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‘the front door is a border between the unpredictable and the serene’

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It is no surprise that it was its abundance of flora that first attracted florist, Florence Kennedy, founder of the flower delivery company, Petalon, to the Cornish farmhouse she now lives in with her family. “The wisteria was in bloom and curling around the building and there was columbine everywhere,” Kennedy says of her first visit to Scotland Farm, with her husband James in 2020. “Even though I was a London florist working with flowers every day, we didn’t have a garden at that point. So to be able to see flowers, even borderline weeds, outside the door was amazing.”

Four years later and what lies outside that door is even more appealing: an 85-acre working flower farm. While Petalon began life as a London florist with a hallmark of delivering flowers by bicycle, since the move to the north Cornish coast it has become an agricultural business; a B-corp certified, carbon neutral, regenerative flower farm, employing 13 people and delivering full bouquets of its own cultivated flowers, grown pesticide-free.

The early part of the season sees tulips, ranunculus, anemones and Icelandic poppies flourishing, before summer yields hundreds of flower varieties: Sweet William, xeranthemum, achillea, didiscus and dahlias, to name a few. On Petalon’s Instagram feed, Florence shares videos of the fields and beds and demonstrates her prowess with her hand-tied riotous bouquets to almost 60,000 followers.

At the same time as changing the business, Florence and her husband, James, Petalon’s co-director, have renovated the roughly 200-year-old, Devonian-slate farmhouse and its outbuildings, which lies between Newquay and Perranporth. They have turned a dark, damp space into a minimalist sanctuary, which helps them to better cope with the chaos of raising two small children as they battle the British seasons, coaxing seeds into blousy bouquets. “We’re a small business and we’re at the mercy of many changeable factors, including unpredictable weather,” says James. “We want the place where we live to feel as calm as possible.”

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A man is sitting at a wooden garden table in a courtyard on a sunny day. A woman is coming out of the building beside him, carrying a vase of flowers
The house, cowshed and dairy shed butt up against each other in a U-shape around a courtyard

It has required a lot of heavy-lifting to get there. For all its outward romance, the farm — the house, a cowshed and a dairy shed, which butt up against each other in a U-shape around a courtyard — was in a bad state when they bought it and had previously failed to sell at auction. The walls in the house were “squidgy” with damp, carpets were rotten, and the cowshed was roofless. “It felt like it had been loved once, but was on a break from that,” says Florence.

What might have been a more leisurely renovation and move became more urgent when the lease of their home in east London came to an end at the same time as the 2020 lockdown began. James, who had integrated his own business manufacturing bicycles into Petalon before joining permanently, had done short courses in plastering and carpentry and put them to immediate use, with help from his father.

A kitchen featuring a black cast iron stove inset with black and white tiles, set into a stone chimney breast
James removed a damp plasterboard wall and uncovered this Victorian cast iron stove, complete with tiling
A woman kneels beside a wooden coffee table in a neutral room, where floor, ceiling and walls are all blonde in colour. An Old English bulldog is lying under the table
There is very little freestanding furniture in the house, and no artworks on the walls

Working long hours and sleeping upstairs on a mattress, over three weeks he made it liveable enough for the couple and their two small children to move in. “It was mostly a matter of taking down and throwing away rather than building,” he says. “Stuff needed removing, cleaning and pulling out. If you looked at it as a floor plan, you realised it had a good shell, so that’s what we had to focus on.”

There were some surprises along the way. While planning to put in a new kitchen in what had been a grotty downstairs bathroom, James removed a wet plasterboard wall from above the bath and uncovered a black and white tiled surface. “An enormous Victorian cast iron stove suddenly appeared, complete with all the tiling,” he says of what is today a statement feature in the house.

Another notable discovery under carpet and boards was a large slab of stone with a rotating handle, which turned out to be a 15m-deep water well. Now in the floor of what has become their boot room, it has been illuminated and covered by reinforced glass. “You can walk over it, but most people prefer to walk around,” says James.

An Old English bulldog sits on a deep window sill in a large, uncluttered room.The only furniture is a dining table and chairs
Juno the dog in the dining room, where the table is made from raw-edged wood, sourced locally

Completing the main house took three years. Making it damp-proof, energy-efficient and light-filled were the priorities. Aesthetically, it was informed by architecturally interesting conversions of old buildings, including Hauser & Wirth’s farm-turned-gallery in Bruton, Somerset. “I’m an architecture graduate and we’ve both always shared a love of buildings that retain their original exterior but become something completely different inside,” Florence says. “We wanted to work with the character of the old building to create space and light out of somewhere that historically would have felt dark and damp,” adds James. “That meant more windows, fewer walls and light-coloured walls and flooring throughout.”

Their vision of blonde modern minimalism reaches its zenith in the cowshed, now integrated into the house via a short set of deep steps. “You get that changing gradient as you go through and it suddenly opens up into a big, light space,” says James. He refers to it as “the birch plywood dream”, having used this material as a second skin on the walls to improve insulation and to install a mezzanine in the former hayloft — used as a playroom for the kids, which opens on to a field and vegetable patch. The rest of the space is useful for entertaining and also incorporates two guest bedrooms and a laundry room.

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The old dairy is now used for drying flowers (and wetsuits) — this year for the first time, Petalon will sell Christmas wreaths using their own grown and dried product. A timber and galvanised steel cabin, built by James last year, overlooks a meadow and is now Florence’s office. The walls are lined with cork board so she can pin her seed and planting plans.

A warmly lit bedroom, with a metal framed double bed, a cane chair and unpainted wooden fitted cupboards
One of the bedrooms with wooden fitted cupboards
A room with a pitched roof and featuring a corner sofa made from birch ply and upholstered in orange material, and a small modern rocking-horse
A mezzanine in the former hayloft is used as a playroom for the kids

Having stripped everything back and imposed straightness and right angles on previously wonky surfaces, organic elements have been reintroduced throughout the house. Raw-edged wood is used on deep window sills, shelving units, cupboard doors and the kitchen table — all cut and milled from Cornwall’s trees, including Macrocarpa. “We probably have three or four people that we can call who will have big, interesting pieces of wood,” says James. “It gives you a scale you don’t get with manufactured furniture, which has an interesting impact visually.”

But as far as furniture goes, that’s almost it. The couple say they can count on their fingers the number of freestanding objects they have in the house. They dislike artwork on the walls. If you’re looking for that cluttered, countrycore vibe, you will not find it here. “In many ways, it’s a traditional farm. The fields surround us and most days we’re working in them,” says James. “We’re stepping out of the door and we’re in it, so that door needs to be a border between the unpredictable and the serene.”

A woman in jeans is walking across a courtyard, carrying a box full of flowers. She is turning towards the camera, and laughing
Florence planted her first seed four years ago: ‘There is so much I am still learning, so for the house to be unbusy is so helpful’

“It calms my brain so much,” says Florence. “There are so many different aspects of the job that I’m still learning — I only planted my first seed four years ago — so for the house to be unbusy is just so helpful.” Besides, they’re dealing in a product that provides a variety of colour and vibrancy for most of the year — with a growing season that is only going to lengthen. “It’s great to have a neutral space for the flowers to really shine in,” says Florence. “In many ways, the flowers are the artwork here.”

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Jupiter poaches team from rival Origin as part of push into global equities

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Asset manager Jupiter has poached a team of fund managers overseeing £800mn of global equities from a smaller rival in a bid to cut its reliance on UK stocks, which have fallen out of favour in recent years.

The FTSE 250 asset manager has recruited the investment team from Origin, a London-based investment boutique focused on global equities, including emerging markets. As part of the deal, about £800mn of assets will be transferred to Jupiter.

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The move comes as Jupiter battles to cut costs and widen its range of assets. Like its mid-sized UK rivals, Jupiter’s business model has been undermined by the rise of cheaper, passive investing as well as UK investors wanting to diversify out of the London market.

The £800mn of assets Jupiter is acquiring as part of the Origin deal include funds from institutions in Europe, Canada, and Australia.

The Origin team joining Jupiter is led by Tarlock Randhawa and manages global emerging markets strategies as well as global smaller companies funds and international stocks. Origin was bought in 2011 by US firm Principal, which runs more than $500bn in assets.

Kiran Nandra, head of equities at Jupiter, said the deal meant Jupiter could start offering funds focused on global smaller companies while boosting its emerging markets exposure. Origin’s Randhawa said “the transition for our existing clients will be seamless”.

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The decision to recruit the Origin team comes as Nick Payne, Jupiter’s lead investment manager for global emerging market equities, plans to leave the asset manager.

Matthew Beesley, chief executive of Jupiter, told the Financial Times over the summer that he was seeking to make “bolt-on” acquisitions but ruled out larger deals.

Jupiter manages about £50bn in assets, of which £42bn is on behalf of individual investors.

The asset manager, which counts Silchester among its largest shareholders, acquired Merian Global Investors in 2020 for £370mn under Jupiter’s previous chief executive Andrew Formica.

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One of Jupiter’s top fund managers, Ben Whitmore, is set to leave at the end of the month. Whitmore, who was managing about £10bn for Jupiter, is leaving to set up his own firm.

Jupiter has poached Alex Savvides from JO Hambro Capital Management to manage Jupiter’s UK Special Situations fund.

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The Morning Briefing: Royal London chair resigns; Abrdn Adviser hires CTO & product officer

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The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Thursday 3 October 2024. To get this in your inbox every morning click here.


Royal London chair Parry stands down

Royal London chairman Kevin Parry has stood down from his role.

Parry has informed the mutual that he does not wish to serve beyond this year and the board said it has therefore accepted his resignation in line with his notice period.

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Current deputy chair Lynne Peacock will take on his responsibilities as interim chair, with immediate effect.


Abrdn Adviser hires chief technology & product officer

Abrdn Adviser has today (3 October) announced the appointment of Derek Smith to the newly created role of chief technology & product officer.

The CTPO role will bring together Abrdn Adviser’s technology and product teams.

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He will join in November from Morningstar Wealth, where he is currently chief technology officer.


ZeroKey appoints Mitchell to advisory role

ZeroKey has brought on board former FE fundinfo head of proposition Stephen Mitchell in an advisory role.

He previously spent 18 years at FE fundinfo and spanned both the asset management and financial advice sides of the business, including FE Analytics and FE CashCalc.

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Since leaving FE fundinfo earlier this year he has taken a variety of advisory roles, which he will combine with his latest role with ZeroKey.



Quote Of The Day

The FTSE 100 has set aside global tensions and opened with a small bump this morning.

Matt Britzman, senior equity analyst, Hargreaves Lansdown, comments on global markets continuing to tread carefully with Middle East tensions in mind.



Stat Attack

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Many UK adults are unaware of Open Banking and its benefits, according to new research from Bluestone Mortgages.

60%

of the 2,000 people surveyed said they were not aware of the benefits of Open Banking.

31%

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of people would not trust sharing their bank statements or pay slips online with a mortgage broker or lender when applying for a mortgage.

20%

One in five wouldn’t be willing to use Open Banking to share their data even if they were asked to because of privacy concerns due to fraud and hacking.

22%

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More than a fifth of consumers say they use three or more individual bank accounts.

Source: Bluestone Mortgages



In Other News

WTW has acquired a stake in the UK-based advice-led wealth manager atomos.

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WTW provides atomos’ clients with access to a broader, more diversified range of asset classes and investment choices.

This next step in the partnership sees WTW acquire part ownership in the business, as well as providing additional capital designed to support further growth.

Through this investment, WTW boosts its presence in the UK wealth space.

WTW head of investments for Europe, Mark Calnan, said: “This is an incredibly exciting development for WTW which reinforces our commitment to the wealth markets, a strategic focus area for us and one that has driven significant growth for our business in recent years.

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“Our stake in atomos enhances our ability to shape how the industry services the needs and aspirations of savers in the UK.

“This is particularly important as individuals take increased responsibilities for their retirement through defined contribution schemes and personal savings.”


TIME Investments has hired Jonathan Roseweir as head of marketing.

Roseweir joins from Octopus Investments, where he was responsible for marketing its range of quoted funds and inheritance tax (IHT) services.

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Prior to that, he was at Miton Group and PSigma Asset Management.

He will be tasked with enhancing the TIME Investments brand and further develop its leadership position in the IHT services and property and infrastructure fund markets.


Sterling falls sharply after BoE Bailey remarks (Reuters)

Jupiter poaches team from rival Origin as part of push into global equities (Financial Times)

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Why India’s giant options market poses a danger to financial stability (Bloomberg)


Did You See?

The already fractious relationship between the Personal Finance Society (PFS) and the Chartered Insurance Institute (CII) has been ‘blown wide open’ once again.

The CII announced that its chief executive Matthew Hill and three other executives – Trevor Edwards, Mathew Mallett and Gill White – have been appointed to the PFS board.

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The move has further increased tensions between members of the PFS and its parent body, the CII.

The debacle started with the ‘Christmas coup’ in December 2022, when the CII imposed its own directors on the PFS board in a highly controversial move.

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Water companies ‘failing to address customers’ concerns’

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Water companies 'failing to address customers’ concerns'

A body representing the customers of water companies says complaints have risen by almost a third because concerns are not being addressed.

The Consumer Council for Water (CCW) says it has handled 7,977 complaints in the last year from people who had “exhausted” their company’s complaint process.

It found Thames Water to be the worst performer, with Yorkshire Water and Cambridge Water also poor.

Thames Water and Yorkshire Water say they are working with CCW to make changes. Cambridge Water has been contacted for comment.

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According to CCW, there has been a 29% rise in complaints compared to the previous year, with households making 222,956 complaints to water companies in England and Wales during 2023-24.

Billing disputes made up more than half of complaints, though concerns about environmental performance, such as spills from storm overflows and pollution, increased by 217%. Complaints relating to water meters also rose.

Chief executive Dr Mike Keil said: “Households are having to waste far too much time and energy resolving complaints, which water companies should be getting right first time.

“Trust in the water sector is already badly fractured and the poor handling of complaints will only compound people’s frustration.

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“We’re particularly concerned to see a significant rise in complaints from customers with water meters who are questioning the accuracy of their bill.

“More companies are planning to roll out smart meters over the next few years, so they must listen and act on people’s concerns now or risk further damaging customer trust.”

CCW compared the performance of water companies on the number of complaints received per 10,000 household connections, and also assessed how well they were handled. Thames Water, Yorkshire Water and Cambridge Water rated as poor on both counts.

However, Wessex Water and Portsmouth Water received top marks on the same metrics.

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David Bird, retail director at Thames Water, said: “CCW have recognised the collaborative approach we have taken and that the improvements we are making are showing promise. However, we recognise we have more to do.

“Our turnaround plan is focused on resolving customer complaints and improving the quality of their interaction with our business, from first contact through to resolution.”

He said the company had an “ambitious business plan” based on customer feedback and insight. 

“Our customers told us to focus on delivering safe and resilient water supplies, address concerns over our overall performance including on customer service, and deal more effectively with wastewater,” he said.

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“Our aim is to always deliver excellent customer service, and we’re determined to do better.”

Imran Patel, group customer experience director at Yorkshire Water, said: “We work really hard to make sure we do the right thing for our customers and we’re continuing to invest in new systems, training for our customer experience teams and our reporting to ensure we improve the service our customers receive.

“We have worked closely with CCW to audit our complaints process and have received positive feedback for our customer-focused culture and the speed and effectiveness of complaints resolution.”

He said the company had a series of investments lined up to improve the customer experience, and that it was committed to “improving Yorkshire’s environment and ensuring no household or business should be without reliable, safe, clean water”.

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Water UK, the trade association for the water industry, said companies were working hard to “provide the drinking water that is independently rated the joint-highest standard in the world”.

It said a rise in customer complaints should be examined, but “not all complaints are necessarily evidence of poor service”.

It added: “A better measure is the number of complaints sent by the CCW to adjudication, which fell 37%, from 153 late last year to 57 for the equivalent period this year.”

It said firms were also being affected by funding cuts from water regulator Ofwat, which needed to “enable companies to provide [customers] with the service they rightly expect”.

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Water companies have put forward plans for bill increases, although Ofwat has made proposals to cap them. It is due to make a final decision in December.

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UK’s cheapest supermarket for a weekly shop in September revealed – can you save cash?

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UK's cheapest supermarket for a weekly shop in September revealed - can you save cash?

THE UK’s cheapest supermarket for a weekly shop in September has been revealed – and it’s not Lidl or Asda.

Which? found German discounter Aldi to be the most affordable out of a list of eight major chains last month.

Which? has revealed the cheapest supermarket to get a basket of 59 items in September

1

Which? has revealed the cheapest supermarket to get a basket of 59 items in September

The UK’s consumer champion looked at how the retailers’ prices compared on a shopping list of 59 products, to represent doing a weekly shop.

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The list of 59 included both branded and non-branded items including Birds Eye Peas, Hovis bread, milk and butter.

Which?’s analysis also included special offer prices and loyalty prices where possible, but not multi-buys such as buy one get one free.

The consumer champion found Aldi came out cheapest ahead of Lidl, Asda, Tesco and Sainsbury’s with the basket costing £102.68.

The supermarket also pipped Morrisons, Ocado and Waitrose to first spot.

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Asda’s basket of 59 goods came in just a fraction more expensive than Aldi, costing £103.86.

Asda was next, with its shopping list costing £112.19.

Tesco’s basket, with Clubcard, was £112.96, and without loyalty pricing it was £113.35.

Sainsbury’s shopping basket, for Nectar Card customers, was £113.79, then Morrisons was next, coming in at £119.18.

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Sainsbury’s without a Nectar Card was £119.19, then Ocado and Waitrose came in bottom of the pack, with their baskets costing £125.16 and £130.37 respectively.

What are Aldi Specialbuys?

Ele Clark, Which? retail editor, said: “Our latest monthly analysis once again sees Aldi crowned as the UK’s cheapest supermarket.

“Given the ongoing strain of high food prices on household budgets, it’s understandable that many people are choosing discounters to cut costs.

“By switching supermarkets, consumers could save 21%, highlighting the advantages of shopping around.”

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It’s worth bearing in mind, the research carried out by Which? was based on prices for the list of 59 products across just September.

That means they are just a snapshot of what you might pay for them at different times of the year.

How to save money on your supermarket shop

THERE are plenty of ways to save on your grocery shop.

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You can look out for yellow or red stickers on products, which show when they’ve been reduced.

If the food is fresh, you’ll have to eat it quickly or freeze it for another time.

Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.

Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.

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This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.

Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.

For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.

If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.

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Plus, many councils offer supermarket vouchers as part of the Household Support Fund.

Prices at supermarkets change frequently, sometimes daily, and you will find items on offer in one chain one week then in another the following week.

However, in Which?’s survey of a larger basket of goods it was Asda that came out top of the survey.

The comparison looks at 164 items – but it doesn’t include Aldi and Lidl as they don’t offer large enough ranges in shops.

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Asda came top of the list with this basket costing £418.88 – but Tesco (with Clubard prices) was just 1p more expensive.

An Asda spokesperson said: “Asda is consistently recognised as the best-value supermarket for the big shop in independent price comparison surveys, including the Grocer 33 basket comparison and the Which? monthly big shop trolley comparison.

“This is despite these surveys including other retailers’ loyalty schemes but not Asda Rewards.”          

It’s also worth factoring in that Which? looked at loyalty pricing for Lidl, Tesco, Sainsbury’s, Morrisons and Waitrose, but only Tesco and Sainsbury’s had items on its chosen shopping list with a loyalty price in September.

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Meanwhile, Asda doesn’t have two-tier loyalty pricing. Its loyalty scheme is based on points and personalised rewards, not lower prices for every scheme member which meant Which? didn’t include the retailer’s loyalty scheme prices.

It’s not the first time in recent months Aldi has come out on top of Which?’s cheapest supermarket survey.

The German discounter, which is looking to massively expand its physical store presence across the UK, was crowned the cheapest supermarket in August, July and June.

It was also crowned the cheapest supermarket of 2023, pipping the other major chains including Lidl, Asda and Sainsbury’s to the top spot.

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The Sun asked Tesco, Sainsbury’s, Ocado and Waitrose to comment.

A Morrisons spokesperson said it was “working hard to keep prices down and competitive for our customers”.

They added: “Our More Card members can also earn points on selected purchases, including fuel, and redeem those points for fivers off their shopping.

“They also benefit from market-leading discounts on over 2,000 branded and essential items across fridge, freezer and cupboard fillers as well as personalised offers and surprises.”

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A Waitrose spokesperson said: “We’re committed to keeping prices low for customers and remain focused on giving our customers great value for money. 

“We have invested in prices without compromising on quality or our industry-leading animal welfare standards.

“Which’s price comparison also excludes multibuy offers, which are extremely popular amongst our customers for both our branded and own-branded products.”

The retailer added that it had reduced prices on its No.1 range which was recently relaunched.

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What is loyalty pricing?

Loyalty schemes are all the rage, but what is loyalty pricing? Here is everything you need to know…

Sainsbury’s, Tesco and Morrisons are three of the major supermarkets that offer customers loyalty pricing – where you can get discounts on certain products.

They’re all free to sign up to as well, so the obvious advantage is that you can save money without spending a penny.

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Different supermarkets will offer exclusive discounts on different products, so it’s worth seeing which suits your weekly shop the best.

Either way, be wary of supermarkets artificially inflating the price of their goods to make it seem like you’re getting a better deal than you are.

Consumer group Which? has previously found Sainsbury’s and Tesco to have increased the price of everyday goods then slapped loyalty prices on them thinking customers wouldn’t notice.

In any case, it’s worth shopping around even if you’re getting your weekly basket from a supermarket that offers loyalty pricing.

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Supermarkets change their prices all the time, sometimes multiple times daily, so it’s worth checking you’re getting the best price on an item.

You can use websites like Trolley to see how the major supermarket’s compare in terms of price on any number of goods.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Tesla stock drops 3% after Q3 deliveries fall short of estimates

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Tesla Q3 deliveries could drive 'further strength' in the stock


Tesla (TSLA) announced third quarter deliveries on Wednesday that slightly missed expectations, sending the stock down about 3%.

The EV maker delivered 462,890 vehicles in the three months ending Sept. 30, up 6.4% quarter over quarter to mark the first quarter of delivery growth this year. The numbers also came in ahead of the 435,059 EVs the company delivered in the year-ago period.

Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg.

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The Model 3 and Model Y represented the bulk of Tesla’s overall total, with those two vehicles combining for 439,975 deliveries.

Prior to the delivery numbers’ release, Tesla stock had been up around 20% in the past month, fueled by optimism about its upcoming robotaxi event on Oct. 10 and good news coming out of China indicating rising sales there.

But investors have also debated a “notably lower” annual vehicle growth rate, which Tesla warned about after the first quarter.

The company is currently dealing with stiff competition in China from Chinese automakers like BYD and Xpeng. Recent price cuts have also squeezed profit margins as competition intensifies.

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Analysts have said next week’s robotaxi event will serve as a pivotal moment for the company’s future and its plans to further utilize artificial intelligence.

“We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla,” Wedbush analyst Dan Ives wrote in a note to clients on Tuesday.

Tesla will report third quarter earnings on Oct. 23.

Alexandra is a Senior Reporter at Yahoo Finance. Follow her on X @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance





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FTX bankruptcy estate auctioning Worldcoin tokens this week

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FTX bankruptcy estate auctioning Worldcoin tokens this week


According to CoinGecko, Worldcoin currently has a market capitalization of approximately $792 million and a 494 million circulating supply.



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