Elon Musk testifies that he's short on cash and doesn't have assets that can be easily converted into cash. Meanwhile, earnings season on traditional money-center banks continues to look better than expected with consumer lending leading the way. However, there were a few cracks in the reports as well. Business lending is shaky, costs are rising, and the yield spread is creating serious headwinds. By the end of the week, investors should have a good idea for what to expect in the short-term.

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Today's Articles

1)  The big banks have become the ideal stocks for this market, Jim Cramer says

2)  Elon Musk reportedly testified that he's low on cash and assets that could quickly be turned into cash

3)  Los Angeles to study $30 hourly minimum wage for Uber, Lyft drivers

4)  A Climate Protester Just Glued Himself To The Top Of An Airplane

5)  Netflix Rebounds In Q3, Beating Financial Forecasts With Narrow Subscriber Miss

 
Article

Investors rotated money from fast-growing stocks to "clean companies with no real flaws" as major indexes dipped during the session, CNBC's Jim Cramer said Wednesday.

J.P. Morgan, shares surging more than 3% on the Tuesday report, led the fray with record revenue that smashed Wall Street's estimates.

A "more durable slowdown" could hit the economy if consumerism continues to fall, BMO Capital Markets' Ian Lyngen said in reaction to the September report.

They never are," Cramer said, arguing that investors in coming days will move past the bank and health-care stocks to circle back to fast growers as the global economy slows.

 

Elon Musk testified that he is "financially illiquid," a lawyer for the British diver Vernon Unsworth wrote in a legal filing, Bloomberg first reported.

A filing from Monday written by Unsworth's attorney makes reference to "Musk's sworn testimony that he is financially illiquid," according to Bloomberg's report.

Musk is worth $23.6 billion, though a substantial majority of his wealth comes in the form of stock in SpaceX (worth $14.6 billion) and Tesla (worth $8.8 billion).

"Mr. Musk clarified that much of his net worth is committed to his companies," Alex Spiro, an attorney for Musk, told Business Insider.

The Los Angeles Times reported that more than 100 Uber and Lyft drivers wearing neon green shirts attended the Tuesday morning meeting.

Many Uber and Lyft drivers in California argue it's getting harder to make ends meet due to rising housing costs and gas prices.

Lyft spokesperson Lauren Alexander said the company provides a “guaranteed wage floor" and that driver earnings have increased 6.4 percent in the past two years.

Uber supports “commitments on driver earnings” but has concerns the study is “based on potentially false assumptions that will fundamentally bias its conclusions," a spokesperson told the Times.

Climate activists from the global environmental group Extinction Rebellion are bringing their protest strategies to new heights.

The visually impaired athlete can be seen clinging to the top of the aircraft that was originally bound for Amsterdam.

Over 1,00 Extinction Rebellion arrests have been made this week alone, including 50 who were detained at the airport on Thursday, according to The Guardian .

The socio-political grassroots movement aims to use civil disobedience — and zero violence — to protest the breakdown of our climate, ecological collapse, and the loss of biodiversity.

Article

Netflix bounced back in the third quarter, posting financial results ahead of Wall Street estimates, while falling slightly short of its internal subscriber forecasts.

“Since our U.S. price increase earlier this year, retention has not yet fully returned on a sustained basis to pre-price-change levels, which has led to slower U.S. membership growth,” the company said in its quarterly letter to shareholders.

Many investors have questioned the company’s debt obligations and strategy to continue spending aggressively on content with subscriber numbers flattening and several major streaming competitors arriving on the scene.

“The upcoming arrival of services like Disney+, Apple TV+, HBO Max, and Peacock is increased competition, but we are all small compa red to linear TV,” the letter continued.

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