Sean Gallup
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Erdogan calls on Elon Musk to build Tesla (TSLA) factory in Turkey. (00:23) Retail wars: TikTok hopes to crash holiday sales party. (01:35) U.S. home purchases scrapped at highest rate in 10 months – Redfin. (02:45)
This is an abridged transcript of the podcast.
Turkish President Tayyip Erdogan has called on Tesla (NASDAQ:TSLA) CEO Elon Musk to build a new factory in Turkey during a meeting at Turkish House in New York.
According to Turkey’s industry and technology minister who attended the meeting, Musk said many Turkish suppliers are currently working with Tesla (TSLA) and the country will be among the top candidates for a Tesla investment.
Erdogan and Musk also discussed Turkey’s artificial intelligence strategy, and the potential cooperation between SpaceX and Turkey’s space program. Musk said SpaceX plans to seek a license to offer Starlink in Turkey.
Erdogan is in New York for the United Nations General Assembly’s annual meeting this week.
Musk is also expected to meet Israeli Prime Minister Benjamin Netanyahu in California on Monday to discuss AI technology.
While we’re on the topic of Turkey, Alibaba (NYSE:BABA) plans to invest $2B in Turkey.
This report from Reuters citing comments made by Alibaba’s President Michael Evans in a meeting with Turkish President Recep Tayyip Erdogan.
Bloomberg News reported that Evans did not provide detailed information about the investment calendar, but did share details about new investments such as a data and logistics centre and an export operation centre in Turkey.
TikTok is reportedly making a strong effort to boost its new TikTok Shop online marketplace through heavy discounting during the holiday shopping season.
Bloomberg reported that the discounts could begin on October 27, which would give the company a jump on the holiday period.
The social video site reportedly could offer discounts as high as 50% in a concerted effort to gain traction with U.S. holiday shoppers.
A TikTok spokesperson only confirmed the plans to offer Black Friday deals starting on November 23 and deals for Cyber Monday running from November 28th to November 30th.
The TikTok Shop recently rolled out in the U.S. and the company launched an affiliate program for creators who sell products through their videos.
The push for extra holiday sales is part of a company target to move $20B worth of products this year worldwide. Verb Technology Company (VERB) and iPower (IPW) are two stocks that have rallied over the last week following the announcements of TikTok referral programs.
Over the last few holiday seasons, retail giants Amazon (NASDAQ:AMZN), Walmart (WMT) and Target (TGT) have increased their combined share of online holiday sales.
U.S. home purchases are getting scrapped at the highest rate in nearly a year as the highest mortgage rates in more than two decades are giving homebuyers “cold feet.”
According to Redfin (RDFN), almost 60K home-purchase agreements across the U.S. were canceled in August. That’s equivalent to 15.7% of homes that went under contract last month, vs. 14.3% a year before, marking the highest share of cancellations since October.
A weekly survey from Freddie Mac showed the average 30-year, fixed mortgage loan rose to 7.18% as of Sept. 14 from 7.12% a week earlier. Borrowing costs have stayed above 7% for the past five weeks.
One Redfin agent said, “I’ve never seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate,” Redfin Agent Jaime Moore said in the report. “They’re getting cold feet.”
Other headlines to look out for on Seeking Alpha:
Federal Reserve expected to keep rate unchanged — then what?
UAW strike: White House team to reach Detroit this week; Stellantis offer rejected
Ferrari and Puma renew their partnership
On our catalyst watch for the day,
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Oracle (ORCL) will hold its four-day CloudWorld event in Las Vegas. The event will cover all things Oracle (ORCL), including AI on OCI, the progress of Oracle Autonomous Database, the company’s multi-cloud strategy, and the use of Oracle Analytics throughout the portfolio. UBS tipped off that Oracle shares could get a boost from a constructive update.
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Pfizer (PFE) presents at the JPMorgan 14th Annual U.S. All Stars Conference. Investors are interested in any comments on the status of the $43B Seagen (SGEN) deal.
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Campbell Soup (CPB) presents at the TD Cowen Sipping & Snacking Summit with investors interested in comments/updates on the planned acquisition of Sovos Brands (SOVO).
U.S. stocks on Friday ended lower, weighed down by technology stocks. For the week, Wall Street’s major averages put in a mixed performance.
The Nasdaq (COMP.IND) retreated 1.56%. The S&P 500 (SP500) lost ground by 1.22%, while the Dow (DJI) fell 0.83%.
All 11 S&P sectors closed in negative territory, with Tech, Consumer Discretionary and Energy rounding out the top three.
For the week, the Nasdaq was down 0.39% and the S&P down 0.16%. And the Dow up 0.12%.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are pointing higher. The Dow is up 0.07%, the S&P 500 is up 0.08% and the Nasdaq is up 0.1%. Crude oil is up 0.5% at more than $91 a barrel. Bitcoin is up 1.6% at more than $26,000.
In the world markets, the FTSE 100 is down 0.3% and the DAX is down 0.6%. And the market in Japan is closed for a holiday.
The biggest stock movers for the day premarket: Alteryx (NYSE:AYX) is up 5% after Morgan Stanley raised its stock recommendation from equal weight to overweight, arguing that its current valuation undervalues its potential for growth and profit.
On today’s economic calendar at 10am the housing market index.
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