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Tesla still facing challenges

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Last Week’s Highlights

Tesla shares kept falling despite Musk’s vow

Since late last year, Elon Musk has sold $15 billion worth of Tesla shares, in part to meet Twitter funding. During the past week, the billionaire assured that he would not sell any more shares of the electric car maker, to calm investors. This did not have the effect Musk wanted, so after Friday’s trading session, Tesla shares hit a new two-year low. Investors are concerned that Twitter will consume much of Elon Musk’s time and that this will have repercussions for Tesla. The company’s shares have already declined 64% year-to-date, and thus would sign the worst annual performance since its IPO in 2010.

Oil rises at Russian warning

Oil prices rose $3 a barrel last Friday after Moscow said it may cut crude production in response to the G7 price cap on Russian exports. Brent crude was quoted at $83.92, up $2.94 or 3.6%, while US West Texas Intermediate crude was quoted at $79.56 a barrel, up $2.07 or 2.7%. Since October, these have been the largest weekly rises for the two references. The European Union and the G7 countries imposed sanctions and a price cap on Russian crude oil as of December 5. Thus, according to Deputy Prime Minister Alexander Novak, Russia could cut its oil production by 5% to 7% by early 2023 in response to the price cap.

Coming Up This Week

BioNTech starts malaria vaccine tests

As reported by BioNTech, the company initiated an early-phase study to evaluate its experimental malaria vaccine in humans. The Phase 1 trial will involve three doses of the vaccine to 60 U.S. volunteers with no history of malaria. The German company plans to establish production of these vaccines, known as BNT165b1, in Africa. The vaccine relies on mRNA technology, which was used during the pandemic to develop the COVID-19 vaccine rapidly, to induce the human body to make a protein that is part of the pathogen and triggers an immune response. It is hoped that the studies will be favorable for combating this disease, which kills more than 60,000 people a year.

Google’s touchdown for YouTube

YouTube reached an agreement with the NFL to broadcast the Sunday Ticket package games in the United States, starting next season of the most important football league. According to information from The Wall Street Journal, YouTube, owned by Google, will pay an average price of 2 billion dollars a year to acquire the rights to the NFL Sunday Ticket franchise. The sports league will be available as an add-on package on YouTube TV and will also be found individually on YouTube Primetime Channels. Through the end of the 2022 season, DirecTV had the rights to Sunday Ticket. “For several years we have been focused on increasing the digital distribution of our games,” said Roger Goodell, NFL commissioner. “We are excited to bring NFL Sunday Ticket to YouTube TV and YouTube Primetime Channels and usher in a new era in the way fans across America watch and follow the NFL,” he added.

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Market News

Major US indices closed higher on Friday ahead of the long weekend. Investors assessed inflation data against fears of rate hikes and the likely future recession. Energy stocks, meanwhile, rose in value on the back of higher oil prices.

The Dow Jones index rose 176.44 points, or 0.53%, to 33,203.93, the S&P 500 increased 22.43 points, or 0.59%, to 3,844.82 and the Nasdaq Composite climbed 21.74 points, or 0.21%, to 10,497.86.

Wild Card

The stock that jumped 183% this year and could keep rising in 2023.

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