Wall Street speculators are flocking to electric vehicle startups, assigning gigantic valuations to companies that have yet to produce any vehicles, much less any revenue or profits.
Why it matters: Searching for the next Tesla is a risky proposition. It's still unclear how quickly the electric vehicle market will develop, or how large it will ultimately become — and some of the new electric vehicle players are likely to fail.
KuaiShou, a Chinese short-video and live streaming app, filed for a Hong Kong IPO that reportedly will seek to raise $5 billion.
Why it matters: This reflects the booming market for TikTok-style services in China, as KuaiShou claims to have over 300 million daily users. Its rivals include Douyin (ByteDance's Chinese version of TikTok) and Nasdaq-listed Bilibili (which, like KuaiShou, includes Tencent and Alibaba as shareholders).
Shell is closing down its refinery in Convent, Louisiana, after failing to find a buyer for the plant that processes over 200,000 barrels of oil per day, the company said Thursday.
Why it matters: Most signs of Big Oil's climate plans have involved acquisitions and venture deals around renewables, batteries and other tech, but this move shows how the plans will also involve shedding assets in various parts of their business.
Here's the good news for workers: The unemployment rate fell by a full percentage point to 6.9% last month — in the face of rising coronavirus cases, continued pressure on businesses, and no economic relief in sight from the government.
The bad news: That rapid snapback in employment after initial economic lockdowns eased is over. Job growth has slowed every month since June.
If Trump's presidency is about to end, an unprecedented golden era for big businesses could end with it.
Why it matters: Thanks to support from the president, Congress, the Supreme Court and the Federal Reserve reaching levels not seen in recent history — if ever — large companies have done a lot of winning.
Consumer sentiment among Republicans dropped significantly from Election Day to Wednesday, a new daily survey shows, falling by around five times the survey's standard deviation.
What happened: Even with a result not yet called and President Trump (falsely) claiming victory, a daily index of consumer sentiment fell by 7.6 points among Republicans while remaining constant among Democrats.
