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Yahoo BusinessAug 11, 2020
Tesla Splits Stock to Make Lofty Shares Attainable Again
(Bloomberg) -- Tesla Inc. is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock less expensive for individual investors after the company become the world's most valuable automaker. Its shares surged on the news in aftermarket trading.Each shareholder of record on Aug. 21 will receive a dividend of four additional shares of common stock for each share, the Silicon Valley electric-car manufacturer said Tuesday. Trading will begin on a split-adjusted basis on Aug. 31.The split is a timely decision to capitalize on Tesla's recent surge, which has pushed its valuation to around $256 billion, surpassing the value of Ford Motor Co. and Toyota Motor Corp. combined. With a price as as high as $1,643 in recent weeks, the shares are beyond the reach of many smaller stock investors just as the EV industry is capturing their imagination."At a time where the appetite for the stock and overall EV story continues to gain momentum, I think it's a smart move," said Dan Ives, an analyst at Wedbush who rates the shares the equivalent of a hold. Tesla's move follows a similar split by Apple Inc., which Ives said other tech giants are likely to emulate.Apple announced a 4-for-1 stock split after the close on July 30 and retail traders have piled in to bet on further gains.More AccessibleTesla has been a favorite stock for day traders and other retail investors, who have helped boost the shares to record highs. At one point last month, nearly 40,000 Robinhood account holders added shares of the automak

MarketWatchAug 11, 2020
Market Snapshot: Dow up more than 250 points as S&P 500 nears all-time high
Stocks trade higher Tuesday, with shares of cyclical companies continuing to outpace previously highflying tech stocks, while the S&P 500 approached its all-time closing high from February, nearly completing a rebound from its pandemic-induced plunge earlier this year.

Yahoo BusinessAug 11, 2020
Gold Posts Biggest Drop in Seven Years on Rising U.S. Yields
(Bloomberg) -- The rally that pushed gold to record heights above $2,000 an ounce has come to an abrupt halt, with the haven metal posting the biggest drop in seven years after bond yields spiked higher.Treasury bond yields climbed, cutting into the negative real rates that had supported the metal. The 10-year Treasury yield jumped the most since June ahead of an expected flood of government and corporate debt issuance. U.S. producer prices increased faster than expected."Today real rates clearly moved higher and that's clearly what moved gold lower," Michael Widmer, head of metals research at Bank of America Merrill Lynch, said by phone from London. "You had stronger PPI data out and I think when that data came out the market had another look at rates and expectations."Exchange-traded fund investors also took a breather, seeing back-to-back outflows for the first time since June. On Friday, State Street Corp.'s SPDR Gold Shares, the largest gold-backed ETF, saw its biggest outflow since March. Meanwhile, a Bloomberg Intelligence gauge of senior gold miners dropped the most since March, down 6%.Demand for precious metals as haven assets slipped after the U.S. president's comment on potential tax cuts, strong Chinese economic data and falling hospitalizations in California and New York.Further eroding support for gold was a Covid-19 vaccine that Russian President Vladimir Putin said was cleared for use. Globally, coronavirus infections breached 20 million cases, after doubling in six weeks. It took six months
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