Shares of Nio Inc. on Wednesday dove to its lowest prices seen in nearly four years, as investors in the China-based electric-vehicle maker continued to express concerns over price cuts by Tesla Inc. and a weakening economy.The fresh lows for Nio’s stock NIO, -2.75% NIO, -9.63% came after Tesla reportedly cut prices on two models in China, as the Texas-based EV giant faces increasing competition. Tesla followed that move by reportedly cutting prices in Germany.Read more: Tesla is getting beat by China’s BYD ...

Jamie Dimon, chief executive at JPMorgan Chase & Co. JPM, +0.11%, said he still sees no value in bitcoin and is done with talking about the crypto, after the first several bitcoin exchange traded funds debuted in the U.S. last week.  “I hope this is the last time I’m talking about this [bitcoin] with CNBC, so help me god,” Dimon said in an interview with the news channel on Wednesday.  A number of Wall Street heavyweights, such as BlackRock BLK, -0.77% and Fidelity, last week launched their bitcoin BTCUS ...

BlackRock Inc.’s plan to buy major private-equity firm Global Infrastructure Partners for $12.5 billion will help the asset-management giant’s stock reach the $1,000 mark, TD Cowen analyst Bill Katz said in a fresh upgrade of the stock.Katz said Tuesday he sees a “pathway toward $1,000” for BlackRock’s BLK, -0.61% stock price as he upgraded the fund manager to outperform from market perform and raised its 12-month price target to $938 a share from $819 a share.The upgrade comes just a few days after BlackRo ...

Verizon Communications Inc. has continued to face pressures in its business wireline operations, and it said Wednesday that it will be taking a roughly $5.8 billion impairment charge related to this part of the business. The noncash goodwill impairment charge for the fourth quarter comes after Verizon VZ, -0.04% finished a five-year planning review of its business reporting segment, which yielded lower financial projections than the prior five-year review did. Verizon pointed out in a Wednesday filing that ...

UBS chief Sergio Ermotti has warned against over-enthusiastic predictions about the pace at which the world is likely to be changed by developments in artificial intelligence, despite acknowledging the technology will likely change the world faster than any rival innovation in history. Speaking at the World Economic Forum in Davos, the Swiss CEO cautioned that the changes brought about by AI will likely be slower than the most optimistic forecast might suggest, as he argued shifts are likely to be gradual d ...

Charles Schwab Corp.’s stock SCHW, -1.41% was up by 0.4% in premarket trading on Wednesday after the broker’s fourth-quarter profit topped analyst estimates, although its revenue fell slightly short. Schwab’s fourth quarter profit dropped by about half to $1.05 billion, or 51 cents a share, from $1.97 billion, or 97 cents a share, in the year-ago quarter. Adjusted fourth-quarter profit of 68 cents a share beat the FactSet consensus estimate of 64 cents a share. Revenue dropped by 19% to $4.46 billion from ...

Another tough day for Wall Street is in the making, after China growth numbers disappointed, hitting oil and a bunch of U.S.-listed Chinese stocks.That brings us to our call of the day, where market observers say China-related trouble continues to build for Tesla TSLA and Apple AAPL and their investors. In a note to clients, Mike O’Rourke, chief technical strategist at JonesTrading, observes how Magnificent Seven stocks have been under pressure to shore up the S&P 500 in a bumpy 2024. “Key leaders Apple an ...

Tesla cut the prices of its Model Y in Germany, just a week after cutting prices in China, according to a report. Reuters reported that Tesla TSLA, +0.47% has cut one Model Y vehicle by 9% and another by 8.1%. Tesla has been overtaken by Volkswagen VOW3, -1.94% as the largest EV seller in Germany, the report said, citing government data. Tesla shares have stumbled out of the gate this year, sliding 12%, though the stock is up 71% over the last 52 weeks. CEO Elon Musk said he wants more control over Tesla ...

Apple is prepared to remove the blood-oxygen sensor from its internet-connected watches if a court doesn’t give it more leeway while it pursues a bid to overturn a ruling that has blocked its use of the technology.A potential redesign of two Apple Watch models, the Series 9 and Ultra 2, that would exclude the blood-oxygen sensor has been approved by the U.S. Customs and Border Protection, according to a Monday court filing by Masimo MASI, a Southern California company pursuing a patent claim against Apple A ...

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