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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

<ul><li>The health insurer’s IPO was not fully subscribed even after extending the cut-off time of the issue by a few hours.</li><li>The IPO was subscribed just 79% as of 7 p.m., on December 2.</li><li>Following this development, <keyword id="154694" type="General" weightage="20" keywordseo="star-health" source="Orion">Star Health</keyword>’s grey market premium went into negative with ₹10 discount over the higher issue band of ₹900.</li></ul>After <a href="https://www.businessinsider.in/stock-market/news/star-health-insurance-ipo-subscribed-only-79-on-last-day-issue-extended-till-7-p-m-/articleshow/88053197.cms">failing to get fully subscribed </a>on the last day of the initial public offering (IPO), investment bankers at Rakesh Jhunjhunwala-backed Star Health and Allied Insurance have decided to cut down on offer for sale (OFS) shares, said a source close to the development. When promoters and shareholders in the company sell their stake to the general public, it is called an offer for sale. On the last day, i.e., December 2, since the issue was only subscribed 79%, the IPO was extended till 7 p.m. Even after pushing the cut-off time, the results were disappointing as the IPO was not fully subscribed. <a href="https://www.business-standard.com/article/markets/star-health-s-ipo-scrapes-through-as-investment-bankers-prune-ofs-component-121120201297_1.html">Business Standard </a>report said that the OFS portion will be reduced to around ₹4,400 crore from ₹5,249 crore earlier. The health insurer’s IPO pricing of ₹870 to ₹900 is one of the reasons why investors were not willing to pay the price as valuations seem pretty expensive to many. Analysts and brokerages had raised their concerns on the high valuations of the insurance company. In fact, the company was offering investors shares at five times the price that marquee investor <a href="https://www.businessinsider.in/stock-market/news/star-health-ipo-is-asking-for-five-times-the-price-that-rakesh-jhunjhunwala-paid-in-2018/articleshow/87979818.cms">Rakesh Jhunjhunwala had paid in 2018</a>. He had bought 7.68 crore shares for a 14% stake in Star Health and Allied Insurance at an average price of ₹156.28 per share. Following this development, Star Health’s grey market premium went into negative at ₹10 discount over the higher issue band of ₹900. Rajnath Yadav from Choice broking firm thinks the IPO could have been cheaper. “At a higher price band of ₹900, Star Health is demanding a market cap-to-net premium earned multiple of 10.3 times, which is at premium to the peer average. Moreover, the demanded valuations are at elevated premium to recent capital issuance,” said the analyst. Besides, the company reported a loss of ₹825 crore in FY21 for the first time in three years because the pandemic increased the number of claims leading <a href="https://www.financialexpress.com/money/insurance/general-insurance-companies-received-over-rs-5400-crore-covid-claims/2099458/">many insurers to post losses last year</a>. SEE ALSO:<a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/anand-rathi-ipo-was-subscribed-160-on-day-1-today-is-the-second-day-to-subscribe/articleshow/88060085.cms">Anand Rathi IPO was subscribed 160% on Day 1, today is the second day to subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-subscribe-to-tega-industries-ipo-gmp-at-410/articleshow/88053432.cms">Last day to subscribe to Tega Industries’ IPO — GMP at ₹410</a>

Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount

You Searched For "Five Star Business IPO subscription" and got 3 results

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

Dan DeFrancesco

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

ANI

Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount

Bhakti Makwana

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