6 facing charges after police chase, hostage situation, shooting

Denver police continue to investigate a situation that happened last week that left one person injured and six people facing charges. It began last Friday near York Street and East 35th Avenue. 

Investigators were looking into an earlier call about a shooting and tried to make a traffic stop with a truck. That truck crashed and police said a man got out with a woman, claiming she was his hostage. Now investigators believe the man and the woman colluded to make up the hostage scenario and made up the whole thing. 

Police shot the man believing the woman was in danger. He was rushed to the hospital. The woman also went to the hospital with injuries police believe she sustained in the crash.  

In all, six people face charges. 

The officer involved was also involved in a shooting in 2019. 

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02

GM and Ford are facing a ‘nightmare situation’ that could be great news for Tesla

LM Otero/Associated Press

A looming strike is a “nightmare situation” for Detroit automakers.

Work stoppages and labor cost increases pose setbacks for their EV ambitions.

Tesla is already having a banner year for both sales and production.

A looming strike by the United Auto Workers union, which represents hourly workers at the Detroit Three car companies, could be great news for Tesla, one analyst says.

The UAW has spent the summer negotiating new contracts with Ford, General Motors, and Jeep-owner Stellantis. The union is asking for historic wage increases, elimination of a tier system implemented during the depths of the recession, cost of living adjustments, and more. If an agreement isn’t reached by September 14, some 150,000 UAW workers across the US will go on strike, a move that could cost the industry as much as $5 billion in 10 days.

This is all “a potential nightmare situation for GM and Ford,” Wedbush analyst Dan Ives said in a note to clients this month. Any threat to supply would also inevitably diminish year-end production and inventory, chipping away at holiday season deals.

Tesla, which does not use union labor, is situated to benefit from any work stoppage at competitors, especially at a time when the industry is pushing harder into electric vehicles, Ives said.

“Tesla does not face similar issues which speaks to the complexity both GM and Ford face going up against the EV leader Tesla, while trying to satisfy rising union demands,” Ives said. “If a strike happens then ultimately production and the EV roadmap could be pushed out into 2024 and delays would be on the horizon at this crucial period for GM, Ford, and Stellantis.”

Ford and GM have both set lofty goals for electric vehicle production over the next several years, with Farley putting Elon Musk and Tesla directly in his sights when Ford launched the F-150 Lightning last year.

But production slowdowns from a work stoppage combined with potentially large labor cost increases could put the brakes on Detroit’s race to beat Tesla at the EV game, Ives said.

Raising the stakes for GM and Ford: Tesla is already having a banner year for both sales and production, on track to hit its nearly 2 million-unit production target by the end of the year. And the long-awaited Cybertruck is expected to add to that success when it hits customers’ driveways later this year.

“Farley and Barra both face some tough decisions ahead,” he said. “The options around facing a strike OR accepting a major cost intake for the next decade is a dynamic the Street will be closely watching over the next week.”

Read the original article on Business Insider

03

Is Verizon Facing Further Downside Risk?

Verizon Communications (VZ) was upgraded to a buy recommendation by a fundamental analyst at Citigroup Tuesday. Let’s check out the charts and indicators to see if they are on the same page.

In this daily bar chart of VZ, below, I can see that prices have weakened the past 12 months. VZ is trading below the negatively sloped 50-day moving average line and below the negatively sloped 200-day moving average line.

The trading volume has been more active in the past three months but the On-Balance-Volume (OBV) line shows an up and down pattern. A steady rise in the OBV line is what technical analysts will be looking for.

The trend-following Moving Average Convergence Divergence (MACD) oscillator shows some improvement in August but remains below the zero line and far from an outright buy signal.  

In this weekly Japanese candlestick chart of VZ, below, I see that prices have been in a longer-term decline. Prices trade below the bearish 40-week moving average line. A large lower shadow on a candle in July has marked a low in price and some sideways price action.

The weekly OBV line remains in a longer-term downtrend. The MACD oscillator is bearish and may be close to a cover shorts buy signal if it continues to narrow. 

In this daily Point and Figure chart of VZ, below, I can see a potential downside price target in the $27-$26 area. 

In this weekly Point and Figure chart of VZ, below, I can see the same downside price objective as the daily chart above. 

Bottom line strategy: VZ may get a temporary lift in price but the bigger picture is the risk for further declines in the weeks ahead. Avoid the long side of VZ.

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