Entrepreneur Elon Musk said he believes the Las Vegas tunneling system his Boring Company is creating under the city’s convention center could be done by next year, possibly months ahead of schedule.
Musk, the founder of Tesla and SpaceX, made the prediction on Twitter. The $48.7 million project will transport visitors to and from the massive Las Vegas Convention Center along three spots to the Las Vegas Strip, turning a 15-minute walk into a one-minute trip.
“Boring Co is completing its first commercial tunnel in Vegas, going from Convention Center to Strip, then will work on other projects,” Musk said on Twitter. When asked when it would be completed, he tweeted, “Hopefully fully operational in 2020.”
An earlier announcement had the convention center tunnel being completed by January 2021.
Steve Hill, president of the chief executive of the Las Vegas Convention and Visitors Authority, said this weekend that The Boring Company’s two-mile tunnel under the convention center is scratching the surface of a possible tunnel system that could span the entire Las Vegas Strip from Fremont Street to McCarren International Airport.
“We do think that over time, this just doesn’t have to be just a convention center or just a [Las Vegas[ Strip type of transportation system,” Hill said. “This can be a system that everybody in the valley can take advantage of.”
A map on The Boring Company’s websites shows a future tunnel system that would have stops at virtually every major Las Vegas casino and hotel on the Las Vegas Strip, taking visitors from the airport through the city.
“We also see it as a real opportunity to solve some of the congestion problems in Las Vegas going forward,” Hill said. “So it is helpful to start at the convention center, make sure that it works, work the kinks out and then look at the opportunity of moving into the city.”
Musk said his tunnel projects won’t replace other forms of transportation.
“These would be road tunnels for zero emissions vehicles only – no toxic fumes is the key,” Musk tweeted. Really, just an underground road, but limited to EVs (from all auto companies). This is not in place of other solutions, eg light rail, but supplemental to them.
Last December, Musk unveiled an “entirely new system of transport” with a demonstration of a 1.14-mile test tunnel intended to ease Los Angeles traffic.
Copyright 2019 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI’s prior written consent.
Dow Jones Industrial Average Breaks 29,000 For The First Time in History
Slight gains send Dow Jones Industrial Average above 29,000!
The Dow Jones Industrial Average closed above 29,000 points for the first time and the S&P 500 index hit its second record high in three days Wednesday.
The milestones came on a day when the market traded in a narrow range as investors weighed the latest batch of corporate earnings reports and the widely anticipated signing of an initial trade deal between the U.S. and China.
President Donald Trump and China’s chief negotiator, Liu He, signed the “Phase 1″ deal before a group of corporate executives and reporters at the White House. The pact eases some sanctions on China. In return, Beijing has agreed to step up its purchases of U.S. farm products and other goods.
“This was telegraphed well enough that the market is kind of looking through it and toward the next phase and what that means,” said Keith Buchanan, portfolio manager at Globalt Investments.
Health care stocks accounted for much of the market’s gains. Utilities and makers of household goods also rose. Those gains outweighed losses in financial stocks, companies that rely on consumer spending and the energy sector.
The S&P 500 index rose 6.14 points, or 0.2%, to 3,289.29. The index also climbed to an all-time high on Monday.
The Dow gained 90.55 points, or 0.3%, to 29,030.22. The Nasdaq composite added 7.37 points, or 0.1%, to 9,258.70.
Smaller-company stocks fared better than the rest of the market. The Russell 2000 picked up 6.66 points, or 0-4%, to 1,682.40.
The benchmark S&P 500 index is on track for its second straight weekly gain.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.78% from 1.81% late Tuesday.
While limited in its scope, investors have welcomed the U.S.-China deal in hopes that it will prevent further escalation in the 18-month long trade conflict that has slowed global growth, hurt American manufacturers and weighed on the Chinese economy. The world’s two largest economies will now have to deal with more contentious trade issues as they move ahead with negotiations. And punitive tariffs will remain on about $360 billion in Chinese goods as talks continue.
With the “Phase 1” agreement now a done deal, investors have more reason to focus on the rollout of corporate earnings reports over the next few weeks. Earnings have been flat to down for the last three quarters, and if the fourth quarter meets expectations, it should be around the same.
However, analysts are projecting 2020 corporate earnings growth to jump around 9.5%, which is why traders will be listening this earnings reporting season for any clues management teams give about their business prospects in coming months.
“We’re expecting a reacceleration in the back end of the year, so any (company) guidance that brings any type of skepticism to that could threaten the recent rally we’ve had and the gains that we’ve accrued in the past few months,” Buchanan said.
Health care stocks powered much of the market’s gains Wednesday. Several health insurers climbed as investors cheered a solid fourth-quarter earnings report from UnitedHealth Group.
The nation’s largest health insurer, which covers more than 49 million people, said its revenue rose 4% on a mix of insurance premiums and growth from urgent care and surgery centers. Its stock rose 2.8%. Other health insurers also moved higher. Anthem gained 1.6%, Cigna added 1.5% and Humana climbed 1.9%.
Technology companies also rose. The sector is reliant on China for sales and supply chains and benefits from better trade relations. Microsoft gained 0.7% and Advanced Micro Devices gained 0.8%.
Utilities and consumer staples sector stocks also notched gains. Edison International climbed 2.5% and PepsiCo rose 1.7%.
Financial stocks fell the most. Bank of America slid 1.8% after reporting weaker profits due to the rapid decline of interest rates in late 2019.
Energy stocks also fell along with the price of crude oil. Valero Energy dropped 3.3%.
Homebuilders marched broadly higher on news that U.S. home loan applications surged 30.2% last week from a week earlier. The pickup in mortgage applications reflects heightened demand for homes and suggests many buyers are eager to purchase a home now, rather than waiting for the traditional late-February start of the spring homebuying season. Hovnanian Enterprises jumped 6.4%.
Target slumped 6.6% after a disappointing holiday shopping season prompted the retailer to cut its forecast for a key sales measure in the fourth quarter. The company said weak sales of electronics, toys and home goods crimped sales growth to just 1.4% in November and December.
Benchmark crude oil fell 42 cents to settle at $57.81 a barrel. Brent crude oil, the international standard, dropped 49 cents to close at $64 a barrel.
Wholesale gasoline fell 1 cent to $1.64 per gallon. Heating oil declined 3 cents to $1.88 per gallon. Natural gas fell 7 cents to $2.12 per 1,000 cubic feet.
Gold rose $9.70 to $1,552.10 per ounce, silver rose 25 cents to $17.92 per ounce and copper fell 1 cent to $2.87 per pound.
The dollar fell to 109.91 Japanese yen from 110.00 yen on Tuesday. The euro strengthened to $1.1150 from $1.1128.
Markets in Europe closed mostly lower.
Pump Prices to Edge up After Attack on Iranian General, but Long-Term Effect Unclear
Motorists soon will see the effects of President Donald Trump’s decision to kill a prominent Iranian general. Whether pump prices rise a little or a lot depends on how quickly international tensions intensify.
Florida gas prices climbed an average of 7 cents a gallon in the past three days and could increase an additional 5 cents, AAA – The Auto Club Group said Monday.
The 7-cent increase was coming even before the U.S. air strike Thursday that killed Iranian Maj. Gen. Qassem Soleimani. That hike was a result of a rise in the price of crude oil in December.
News of the targeted killing of Soleimani sent crude oil surging nearly $2 per barrel on Friday. An increase of that magnitude typically translates to a 5-cent hike at the pump, AAA said.
The U.S. benchmark for crude oil traded Monday just above $63 per barrel, the highest level since May 2019. The price of oil makes up about half the price of a gallon of gas.
“What happens in the Middle East can have a direct impact on Americans’ daily lives by influencing what they pay at the pump,” said AAA spokesman Mark Jenkins. “Crude prices rise when there’s a threat of war, because of concerns over how the conflict could hamper supply and demand.”
Oil analyst Tom Kloza of energy firm OPIS agreed that pump prices in Florida likely will rise about 5 cents a gallon in the coming days.
“Then I have a hunch that things are going to calm down,” Kloza said Monday. “I don’t think we’re looking at $3 gas.”
The national average pump price Sunday was $2.585, while the Florida average was $2.526, AAA said.
Kloza expects only modest increases in part because of the timing of the attack. January is always a slow month for gas consumption in the United States.
There’s also the reality that sanctions leave Iran unable to export oil. Complicating the calculus is Iraq’s response to the U.S. attack. The drone strike on Soleimani took place in Baghdad, and some Iraqi politicians considered the assault an affront to Iraqi sovereignty.
While there’s no Iranian oil supply to be disrupted by a war, Iraq is an important producer.
Trump keenly watches oil prices and realizes that a price spike might erode his support in this year’s presidential election, Kloza said.
At the same time, Kloza added, “This president has proven to be unpredictable.”
Trump’s response has been typically uneven. Delivering an official statement at the Mar-a-Lago Club in Palm Beach, Trump’s tone was measured. He said the targeted killing was designed to pre-empt Soleimani’s planned attacks on American diplomats and soldiers.
“We took action last night to stop a war,” Trump said Friday. “We did not take action to start a war.”
However, over the weekend, Trump took to Twitter to threaten attacks on Iranian cultural sites.
“The United States just spent Two Trillion Dollars on Military Equipment,” Trump wrote Sunday on Twitter. “We are the biggest and by far the BEST in the World! If Iran attacks an American Base, or any American, we will be sending some of that brand new beautiful equipment their way…and without hesitation!”
##IFRAME_1##Iran has vowed vengeance, but military experts say the nation isn’t powerful enough to wage a direct war against the U.S.
“It’s still far too early to know how much of an impact this conflict will have overall on prices at the pump,” AAA’s Jenkins said.
20 Stocks Every Investor Should Add to Their Watch List in 2020
Interested in what stocks to look out for this year? Then you’ll love this list of the best stocks to watch in 2020.
These funds purchase multiple stocks and spread risk appropriately across the top companies. This is the advice of Warren Buffett, who once said,
“By periodically investing in an index fund, for example, the know-nothing investor can actually outperform most investment professionals.”
If you’re looking for a stock index fund, check out Vanguard’s 500 Index Fund.
With that aside, here are the most promising stocks going in to 2020:
1. Chipotle Mexican Grill
Chipotle is an international chain of restaurants specializing in tacos, burritos, and other Mexican style cuisines. They have establishments all over the world from the United States to Germany and France.
This beloved food joint performed very well in the first two quarters of 2020 and are expected to continue to grow.
P/E ratio as of August 2019: 87.81
2. Constellation Brands, Inc.
Constellation is an international beer and wine producer. They are the largest importer of beer in the United States and command 7.4% of the market share.
P/E ratio as of August 2019: 17.00
3. Lululemon Athletica
Lululemon Athletica creates athletic apparel such as performance shirts, shorts, and pants, as well as yoga accessories. They’ve built a brand over the years that millions recognize and love.
P/E ratio as of August 2019: 47.51
4. Coty Inc.
Coty Incorporated is a multinational company that specializes in beauty products and services such as cosmetics, fragrances, skincare, and nail care.
Coty owns over 70 brands, such as CoverGirl, Clairol, and Bourjois. In 2018, the company’s revenue was over $9.4 billion.
As of August 2019, Coty Inc. stock is valued at 10.42 USD. Their P/E ratio is not yet available.
5. Anadarko Petroleum Corporation
Anadarko is in the natural gas and petroleum industry. This entails everything from gathering resources to treating and transporting gas. The company is also in the hard mineral business.
In early 2019, Anadarko had an estimated 1.47 billion barrels of oil in reserve, making it one of the biggest players in the industry.
As of August 2019, Anadarko’s stock is valued at 73.48 USD. Their P/E ratio is not available yet.
6. Brookfield Infrastructure Partners L.P.
Brookfield Infrastructure Partners acquires and manages infrastructure assets all over the world. They specialize in utilities, energy, and transportation infrastructure.
The company invests in ports, toll roads, pipelines, and telecommunication lines. In other words, things that people will always need and use.
P/E ratio as of August 2019: 75.27
7. ONEOK Inc.
ONEOK (pronounced “one – oak”) Incorporated is in the natural gas industry and is a key leader in the gathering, storing, processing, and transporting natural gas in the United States.
P/E ratio as of August 2019: 22.62
TerraForm Power Inc.
TerraForm Power specializes in renewable energy, particularly solar and wind power. There is an ever-growing trend that demands less damage to the environment.
As the world values green innovations, companies like TerraForm are expected to be favored in the coming years.
P/E ratio as of August 2020: 227.44
Netflix is a service provider and production company with their main product being a subscription-based streaming service.
Streaming TV and movies have largely replaced traditional television. With no commercials and instant access to thousands of products, Netflix is suspected to continue to grow.
P/E ratio as of August 2019: 120.23
iRobot is an advanced technology company that specializes in military and domestic robots. They designed the Roomba, which is an autonomous vacuum cleaner.
The U.S. military has purchased and uses thousands of robots from iRobot and are contracted to make more.
P/E ratio as of August 2019: 22.24
Amazon is a multinational company that specializes in e-commerce and cloud computing. It’s considered one of the big four technology companies along with Apple, Google (Alphabet, Inc.), and Facebook.
Amazon is well known for distributing goods through technological innovation and on a massive scale. Some estimate that Amazon commands 50% of all goods sold online.
P/E ratio as of August 2019: 73.65
11. Apple Inc.
Apple is a multinational tech company that develops and sells computer software, electronics, and online services. They designed some of the world’s greatest tech products including the iPhone and Apple Watch.
Being a leader in tech devices, many analysts believe Apple is one of the most promising stocks to invest in.
P/E ratio as of August 2019: 16.61
12. Alphabet Inc.
Alphabet Inc. is a multinational conglomerate founded in 2015. It’s the parent company of Google, which is the dominating search engine on the internet.
Google performs 90% of all searches on the internet. Alphabet has additional subsidiaries such as Calico, Capital G, and Deep Mind.
These subsidiaries have their hands in industries such as autonomous cars, biotechnology, video game software, and internet tech.
P/E ratio as of August 2019: 23.87
13. Facebook Inc.
Facebook is the popular American social media site founded by Mark Zuckerberg. In 2018, Facebook had a net income of $22.11 billion and its total assets were $97.33 billion.
Facebook has subsidiaries such as Instagram and WhatsApp, which are also very popular social media outlets.
P/E ratio as of August 2019: 31.00
14. MarketAxess Holdings Inc.
MarketAxess is an international company that specializes in financial technology, also known as fintech.
They operate an electronic trading platform for various credit markets such as corporate bonds and income products.
P/E ratio as of August 2019: 70.82
15. AT&T Inc.
AT&T is a multinational conglomerate holding company and is the world’s largest company in telecommunications.
AT&T is the parent company of Warren Media, which makes it the largest entertainment company in the world in terms of revenue.
P/E ratio as of August 2019: 14.17
16. Verizon Communications Inc.
Verizon is a multinational telecommunications conglomerate. They are well known for their subsidiary Verizon Wireless, which is its mobile network.
Together with AT&T, these two companies dominate the mobile and landline market. Since our needs for communications will develop, these two stocks are poised to grow.
P/E ratio as of August 2019: 14.49
17. Axon Enterprise Inc.
Axon Enterprise Inc. is a U.S.-based company that develops weapon products and technology for civilians and law enforcement. This company developed the Taser, a line of electric shock weapons.
Since then, Axon developed other technologies including body cameras and a cloud-based management system that empowers police departments to manage and review evidence.
P/E ratio as of August 2019: 129.55
18. Intuitive Surgical Inc.
Intuitive Surgical Inc. develops and manufactures surgical equipment to make surgeries less invasive. As of 2017, they had 4,271 bases worldwide.
P/E ratio as of August 2019: 48.51
19. Ford Motor Company
Despite the localized recession in Detroit, the automotive giant is doing very well.
The market continues to demand their SUVs and commercial vehicles, not to mention their luxury vehicles, which are usually created under their Lincoln brand.
P/E ratio as of August 2019: 16.90
20. General Motors Company
General Motors is a multinational manufacturer of vehicles and own automotive brands like Buick, GMC, Cadillac, and Chevrolet. They have nearly 400 facilities on six different continents.
P/E ratio as of August 2019: 6.19
Let’s point out two trends from this list:
- Tech and software companies are dominating
- Utility-related companies are tried and true
About half of the world still doesn’t have internet access. And a large portion still doesn’t have access to common devices like cell phones and laptops. That means these industries are set up to grow significantly for years to come.
Of course, that doesn’t mean other industries will simply disappear. As you’ve seen in the list, there are still key industries that our society relies on, such as energy and infrastructure companies.
Some of the most promising stocks are in tech and software, such as Apple, Facebook, Google, and Amazon.
Nevertheless, the wisest investment is still a stock index fund, which bets on the collective market rather than individual companies.
Dow Jones Industrial Average Breaks 29,000 For The First Time in History
5 Major Life Changes That Can Impact Taxes
Fitbod: New-Generation Fitness App Based on Data and Science
How To Invest In Drones
The Federal Reserve Is A Ticking Time Bomb
How to Invest in Graphene
Investing4 months ago
How To Invest In Drones
News6 years ago
The Federal Reserve Is A Ticking Time Bomb
News5 years ago
How to Invest in Graphene
News5 years ago
How To Invest Money in Oil and Gas Today
News6 years ago
3 Reasons to Invest in the Russian Stock Market Right Now
Dividend Stocks4 months ago
Mcdonalds the Worst Slump in a Decade
Commodities4 months ago
Latest Update On Oil – Expected to Settle Between $45 and…
Planning5 years ago
Pensions Cut 1.1 Trillion Spending Bill