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Tesla sinks 50% from record high in November as problems pile up

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(Bloomberg) — Shares of Tesla Inc have fallen nearly 50% from all-time highs, amid a broad sell-off in the US stock market that has weighed on growth and technology companies in particular.

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Shares of the electric car maker closed 7.6% lower at $204.99 Friday, taking its market value to $642 billion. The pullback has now cut in half the stock’s record closing level on November 4th at $409.97.

The drop comes amid a broader meltdown in markets, as the specter of an economic slowdown worries investors who are already bracing for the impact of higher inflation and higher interest rates. Riskier growth stocks with rich valuations bore the brunt of the sell-off.

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The list of problems for Tesla is long: third-quarter car delivery was hit by logistical problems, and some analysts have warned that higher prices for the company’s cars may also affect demand at some point. Moreover, Tesla’s factory in Shanghai has faced disruptions due to the Covid-19 lockdown in the city. The company has also dealt with supply shortages and rising raw material costs, as have nearly every other automaker around the world.

CEO Elon Musk’s very public bid to buy Twitter Inc. First, walking away from the deal and buying it again, is a burden on the stock as well, due to concerns that the company’s leader is dividing himself among the many challenges. projects.

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Disasters caused insured losses of $122 billion in 2022

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© Reuters. The remains of destroyed homes are seen nearly a month after Hurricane Ian made landfall in Fort Myers Beach, Florida, US, October 26, 2022. REUTERS/Marco Bello

ZURICH (Reuters) – Hurricane Ian and other natural disasters have caused insured losses of $115 billion so far this year, well above the 10-year average of $81 billion, Swiss Re (OTC:) estimated Thursday.

She explained that natural and man-made disasters caused economic damage amounting to $268 billion, of which $122 billion was covered by insurance, making 2022 one of the most expensive sectors so far.

Hurricane Ian, a Category 4 hurricane that struck Florida in September, was the single largest loss-causing event of the year so far, with estimated insured losses of about $50-65 billion. This would put it second only to Hurricane Katrina in 2005.

Swiss Re said 2022 marked the second year in a row that estimated insured losses exceeded $100 billion, in line with an average annual increase of 5-7% over the past decade.

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It added that secondary risks such as floods and hailstorms caused insured losses of more than $50 billion.

Widespread flooding in Australia after heavy rains in February and March caused an estimated $4 billion in damage in the country’s costliest natural disaster.

France suffered the deadliest series of hailstorms ever observed, with insured losses reaching an estimated 5 billion euros ($5.2 billion).

Swiss Re has estimated that more than 11,000 people have died in natural and man-made disasters so far this year, excluding the death toll from extreme heatwaves in Europe.

Munich Re is due to release its annual report on the disaster in January.

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($1 = 0.9626 euros)

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Biotech tells Citadel Securities that other major traders manipulated its share price

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In a new lawsuit, Northwest Biotherapeutics has accused the market maker of illegal “spoofing” orders.

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Dollar general stocks plunge as expectations drop

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The stock fell sharply Thursday after the discount retailer reported a rare fiasco, and its fourth-quarter financial outlook fell short of Wall Street estimates.

The company said fourth-quarter earnings will range between $3.15 and $3.30 per share. Analysts tracked by FactSet had expected earnings of $3.66 per share in the fourth quarter. Forecasts call for growth of 7% to 8% for the fiscal year versus previous forecasts for growth of 12% to 14%.

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