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DealBook: How Tesla Makes Money?

nytimes.com DealBook: How Tesla makes money 11-14 minutes Tesla’s latest earnings report gave investors reason to celebrate — and worry. Hannibal Hanschke/Reuters Tesla, the emission credits and crypto company The electric carmaker posted record quarterly earnings yesterday, beating Wall Street forecasts. But a closer look shows that its core business — you know, making vehicles — wasn’t the only story, and that might be why the company’s stock fell in aftermarket trading. Tesla reported a quarterly profit of $438 million, its highest ever. But financial maneuvers flattered this number: Tesla’s $1.5 billion purchase of Bitcoin, and subsequent sale of a chunk of its holdings, led to a $101 million accounting boost. Bitcoin “so far has proven to be a good decision,” Zach Kirkhorn, Tesla’s C.F.O. (no, we’re not using his other title ), told analysts yesterday, adding that the company would continue to invest in crypto as a place

DealBook: This Isn’t Just JPMorgan’s Problem

  13-17 minutes - Source: NYT Credit...Eduardo Munoz/Reuters Some workers are already going back home JPMorgan Chase sent some of its workers home this week after an employee in its trading unit in Midtown Manhattan tested positive for the coronavirus, a person familiar with the matter told DealBook. The timing isn’t great. The news broke days after President Trump brought attention to the investment bank’s plan to bring some of its senior workers back to the office, inaccurately tweeting , “Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st. Will always be better than working from home!” (The bank had, in fact, only asked some senior employees in its sales and trading division to return.) Mr. Trump’s tweet politicized a decision that JPMorgan, and other companies, would probably like to make without such fanfare. Jamie Dimon’s reported comments about young people working from home didn’t help either. JPMorgan’s

DealBook | US Jobless Expectations: U.S. Jobless Claims May Top 1 Million: Live Business Updates

7-8 minutes - Source: NYT Economists expect 1.3 million new state unemployment claims. With businesses reopening in fits and starts and anxiety increasing over new coronavirus hot spots , the latest unemployment reading on Thursday is likely to offer scant comfort. Economists surveyed by Bloomberg expect the Labor Department to report that 1.3 million new claims for state unemployment insurance were filed last week, with 20 million people continuing to collect state benefits. If the forecasts are correct, it would be the 14th week in a row that new claims have topped one million. The latest data will be published amid conflicting signals for the economy. New York and some other places that were hard hit are starting to get back to business. But a surge in cases in states that reopened earlier has raised fears of new setbacks. On Tuesday, Gov. Greg Abbott of Texas urged residents to stay home and warned that the state might have to impose new res

DealBook | Markets: Stock Markets in Europe Rise as Investors Await Payroll Data: Live Update

18-22 minutes - Source: NYT Right Now Futures markets signaled a positive opening on Wall Street. Image Credit...Emile Ducke for The New York Times European markets rise before release of new gauges of damage. Global markets were mixed on Thursday, as investors held their breath over data that could add to the picture of how the world economy is dealing with the coronavirus outbreak. European markets rose in early trading after a mostly down day in Asia. Futures markets signaled a positive opening for Wall Street. Washington is expected on Thursday to post the latest monthly payroll data, showing the extent of the toll of the outbreak and efforts to contain it. While an ebb in new cases in some of the hardest-hit places has given investors some reason to cheer, they also face the prospect of a surge in new infections in other places, particularly as lockdown efforts ease. Highlighting the worries, prices for longer-term U.S. Treasury