10 things before the opening bell

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10 THINGS BEFORE THE OPENING BELL

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Welcome to 10 Things Before the Opening Bell.

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1."Just say the word." Elon Musk is back on Twitter pledging to sell more Tesla shares after disposing of almost $7 billion worth of stock last week. This time, he's asking Democrat senator Bernie Sanders whether he should sell more.

 The Tesla CEO sold about 6.4 million shares last week, according to regulatory filings. Tesla stock fell 15% — the biggest weekly drop in the electric-vehicle maker's stock since March last year when around $180 billion its market value was wiped off. 

Musk says he's deliberately incurring higher taxes. But others say it's more straightforward than that. 

"Let's face it. @elonmusk borrowed against 88.3 million shares, sold all his mansions, moved to Texas, and is asking @BernieSanders whether he should sell more stock. He doesn't need cash. He just wants to sell $TSLA," "Big Short" investor Michael Burry tweeted on Monday.

There are several theories around why Musk is selling stock. 

  • Musk himself said several months ago he owns stock options that expire next year and that he planned to sell shares to cover the cost of exercising them and the ensuing tax.
  • Burry suggested last week Musk might need to sell stock to pay off personal debts, as the executive held loans against 88 million Tesla shares, as of June 30.
  • Musk asked his Twitter followers last weekend if he should sell 10% of his stock. The result from his poll was a resounding "yes". However, filings the next day showed at least $5 billion in share sales had been in the works for several months. 

The plot thickens....


2. US futures are rising as the TINA trade keeps stocks near records highs. Slipping bond yields are helping persuade investors there's no alternative to stocks if they want a chance of beating inflation. Here are the latest moves on the market

3. A top Jeffries strategist identified 17 underpriced stocks that are overdue for a rebound. Strategist Steven DeSanctis pulled together a list of "Buy" rated stocks that have been left out of the recent gains in small- and mid-caps, but are poised for a recovery. See his picks here.

4. Earnings on deck: WeWork, Churchill Capital Corp, and Mitsubishi UFJ Financial Group, all reporting.

5. You might have to start paying more for your morning coffee. A convergence of global supply headwinds have pushed coffee prices to multi-year highs, while raw sugar prices are also on the rise over the last month. Here's what you need to know.

6. An oil trader is betting crude prices will soar more than 200%. Rising inflation and a global energy crunch have already pushed oil prices past $80 a barrel this year. One trader is wagering that Brent crude will soon reach $250 a barrel — here's why. 

7. Billionaire Ray Dalio thinks the US is on the wrong path as inflation hits a 30-year high. He also warned investors that strong inflation erodes their wealth, even if their portfolios are rising. Read his thoughts on the current state of the economy

8. BlackRock's iShares chief doesn't have plans to launch a crypto ETF anytime soon. Salim Ramji pointed to the "opaque" regulatory framework and liquidity concerns. Though he sees potential, he wants to see more certainty before going down that road. 

9. BiggerPockets' real estate guru Dave Meyer is bullish on the housing market. He broke down key indicators that show him home prices are on solid footing. But he did caution against two things that could cause a market pullback.

10. Crypto influencer WendyO explained her strategy to rake in profits during the current crypto bull run. Her favorite way to add to her crypto positions is with a limit order to buy, especially in the fast-paced world of digital assets. Read her full investing approach here.


Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.

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