 | Read in Browser |
 |
 |
| | Top News  Shutterstock Calling it a "preemptive strike" to head off another surge in COVID-19 cases, NYC Mayor Bill de Blasio said the city will become the nation's first to impose a vaccine mandate on private sector workers starting on Dec. 27. The order will apply to roughly 184,000 businesses, requiring all workers to get two vaccine doses and leaving no room for a testing option for non-vaccinated employees. Guidance on how it will be enforced - and what sort of penalties businesses could face - will come on Dec. 15.
Bigger picture: New York City is also strengthening vaccine rules for indoor dining, entertainment and fitness to permit access only for those 12 and older who are fully vaccinated (children ages 5 to 11 will need to show proof of one dose). Last week, NYC strengthened its recommendation for residents to wear masks indoors regardless of vaccination status and announced additional vaccine mandates on childcare workers and employees at private and religious schools. Current vaccines approved in the U.S. include Pfizer-BioNTech (PFE, BNTX), Moderna (MRNA) and Johnson & Johnson (JNJ).
"We cannot let those restrictions come back, we cannot have shut downs here in New York City," de Blasio said during a press conference, just days before he leaves office due to term limits. Meanwhile, a spokesperson for Mayor-elect Eric Adams sidestepped a question on whether he will maintain the mandate, saying he "will evaluate this mandate and other COVID strategies when he is in office." New York Governor Kathy Hochul separately voiced her support for de Blasio's move, saying she is deferring to local leaders on whether stricter rules are needed in their communities.
Go deeper: The private sector vaccine mandate caught some businesses by surprise and could face similar court challenges to those faced by the Biden administration. "Inconsistent policies at the federal, state and city levels are not helpful and it is unclear who will enforce a mayoral mandate, and whether it is even legal," said Kathryn Wylde, CEO of the business group Partnership for New York City. "It is hard to imagine that the mayor can do what the President is being challenged to accomplish." (12 comments)
| | IPOs When taking up the top post at Intel (INTC) earlier this year, CEO Pat Gelsinger pledged to revive the semiconductor giant's engineering prowess and company fortunes after several years of missteps. A bold step in that direction is in the making, with plans to publicly list shares in its Mobileye self-driving car unit in mid-2022. Shares of Intel rose 9% in premarket trading on the news, as investors clamor for new technology issues and bet on the future of transportation.
What is Mobileye? The firm was founded back in 1999 and went on to specialize in chip-based camera systems that power automated driving features in cars. After going public in 2014, Intel scooped up the business for $15.3B in 2017, marking the largest acquisition of an Israeli company to date. Mobileye's revenues have tripled since Intel bought it, and recorded $326M of revenue in Q3, marking a Y/Y increase of 39%.
"We didn't see we were getting the full value of the asset, and taking it public will help unlock it," said Gelsinger, outlining that the company would retain majority control of the division.
Flashback: Weeks before Gelsinger took the helm out Intel, activist hedge fund Third Point had pressed Intel to make sweeping strategic changes. Reports earlier this year also suggested that Intel was looking into a $30B deal GlobalFoundries (GFS) amid a global semiconductor shortage and chip crisis. While the deal would've been its largest ever, GlobalFoundries chose to go public instead and now has a market cap of around $37B. (131 comments)
| | Sponsored By VantagePoint  When a stock market crash strikes, you should pull all your assets out of the market, right? Wrong! This free live training session for traders will reveal the quickest and easiest way to keep your portfolio profitable in the middle of a panicked sell-off. It's not promising fortune teller guru chatter and it's not clickbait. This is real data. Real results. Dedicated to help you manage risk and protect your capital as an independent trader. Click here to sign up for our next training session. Limited availability. | | Trending The Wall Street Journal's annual CEO Council summit kicked off in Washington on Monday evening, with Elon Musk, founder of Tesla (NASDAQ: TSLA) and SpaceX ( SPACE), taking most of the limelight. He discussed a slew of developments such as Neuralink, which he hopes will help the paralyzed walk again, and SpaceX's Starship rocket, which will be key to making humans a "multiplanetary species." Also of note were his comments on the Biden administration's Build Back Better agenda and $1T infrastructure spending bill. Quote: "Honestly, it might be better if the bill doesn't pass. We've spent so much money, the federal budget deficit is insane. I would say... can the whole bill. Don't pass it, that's my recommendation. There's no need for support [of a charging network]. Do we need support for gas stations? We don't. So there's no need for this. I would delete it. Delete. I am literally saying get rid of all subsidies [even for research and development]." Some of the criticism could also stem from the fact that the bill would give consumers a tax credit of as much as $12,500 if they buy an EV assembled by union workers using American-made batteries. However, vehicles produced in non-union factories, such as Tesla's, would qualify for a smaller write-off. Tesla has also benefited from billions of dollars in government subsidies in recent years, though Musk pointed out that the company no longer receives a $7,500 federal tax credit that was previously granted to its buyers, unlike most other automakers and recent entrants into the EV sector that are still eligible for the credit. Market movement: Tesla slid as much as 6.4% to $950.50 on Monday morning, marking a 23% decline from the record closing high of $1,229.91 it touched only a month ago. While the stock is known to be a volatile momentum player, the plunge put shares into "bear market territory," though they cut most of their losses before the close. Earlier in the day, the SEC said it was investigating the automaker over a whistleblower complaint surrounding the safety of its cars' solar panel systems, on top of a widely-publicized federal safety probe into accidents involving Tesla's driver assistant systems. ( 56 comments) | | Global Pointing to China's "crimes against humanity" and other "human rights atrocities," the U.S. government is boycotting the 2022 Winter Olympics, which will take place from February 4 to 20 in Beijing. While American athletes will be free to compete, diplomatic personnel will be barred from the event, further straining relations already at their lowest point in decades. The boycott puts corporate Olympic sponsors in "an awkward spot," but was less concerning than a full measure barring athletes, noted Neal Pilson, a former president of CBS Sports who has overseen Olympics broadcast rights deals.
China responds: "If the U.S. is bent on having its own way, China will take resolute countermeasures," Foreign Ministry spokesman Zhao Lijian said at a press conference. China's embassy in Washington also called the boycott "political manipulation" that would have no impact on the Games as no invitations had been extended to U.S. officials. The news follows American intelligence reports that found China intends to establish its first permanent military presence on the Atlantic Ocean in Equatorial Guinea.
It's not the only potential crisis unfolding on the world stage. The U.S. and European allies are weighing sanctions targeting Russia's biggest banks and the nation's ability to convert rubles for dollars and other foreign currencies should Vladimir Putin invade Ukraine. President Biden is expected to outline the economic threats in a phone call today, with U.S. intelligence suggesting there could be an invasion involving as many as 175,000 Russian troops in the coming year.
Don't forget Iran: On Friday, U.S. Secretary of State Antony Blinken said that the seventh round of nuclear talks in Vienna ended because Tehran did not seem serious about returning to the terms spelled out in the JCPOA. "We're going to be consulting very closely and carefully with all of our partners in the process itself and we will see if Iran has any interest in engaging seriously," he declared. "If the path to a return to compliance with the agreement turns out to be a dead-end, we will pursue other options." | | Today's Markets In Asia, Japan +1.9%. Hong Kong +2.7%. China +0.2%. India +1.6%.
In Europe, at midday, London +1.2%. Paris +2.3%. Frankfurt +2.1%.
Futures at 6:20, Dow +1.1%. S&P +1.4%. Nasdaq +1.9%. Crude +3% at $71.60. Gold +0.2% at $1782.30. Bitcoin +5.8% at $51431.
Ten-year Treasury Yield unchanged at 1.44%
Today's Economic Calendar | | | | | | | | Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day. | | | | |
EmoticonEmoticon