Today’s stock market is anything but tranquil. Tesla (TSLA) will potentially earn billions in annual revenue from its U.S. charging networks. Ford (F) will now offer its Mustang Mach-E and F-150 Lightning electric vehicle owners access to Tesla’s Superchargers.
Ford’s CEO, Jim Farley, posted about the charging partnership on Linkedin. Tesla previously signed a similar agreement with Ford’s rival, General Motors (GM). CNBC reported that Sam Fiorani of AutoForecast Solutions believes Tesla will bring $6 billion to $12 billion a year by 2030. The expanded charging business increases Tesla’s revenue potential.
To evolve its social networking platform, Meta’s Facebook (META) will remove the dedicated news tab section in the U.S. and Australia. This frees the company from the resources and costs related to bringing news content. Meta’s exit from news may help media firms like Fox News, CNN, the New York Times, and the Wall Street Journal, to name a few.
In the regional bank sector, New York Community Bancorp (NYCB) is in trouble again. The CEO, Thomas Cangemi, left the firm. The bank has severe weaknesses in internal controls. Q4 losses will increase by tenfold to $2.7 billion. NYCB stock lost 20% in after-hours trade.
NYCB issued the news after markets closed yesterday. Unfortunately, for the firm, the financial news outlets will pick up the news and cause panic selling.
