On a day that saw a rotation back into value stocks pre-empt a broad-based market selloff as investors, and weeks after Apple announced a split of its own, Tesla has just announced a 5 – 1 stock split.
The news sent shares of the electric vehicle maker up 6% in post-market trade. Though it’s shares are still trading well above $1,000 apiece, the car company took a shellacking on Tuesday, falling 3.1% before the close.
“Each stockholder of record on August 21, 2020 will receive a dividend of four additional shares of common stock for each then-held share, to be distributed after close of trading on August 28, 2020. Trading will begin on a stock split-adjusted basis on August 31, 2020,” the company said in a corporate filing.
Though the split will make Tesla shares more “affordable”, Charles Schwab and other online brokerages are already offering fractions of shares held on their balance sheets for as little as $5.
So, why is Tesla going ahead with the stock split if retail investors are clearly having no trouble accessing the company’s shares?
We’ll let you take a guess.
Looks like the stock needs a boost: #Tesla declared 5 – 1 stock split in form of stock dividend to make stock ownership more accessible to Robinhooders. Each stockholder of record on Aug21 will receive dividend of 4 additional shares. Trading will begin on split-adj basis on Aug31. pic.twitter.com/qe7690lFlu
After Trump Snubs States, Fed Improves Terms On Muni Bailout FacilityTyler DurdenTue, 08/11/2020 — 17:11
Just days after President Trump’s four Executive Orders providing relief to Americans — and snubbing demands by Democrats and Governors for state bailouts — some might suggest The Fed just stepped up to the plate to ‘help out’.
Perhaps the rates were just too high for states to want to partake? Or are they all expecting a direct handout, rather than a Fed-sponsored loan?
The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF).
The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes.
Today’s changes will ensure the MLF continues to provide an effective backstop to assist U.S. states and local governmentsas they weather the pandemic.
The MLF was established under Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
It offers up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic.
Sturgis Motorcycle Rally Kicks Off With Bang Amid Virus Controversy: 84 arrests, 226 Citations, 18 Crashes In 24 HoursTyler DurdenTue, 08/11/2020 — 17:05
Sturgis meet coronavirus shutdowns: the world’s largest annual motorcycle rally in Sturgis, South Dakota has been source of immense controversy this year after health officials warned it could be a ‘super-spreader event’.
Running from Aug. 7 to 16, it’s expected to be the single largest gathering that’s taken place since national virus-related shutdowns took effect earlier this year. Some 250,000 bikers are expected to descend on the town, which is still a much smaller number than recent years. 2015, for example, witnessed a recordmore than 700,000 people.
With a reputation for attracting ‘outlaw’ biker types and gangs, the Sturgis rally goes back to 1938, but this year some angry locals have argued before the town council “it’s a huge, foolish mistake” given current pandemic fears.
But the rally is already off to a wild start even with what’s expected to be a smaller than average crowd, as CBS reports:
“The Department of Public Safety reported that police made 84 arrests for driving under the influence or drug-related offenses during a 24-hour period spanning from Saturday into Sunday morning. That’s up from last year, when 76 people had been arrested in a similar time frame.”
Police have also reported at least 18 crashes so far. It comes on the very week the US passed another grim milestone, surpassing five million confirmed COVID-19 cases, and as South Dakota may be witnessing a resurgence in cases similar to other states.
Regardless, as one person interviewed told CBS: “People are tired of being at home, you know. This is what this rally started about is freedom.”
Attendees in Sturgis are being encouraged, but not required, to wear masks. Few appeared to be doing so.
So far, as the town’s Main Street fills with bikes and bars fill with bikers, there is scant evidence of social distancing. Visitors to this 80th edition of the cycle rally already greatly outnumber the 6,000 residents of Sturgis, wedged into the South Dakota hills.
While the majority of city residents, based on polls, are said to be against holding the rally this year, the city council approved by firm majority to move forward, given especially the event has generated some $800 million in total revenue in recent years, based on the state’s Department of Tourism figures.
This is a very interesting and thought-provoking short film. And show among other things what can be done if you have a group of people who want to contribute to the greater society. And if you never thought about doing anything like this on any level and you have just been collecting information without any thought of sharing or discussing the information, well you better check the time, mend your ways. Work for Peace!