Elon Musk Says SpaceX IPO Is Still 3 Or 4 Years Away: CNBC

Gold Futures Settle Higher As Gold, Bond Yields Drop

Gold futures settled higher on Tuesday, rebounding from recent weakness, as the dollar turned a bit weak against its rival currencies, and the yield on 10-year Treasury note dropped slightly.

Gold also found support due to rising concerns about inflation and slowing growth.

Investors looked ahead to the monetary policy announcement by the European Central Bank (ECB) on Thursday, with the central bank expected to confirm an end to bond buying.

The dollar index dropped to 102.31 in the New York session, after having climbed to 102.84 during the European session.

Gold futures for August ended higher by $8.70 or about 0.5% at $1,852.10 an ounce.

Silver futures for July ended up by $0.086 at $22.178 an ounce, while Copper futures for July settled at $4.4355 per pound, gaining $0.0005.

Data showed earlier in the day that German factory orders fell for a third month in a row in April, driven by weakened demand and heightened uncertainty due to the Russian-Ukraine conflict.

Orders fell by 2.7% month-on-month in seasonally adjusted terms, after an upwardly revised decline of 4.2% in March.

In U.S. economic news, a report from the Commerce Department showed the U.S. trade deficit narrowed significantly in the month of April.

The report said the trade deficit narrowed to $87.1 billion in April from $107.7 billion in March. Economists had expected the deficit to shrink to $89.5 billion from the $109.8 billion originally reported for the previous month.

With ‘Cosmopolis,’ a Limo Ride That Redefined Robert Pattinson’s Career

Ten years later, a look back at the movie that helped the actor move from serious heartthrob to serious thespian.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

By Andrew Crump

Tiny Love Stories: ‘Joy Waits for No One’

Modern Love in miniature, featuring reader-submitted stories of no more than 100 words.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

Oil Futures Settle Higher Amid Optimism About Outlook For Demand

Crude oil prices climbed higher on Tuesday as prospects of increased demand from China following relaxations of lockdown restrictions, and supply concerns outweighed concerns about growth.

The U.S. Energy Information Administration (EIA) has projected that U.S. crude production and petroleum demand will both rise in 2022.

Oil prices moved higher despite a recent decision by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to increase output in July and August by 648,000 barrels per day, or 50% more than previously planned.

West Texas Intermediate Crude oil futures for July ended higher by $0.91 or about 0.8% at
$119.41 a barrel.

Brent crude futures were up $1.81 or 1.51% at 121.32 a barrel a little while ago.

The World Bank has slashed its global growth forecast to 2.9% for 2022, lowering its earlier forecast by nearly a third, warning that Russia’s invasion of Ukraine has compounded the damage from the coronavirus pandemics. The World Bank said many countries are now facing recession.

Meanwhile, markets await weekly oil reports from the American Petroleum Institute (API) and EIA. The API’s report is due later today, while the EIA is scheduled to release its weekly inventory data Wednesday morning.

ReneSola Ltd. Q1 Earnings Summary

Below are the earnings highlights for ReneSola Ltd. (SOL):

Earnings: -$1.69 million in Q1 vs. $0.82 million in the same period last year.
EPS: -$0.03 in Q1 vs. $0.01 in the same period last year.
Analysts projected -$0.05 per share
Revenue: $1.14 million in Q1 vs. $22.78 million in the same period last year.

-Guidance:
Next quarter revenue guidance: $13 to $120 Mln
Full year revenue guidance: $100 to $120 Mln

Elon Musk Says SpaceX IPO Is Still 3 Or 4 Years Away: CNBC

Billionaire entrepreneur Elon Musk has reportedly told employees at SpaceX that the company does not intend to take its Starlink satellite internet business public before 2025.

“I’m not sure exactly when that [IPO] is, but maybe it will be like — I don’t know, just guessing — three or four years from now,” Musk said at a private meeting of the company’s employees, according to an audio recording obtained by CNBC.

Three to four years would mean that Starlink IPO will only take place after 2025, which is later than Musk’s initial estimates. In an email sent by Musk in May 2019, which was obtained by CNBC, Musk had stated that “it will probably make sense to take Starlink public in about three years or so.”

Musk then pushed back that estimate, saying in a tweet last year that it would be “at least a few years before Starlink revenue is reasonably predictable,” adding that “going public sooner than that would be very painful.”

In the latest meeting, the CEO reiterated this point to the SpaceX’s employees that they “should not think of things going public as, like, a sure path to riches.”

“The public markets are fickle” and “really pistol-whip you if you don’t meet expectations,” Musk added.

SpaceX recently raised at least $1.5 billion in a funding round, valuing the company at around $125 billion.