth straight session. The blue-chip benchmark gained 122.73 points (+0.46%) to close at 26,773.94. It was also its 14th record close in 2018.
However, the broader market still fell due to lingering trade fears. Christine Lagarde, the International Monetary Fund (IMF) chief, issued a warning on global growth and placed the blame on trade worries.
The tech-heavy Nasdaq Composite Index lost 37.76 points (-0.47%) while the broader S&P 500 Index slid 1.16 points (-0.04%). Caterpillar Inc. (CAT) and Intel Corp. (INTC) boosted the Dow as they rose +1.67% and +1.48% respectively.
Exxon Mobil Assessing Multi-Billion Project in Singapore
A senior executive of Exxon Mobil Corp. (XOM) made a disclosure on Wednesday that the company is considering a multi-billion dollar investment at its Singapore refinery. The refinery in the Asian country is Exxon’s largest.
Matt Bergeron, vice president of Asia Pacific Fuels Business at Exxon said, “We are currently assessing a multi-billion project in our integrated manufacturing facility here in Singapore.” Bergeron was attending a bunkering conference.
He added, “Should the project proceed, we plan to implement proprietary technologies that will convert lower value by-products into cleaner higher value products including 0.5% sulphur fuels that we believe will be the compliant option for the vast majority of the marine sector.”
China’s Tencent Music Plans U.S. IPO
Tencent Music, China’s, most dominant music company, has filed plans to list in U.S. If they go public, it would mark the third largest Chinese IPO to list in the United States since the start of 2018.
Based on data provider Dealogic, Netflix-like video platform iQIYI and social shopping app Pinduoduo were able to raise $2.3 billion and $1.6 billion respectively. Tencent Music has set a placeholder target of $1 billion. According to the SEC filing, it could translate to a company valuation of $25 to $30 billion.
The company is dominating China’s music streaming market through its Spotify-like apps. Its SEC filing reveals that their services have more than 800 million monthly active users. Spotify owns a minority stake of 9% in Tencent Music.
Microsoft Launches New Surface Devices
The season of new gadgets is upon the markets. After Apple Inc.’s (AAPL) recent unveiling of its latest iPhones, Amazon.com Inc. (AMZN) followed with the introduction of its new smart speakers and an Alexa-activated microwave.
On Tuesday, it was Microsoft Corp.’s (MSFT) turn to make public a slew of devices ahead of the holiday shopping season. Their product lineup includes a new version of its desktop computer called the Surface Studio 2 and its first pair of smart headphones. It also announced the Surface Pro 6 and Surface Laptop 2.
Along with the new devices, the company also unveiled its next-generation Windows software called “Windows 10 October 2018 Update” whose main focus is on productivity.
According to Andrew Hewitt, an analyst at research firm Forrester, Microsoft’s latest devices are intended for enterprise business professionals. Next week, Alphabet Inc.’s (GOOGL) Google will be hosting its own product launch event.
Tesla’s Production Hits All-Time High
After a tumultuous third-quarter ending, good news finally descends on Tesla Inc. (TSLA). On Tuesday, the electric carmaker reported a record number and strong production performance . The company was able to deliver 83,500 units during the third quarter.
A Bloomberg report said that with Tesla’s production hitting as all-time high, it would calm investors and contain their doubts about the firm’s ability to boost manufacturing.
The delivery of 83,500 vehicles in the quarter is 80% more than Tesla’s total in 2017. Also, the figures suggest that the company has maintained the pace for the Model 3s which is its newest and least expensive model.
However, Tesla’s overall average production rate is still below the 7,000 cars weekly target. Elon Musk told investors in July that it is the ideal volume needed to make the firm “sustainably profitable.”