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SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. <br /><br /> It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. <br /><br /> The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. <br /><br /> Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". <br /><br /> SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. <br /><br /> "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. <br /><br /> The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. <br /><br /> According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". <br /><br /> Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. <br /><br /> He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. <br /><br /> "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said.<br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 25 paise to 82.46 against the US dollar in early trade on Monday, weighed down by firm crude oil prices and a negative trend in domestic equities.<br /><br />At the interbank foreign exchange, the domestic unit opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close.<br /><br />On Friday, the rupee settled at 82.21 against the dollar.<br /><br />The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.48 per cent to 102.99.<br /><br />Brent crude futures, the global oil benchmark, advanced 5.50 per cent to USD 84.28 per barrel.<br /><br />"... Appreciation in rupee shall remain limited to 81.50-81.80 zone where importer can target buying and upside shall for now remain protected towards 82.70-82.90 region for this week," CR Forex Advisors MD-Amit Pabari said.<br /><br />"With a holiday shortened week, highlights would be the RBI policy due on April 6 and US payrolls due on April 7," Pabari added.<br /><br />The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.<br /><br />The RBI has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time.<br /><br />In the domestic equity market, the 30-share BSE Sensex was trading 64.56 points or 0.11 per cent lower at 58,926.96. The broader NSE Nifty declined 9.60 points or 0.06 per cent to 17,350.15.<br /><br />Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 357.86 crore, according to exchange data. <br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

Weighed down by crude prices, Rupee falls 25 paise to 82.46/USD

<ul><li>Shares of One 97 Communications have dropped another to ₹1298 at 12:13 p.m.</li><li>The company is currently sitting on a market cap of $11.2 billion, a significant drop from the $19.9 billion valuation of the issue.</li><li>Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market.</li></ul>The public listing of One 97 Communications — the parent company of digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> — has eroded $10 billion from the company’s valuation in the first two days of its debut on the stock market.<br /><br />The shares of Paytm were trading at ₹1298 at 12:13 p.m. on November 22, representing a drop of 17%. The company is currently sitting on a market cap of ₹84,032 crore ($11.2 billion).<br /><br />Notably,  global investment bank Macquarie had set the target price for Paytm at ₹1,200, which is 44% below the issue price of ₹2,150 . <br /><br /><keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, commenting on the same report, <a href="https://www.youtube.com/watch?v=Q-VNvhlcyr8">told</a> CNBC TV18, “somebody who has not met us and has an opinion on us, is not my opinion to keep an opinion on that. I don’t comment on opinions, I comment on facts.” <br /><br />"We are a wholesome meal ‘Thalli’ (platter) with different varieties, while Macquarie is looking for a business model of pizza," he <a href="https://www.zeebiz.com/market-news/news-exclusive-what-did-paytm-md-ceo-says-after-weak-listing-know-his-opinion-on-macquarie-report-171119">told </a>ZeeBusiness.<br /><br />Shares of One 97 Communications — the parent company of digital payments giant Paytm — have dropped another 4.69% on November 22, trading at ₹1,490 at 9:34 a.m.<br /><br />The company is currently sitting on a market cap of ₹96,330 crore ($12.9 billion). The company’s shares had tanked 27% on the first day of listing on November 18. The company’s market cap dropped by nearly $7 billion on the first day of listing itself. <br /><br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation in private market<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16 billion<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation at issue price of ₹2,150 <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$19.9 billion<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Day 1 of listing<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$13.3 billion <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Day 2* of listing<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.7 billion<br /><br /></td></tr></tbody><tbody></tbody></table><em>Source: Company, Stock Exchange</em><br /><em>*The data will be updated once the market closes at 3:30 p.m. </em><br /><br />Food delivery firm Zomato, which was valued at $5.8 billion in the private market in February 2021, is now valued at $16.4 billion in the public market.<br /><br />Several industry experts — including Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar — have pinned Paytm’s expensive valuation, lack of a focused business model, limited promoters in India and analysts ratings as some of the factors behind the company’s bad performance in stock market on day one. <br /><br />You can read more on why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp <a href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">here</a>.<br /><br />Sharma-led Paytm shared a list of business updates from October 2021, on Sunday night. It seems to have not made much of a difference for retail investors. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metrics<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2020<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2021<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross Merchandise Value (GMV)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹36,000 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83,200 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monthly Transacting Users (MTU)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.3 crore<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Devices Deployed (Point-of-Sales and Soundbox)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400,000<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,400,000<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of loans disbursed through Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.2 million<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.3 million <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value of loan disbursed through Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">120 crore<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">627 crore<br /><br /></td></tr></tbody><tbody></tbody></table>Source: Paytm<br /><br /><strong>SEE ALSO</strong><br /><a href="https://www.businessinsider.in/business/telecom/news/airtels-popular-prepaid-plans-may-now-cost-you-up-to-25-more/articleshow/87840177.cms" data-type="tilCustomLink">Airtel’s popular prepaid plans may now cost you up to 25% more</a><br /><br /><a href="https://www.businessinsider.in/sports/news/transgender-women-should-not-be-forced-to-reduce-their-testosterone-levels-to-compete-in-womens-olympic-sports-say-new-ioc-guidelines/articleshow/87837048.cms" data-type="tilCustomLink">Transgender women should not be forced to reduce their testosterone levels to compete in women's Olympic sports, say new IOC guidelines</a><br /><br /><a href="https://www.businessinsider.in/science/news/a-space-force-general-said-us-hypersonic-missile-capabilities-are-not-as-advanced-china-and-russias/articleshow/87834603.cms" data-type="tilCustomLink">A Space Force general said US hypersonic missile capabilities are 'not as advanced' China and Russia's</a><br />

Paytm is inching closer to Macquarie's target of ₹1200

<ul><li>Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>.</li><li>Part of the sell-off in <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> could also be a reflection of the market mood.</li><li>But, there is a lot more that the street is worried about.</li><li>Founder <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> wants the market to be excited about Paytm as a superapp but many others have argued that a smartphone itself is a super app.</li><li>Check out the latest news and updates on<a href="https://www.businessinsider.in/stock-market"> Business Insider</a>.</li></ul>Two of India’s most-awaited tech IPOs, that of Zomato and Paytm, came with a lot of anxiety around the price at which the shares were being sold to the first lot of public investors. Zomato still made some money for those who got the shares in the initial public offering (IPO) but those who got shares in the Paytm IPO have lost 27% on the opening day. <br /><br />By noon, Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant Paytm. The overall market mood played a role in pushing down Paytm’s share price, Deven Choksey, managing director of KR Choksey Shares and Securities, told Business Insider. The sell-off seen earlier in the week intensified on Thursday (the day of Paytm’s market Debut) and 42 out of the Nifty 50 stocks were in the red. But that’s not the only reason why people sold Paytm shares. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation pre-IPO<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valution sought in IPO</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap, as on November 18<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.8 billion<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.1 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,21,731 crore ($16.3 billion)<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16 billion<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$19.9 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,01,399 crore ($13.6 billion)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Companies, BSE<br /><br />It’s not that Paytm's advisors didn't see it coming. According to a Bloomberg report <a href="https://www.businessinsider.in/business/news/paytm-may-drop-its-pre-ipo-sale-as-advisors-recommend-lower-valuation/articleshow/87187525.cms">published in October</a>, Paytm was advised to go for a lower valuation than $20 billion in its pre-IPO round but the company decided to skip the round altogether. Even stock brokerage firm Macquarie had given Paytm a with an underperform rating, and projected that the stock may fall to as much as ₹1,200 (compared to an issue price of ₹2,150) any time in the next one year .<br /><br />Interestingly, Paytm was the highest valued Indian startup between 2019 to me this year. The company got a valuation of $19.9 billion in its public issue. The only smile that Paytm believers could steal was thanks to the meme fest on Twitter.<br /><br />                          <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778007" hostid="261"></div><br />The drop in Paytm’s share price led to a fall of the stock market. “Today’s fall in the market is also largely due to collateral damage, Paytm loss to investors,” Deven Choksey, managing director of KRChoksey Shares and Securities said.<br /><br />Manoj Dalmia, founder and director of Proficient Equities Private Limited also highlighted three reasons behind Paytm’s weak listing on the stock exchange. The issue ranges from high valuation to intense competition.<br /><br />These are some of the issues pointed out by Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reason<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overvaluation <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The company is overvalued at a Price to Sales (P/S) value of 26 compared to its global peers, who have a P/S of 0.3-0.5<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Limited promoters in India<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nearly 75% of the promoters of Paytm are from other countries and are selling shares worth ₹10,000 crore, which is more than 50% of the issue.<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not a market leader<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm is not a market leader in any business it operates in.<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Analyst rating<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falling grey market premium and Macquarie's downrating has pushed the stock into a downward momentum. <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lack of focused business model<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">It is present in all over the Fintech space but not doing well in any of them while the competition is rising from players like Google, Amazon, PhonePe. <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Dalmia is not alone in his pessimism around Paytm’s near-term prospects. “Dabbling in multiple business lines inhibits PayTM from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments. Competition and regulation will drive down unit economics and/or growth prospects in the medium term in our view,” Macquarie Research analysts Suresh Ganapathy and Param Subramanian said. <br /><br /><strong>ALSO WATCH: Even the biggest of conglomerates find it difficult to do more than two things right, market expert Saurabh Mukherjea told Business Insider. <br /></strong><br />                            <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div><br />Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks.The company has 333 million total customers, 114 million annual transacting users and 21 million registered merchants. <br /><br />Paytm has a strong market share in digital payments via the unified payments interface (UPI) but the margin is zero in peer-to-peer payments and wafer thin when merchants get paid. <br /><br />In the personal finance space ⁠— where Paytm sells mutual funds, gold and stocks ⁠— it has a less than 1% market share and makes zero commission, according to Macquarie. In insurance, only one out of 100 policies are sold online and Paytm is pitted against an early bird like Policybazaar as well as legacy banks, which dominate the space.<br /><br />Paytm aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie, which pegged the potential market for buy now, pay later schemes to be anywhere between $45 billion and $50 billion by March 2026.<br /><br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778072" hostid="261"></div><br />Despite a massive user base, the company’s revenue has been marginally declining on a year-on-year (YoY) basis. The company reported a revenue of ₹3,186 crore, with net loss of ₹1,761 crore. “Loss-making businesses will find it hard to sustain premium valuations,” Choksey added.<br /><br />Ravi Singh, head of research and vice president at ShareIndia, noted that Paytm’s future growth is a key to watch for long term investors. “We advise the investors after looking at the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory,” he added. <br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778081" hostid="261"></div><br />“People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” founder and chief executive officer Vijay Shekhar Sharma. He wanted India to be as excited about his dream of a super app for anything that can be bought and sold online. <br /><br />But many others have argued that a smartphone itself is a super app. Another startup founder Kavin Mittal, the man behind the $1.4 billion Hike Messenger, had similar ambitions but found it to be a misguided goal and dropped the plan in January 2021. <br /><br />Will Sharma prove his detractors wrong with Paytm? Only time will tell. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms" data-type="tilCustomLink">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a><br />

Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">Traders on the floor of the New York Stock Exchange.</p></div><p></p></div></div></p><ul><li><strong>A handful of large bank stocks are cheaply valued right now. Some strategists say that bodes poorly for the broader market.</strong></li><li><strong>The financials sector is the third-largest sector in the S&amp;P 500, with a 13% weighting, behind technology (20%) and health care (15%).</strong></li><li><strong>Banking conditions can be indicative of consumers' spending, lending, deal-making, and other economic activity.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> and <a href="https://markets.businessinsider.com/stocks/c-stock">Citi</a> shares are trading at a relatively low price-to-book ratio, a measure of their valuations that compares a stock's current price against its book value.</strong></li></ul><p>Bank stocks are flashing what some on Wall Street see as a huge economic warning sign.</p><p>Take Goldman Sachs, trading below the value of its assets at a level not seen in six years. Its plunging price-to-book ratio mirrors some of its big bank peers. While the bank has its own issues - it's embroiled in a scandal that may command billions in fines - some see a bigger, gloomier picture.</p><p>"Fear of an economic slowdown in the US are being reflected in the P/B of financials," said Sam Rines, chief economist at Avalon Advisors, a Houston, Texas-based investment firm. "In my opinion, it is one of the more obvious ways the market participants are signaling their opinion about the timing of a recession. And they are telling us it is coming soon."</p><p>Goldman Sachs is trading at a price-to-book ratio of 0.81, near its lowest level in six years. Citigroup, meanwhile, is trading at a ratio of 0.70, <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> at 0.84, <a href="https://markets.businessinsider.com/stocks/barclays-stock">Barclays</a> at 0.49, and <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a> at 0.63. The price-to-book ratio offers investors a look at a stock's valuation by comparing its current price to the value of the company's assets. </p><p>Goldman Sachs, specifically, has plunged 25% in three months amid the ongoing investigation <a href="https://www.businessinsider.com/1mdb-timeline-the-goldman-sachs-backed-malaysian-wealth-fund-2018-12">into the bank's dealings in Malaysia</a> and the Federal Reserve <a href="https://www.businessinsider.com/federal-reserve-interest-rate-statement-december-2018-2018-12">tempering its interest-rate hiking cycle</a> for the coming year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider/Andy Kiersz, data from Bloomberg</span></p></div><p></p></div></div></p><p>Financials is the third-largest sector in the S&amp;P 500, with a 13% weighting, behind technology (20%) and health care (15%). Banking conditions can be indicative of consumers' spending, lending, deal-making and other economic activity.</p><p>While current economic data is not backing up the likelihood that a recession is imminent, financial markets are pricing one in, Rines told Business Insider in an email. Investors' fears of the Federal Reserve hiking too quickly and the flattening yield curve, which typically negatively impacts banks' net interest margins, are other factors weighing on the group, he said.</p><p><em><strong>Read more:</strong> <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-disconnect-sp-500-10-year-2018-12-1027832470">'Something is wrong': 2 major US markets are out of whack</a></em></p><p>"Simply, there are numerous 'ifs' hanging around the sector," Rines said. "The current valuations make sense if a recession is imminent or if the Fed is committing a policy error or if there are a wave of defaults coming. As these fears dissipate, the P/B should begin to reflect these realities."</p><p>More broadly, banks tend to act reliably as a leading indicator for the stock market, said Matt Maley, an equity strategist at Miller Tabak. That was evident in how the <a href="https://markets.businessinsider.com/etfs/spdr-s&amp;p-bank-etf">KBW Bank ETF (KBE)</a>, a popular bank-tracking exchange-traded fund, rallied ahead of the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> in 2009, rolled over ahead of the S&amp;P 500 in 2015, and took off ahead of the S&amp;P 500 in the wake of the 2016 US presidential election. The KBE has now lost 21% in three months.</p><p>"This year, the group's under-performance earlier in the year foreshadowed the recent decline in the broad market," Maley told Business Insider in an email. </p><p>"What worries me is that the group looked like it was trying to stabilize, but the fact that it has fallen so sharply in the last week or so does not bode well for the broader market next year. Of course, the banks could finally be getting washed-out, but we'd have to see A LOT more upside follow-through if the banks are going to rally in a meaningful way."</p><p>When it comes to valuation, he said, there is "no question" that the group is very cheap when measured by book value. Theoretically, this juncture should offer a solid buying opportunity for investors. However, he believes investors aren't jumping in just yet because the banks "usually don't bottom until the economy does."</p><p><strong>Now read:</strong></p><ul><li><strong><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-best-performing-etfs-2018-2018-12-1027835446">Wild volatility, cybersecurity, and medical devices: These were the 11 best-performing ETFs of 2018</a></strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/tech-stocks-heres-which-ones-got-hit-the-hardest-2018-12-1027835447">Tech stocks got mauled this year - here's which ones got hit the hardest</a></strong></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/2019-market-outlook-blackrock-kate-moore-on-trade-war-possible-recession-2018-12">The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape</a></h3>        <div>                    </div>    </div>

A critical corner of the stock market is reflecting fears that the economy is slowing down

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">President Donald Trump waves as he steps off Air Force One after arriving, Friday, June 7, 2019, at Andrews Air Force Base, Md.  (AP Photo/Alex Brandon)</p></div><p></p></div></div></p><ul><li><strong>Ongoing US-China trade tensions are still a major wildcard that investors have to grapple with, strategists and economists warn, even as markets respond positively to</strong><strong> the Mexico tariff suspension.</strong></li><li><strong>"Potent risks" surrounding trade talks around the G-20 summit later this month are still on the table, one strategist said Monday. </strong></li><li><strong><a href="https://markets.businessinsider.com/">Visit Markets Insider's homepage for more stories</a>.</strong></li></ul><p>President Trump's announcement that his administration <a href="https://www.businessinsider.com/trump-suspends-mexico-tariffs-deal-reached2019-6">suspended tariffs on Mexican goods</a> shouldn't be interpreted as a sign risk has evaporated from the marketplace, strategists and economists warned clients Monday.</p><p>Trump's late Friday announcement boosted global stocks and depressed traditionally safe-haven assets like <a href="https://markets.businessinsider.com/commodities/gold-price">gold</a> and <a href="https://markets.businessinsider.com/bonds">US Treasurys</a>. Equity markets in the US jumped, with the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> rising 170 points, while popular exchange-traded funds tracking the price of <a href="https://markets.businessinsider.com/etfs/vaneck-vectors-gold-miners-etf">gold</a> underperformed the market.</p><p>Auto stocks like <a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> and <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a>, highly exposed to volatility across the US-Mexico <a href="https://markets.businessinsider.com/news/stocks/trump-mexico-tariff-announcement-what-it-means-for-stocks-2019-5-1028246373">supply chain</a>, outperformed, along with the <a href="https://markets.businessinsider.com/etfs/vaneck-vectors-semiconductor-etf">semiconductor</a> space. </p><p>But trade tensions with key trading partner China remain a headwind, investment advisors said. In addition, <a href="http://www.sca.isr.umich.edu/">consumer confidence</a> has already taken a hit. And uncertainty tied to how talks at the <a href="https://www.businessinsider.com/g-20-talks-trade-finance-as-japan-readies-for-osaka-summit-2019-6">G-20 summit in Japan</a> later this month will pan out looms over the market.</p><p>"Potent risks are still on the horizon," Vinay Viswanathan, a derivatives strategist at Macro Risk Advisors, told investors Monday in a note, pointing to trade talks around the summit later this month. </p><p>Those risks, combined with the VIX - the market's "fear gauge" - rising <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-federal-reserve-rate-cut-hopes-fuel-rally-2019-6-1028264356">alongside stocks</a> Friday, led Viswanathan to recommend investors hedge their exposure to stocks with a strategy that would protect against downside.</p><p><em><strong>Read more: </strong><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-world-stocks-surge-after-trump-nixes-mexico-tariffs-2019-6-1028265772">Global stocks are surging after Trump cancels Mexico tariffs</a></em></p><p>His recommendation was emblematic of other warnings sent out across Wall Street.</p><p>"Policy volatility has not dissipated over the weekend," Sam Rines, the chief economist at Avalon Advisors, told clients on Monday. "With Mexico scratched off the list (for now), it is worth remembering that China and the EU are still in the tariff mix."</p><p>Domestically focused small-cap stocks are particularly vulnerable at this juncture despite the absence of an immediate Mexico tariff threat, said Lori Calvasina, the head of US equity strategy at RBC Capital Markets in New York.</p><p>"Though tariffs on Mexico appear to be off the table, thanks to a deal with Mexico over the weekend, we still see risk of downward revisions to Small Cap estimates due to the escalation of the tariffs on China and the damage that has likely been done to corporate confidence over the past month due to uncertainty over the direction of trade policy generally," she said in a Monday note to clients.</p><p><strong><em>A bonus just for you: </em></strong><em><a href="https://www.businessinsider.com/subscription/try-prime?ms?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/subscription/try-prime?ms&amp;source=gmail&amp;ust=1560024205474000&amp;usg=AFQjCNFzhEWYdarGFF3EKwry6eU0i_uoEQ">Click here to claim 30 days of access to Business Insider PRIME</a></em></p><p>The stock market will "remain choppy" until the next corporate earnings season when businesses have taken tariffs into consideration, Calvasina added.</p><p>On an industry-specific level, select stocks in the energy space could benefit from the tariffs' suspension as US gasoline exports to Mexico comprise 60% of total exported gasoline, Credit Suisse told investors. US refiners like <a href="https://markets.businessinsider.com/stocks/vlo-stock">Valero</a> and <a href="https://markets.businessinsider.com/stocks/pbf-stock">PBF Energy</a>, which both surged Monday, are two names on which the firm is particularly bullish.</p><p>Other investment experts expressed skepticism Monday that markets could sustain more Trump- and trade war-induced volatility. </p><p>"Phew, a self-imposed supply chain crisis averted," Peter Boockvar, the chief investment officer at Bleakley Advisory Group in New Jersey, told investors Monday.</p><p>"What a relief but I gotta tell ya, now that the threat of tariffs can be thrown around like nothing, I don't believe a multinational business with factories and supply needs globally can ever rest easy until this stops."</p><p><em><strong>Now read more markets coverage from Markets Insider and Business Insider:</strong></em></p><p><em><a href="https://www.businessinsider.com/trade-war-us-china-winner-and-loser-stanley-druckenmiller-2019-6">'We're going to get rolled': Billionaire investor Stanley Druckenmiller breaks down why the US is headed for devastating losses to China in the trade and tech wars</a></em></p><p><em><a href="https://markets.businessinsider.com/news/stocks/beige-book-federal-reserve-system-business-deals-with-labor-shortage-2019-6-1028257830?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">The job market is so hot that one restaurant 'moved to counter service and disposable utensils' to stay open</a></em></p><p><em><a href="https://markets.businessinsider.com/news/stocks/trade-war-tariff-news-businesses-comment-on-delays-in-investment-2019-6-1028265116">We just got the latest evidence Trump's trade war is throwing a wrench in business plans</a></em></p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-k2-harder-climb-mt-everest-2017-9">Mount Everest is not the hardest mountain to climb - here's what makes K2 so much worse</a></h3>        <div>                    </div>    </div>

Stocks are popping on Trump's Mexico tariff suspension. But the market's still littered with major risks, experts warn.

<ul class="summary-list"><li><keyword id="13391518" type="UNKNOWN" weightage="60" keywordseo="palm-springs" source="Orion">Palm Springs</keyword> has more than 130 <keyword id="11898228" type="UNKNOWN" weightage="60" keywordseo="hotels" source="Orion">hotels</keyword> and resorts, including charming bungalows and casitas.</li><li>After staying in nearly all of them, these are the best places to book in Palm Springs.</li></ul><p>My husband and I love Palm Springs so much, we've long dreamed of buying a home here. So far, the ever-soaring real-estate prices haven't allowed it to happen, but along the way, I realized that's a good thing.</p><p>Why? Because we seriously love Palm Springs hotels. We consider them to be among the most magical properties on earth for their dreamy settings, stellar design, and luxe amenities. And unlike your own home, they come with room service.</p><p>The city has more than 130 hotels and resorts, ranging from boutique bungalows to larger-scale hotels with standout rooms at a range of price points. Since I've been visiting the desert for more than 20 years, I've stayed at nearly all of them, both as part of my own <keyword id="11896628" type="UNKNOWN" weightage="100" keywordseo="travel" source="Orion">travel</keyword>s and for my work as a travel writer reviewing hotels. The following is my list of the best Palm Springs hotels, ones I recommend to friends and book time and again myself.</p><p>They have enviable rooms, rejuvenating spas, chef-driven food, and sparkling pools where the pace is dictated by the sun's blazing heat, and cocktails and caftans are the order of the day. When it's too hot to move, just order another and pull up a floatie.</p><div type="image" title="An outdoor pool at a hotel." height="4000" width="6000" msid="90232929" hostid="261"></div><p><strong>Avalon Palm Springs</strong></p><p><a href="https://www.avalon-hotel.com/palm-springs" target="_blank" rel="nofollow noopener sponsored">Avalon Palm Springs</a> is a chic Hollywood Regency-style hotel that is long my first go-to choice. The design even inspired my entire wedding decor.</p><p>It's highly manicured and style-minded but still manages a relaxed vibe with 67 Spanish-style rooms, including 13 villas. Score one of these if you can, though they start at several hundred dollars a night. </p><p>There are three pools including one flanked by cabanas with a stunning mountain backdrop and another secluded option for families — but this isn't usually where I take my kids as it earns a few raised eyebrows.</p><p>The petite but sweet Spa Estrella and Chi Chi poolside restaurants round out the offerings in this well-located, ultra-walkable spot.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Favalon-hotel-and-bungalows-palm-springs.html" rel="nofollow sponsored">Book Avalon Palm Springs</a></p><div type="image" title="An outdoor pool surrounded by palm trees and umbrellas stationed behind lounge chairs." height="3996" width="5328" msid="90232932" hostid="261"></div><p><strong>Parker Palm Springs</strong></p><p>While it's typically one of the more expensive offerings, the <a href="https://www.parkerpalmsprings.com/?" target="_blank" rel="nofollow noopener sponsored">Parker Palm Springs</a> is an icon that's worth the splurge. The hip, mid-century property sprawls over leafy grounds with cheeky interiors designed by Jonathan Adler.</p><p>Find two outdoor pools (one for adults, and one kid-friendlier), plus two restaurants, a fitness center, tennis courts, a spa, and a salon. Everywhere you look — starting with the famous cinder-block entrance wall — is a design treasure and an Instagram gold mine.</p><p>Rooms range from standard to generous villas that feel sexy and sophisticated, but I found my twins were welcome even as toddlers.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.hotels.com%2Fho686748096%2Fparker-palm-springs-palm-springs-united-states-of-america%2F" rel="nofollow sponsored">Book Parker Palm Springs</a></p><div type="image" title="An outdoor pool at a hotel surrounded by palm trees." height="4000" width="6000" msid="90232934" hostid="261"></div><p><strong>Saguaro Palm Springs</strong></p><p>You'll recognize <a href="https://thesaguaro.com/palm-springs/" target="_blank" rel="nofollow noopener sponsored">Saguaro Palm Springs</a>, a boutique hotel by its cheerful, LGBTQ-friendly, and meant for Insta rainbow-painted facade. The atmosphere is equally jovial, and often draws a crowded party atmosphere, so stay elsewhere if what you seek is R&amp;R.</p><p>That said, you'll often see this hotel at a bargain price, even on holiday weekends, and rooms feature Mexican-inspired furniture, bright colors, and balconies or patios.</p><p>The on-site El Jefe Mexican restaurant is a must, and there is a lively pool with two hot tubs. One summer weekend, I could hardly find a place to stand while a DJ spun for a rowdy, hard-drinking crowd. That said, if an affordable party is what you seek, you'll likely do no better than Saguaro.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fthe-saguaro.html" rel="nofollow sponsored">Book Saguaro Palm Springs</a></p><div type="image" title="An outdoor pool at a resort." height="4000" width="5333" msid="90232936" hostid="261"></div><p><strong>Korakia Pensione</strong></p><p>Stumbling onto <a href="https://www.korakia.com/" target="_blank" rel="nofollow noopener sponsored">Korakia Pensione</a> feels like a discovery. This small, under-the-radar, Mediterranean-style resort is housed in two restored historic villas across the street from each other.</p><p>The residential property sits on one and a half acres with bungalows, guesthouses, gardens, and pools shaded by bougainvillea vines and Moroccan fountains. A distinctive keyhole-shaped entrance feels like entering the gateway to an oasis — because it is. During one visit, I fondly remember eating popsicles poolside and watching Marilyn Monroe movies from an alfresco set up on a hot summer night.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fkorakia-pensione.html" rel="nofollow sponsored">Book Korakia Pensione</a></p><div type="image" title="The pool at Margaritaville" height="968" width="1290" msid="90232937" hostid="261"></div><p><strong>Margaritaville Palm Springs</strong></p><p>Longtime fans of the former Riviera Hotel were more than a little shocked to see the property transform into a more mass-market-feeling <a href="https://www.margaritavilleresorts.com/margaritaville-resort-palm-springs" target="_blank" rel="nofollow noopener sponsored">Margaritaville</a> — the first one on the West Coast. </p><p>But the new hotel still incorporates the original property's historic midcentury aesthetic, now blended with Margaritaville's signature beachy vibe, for an overall attractive pick for families, bachelorettes, couples, and parrot heads.</p><p>There are 398 renovated rooms, island-inspired food and beverages, and the St. Somewhere Spa (the largest resort spa in the city). When it comes to a property that's this family-friendly, laid back, and affordable, there's really no match in Palm Springs.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fmargaritaville-resort-palm-springs.html" rel="nofollow sponsored">Book Margaritaville Palm Springs</a></p><div type="image" title="Three lounge chairs in front of an outdoor pool." height="3333" width="4444" msid="90232939" hostid="261"></div><p><strong>Kimpton Rowan </strong></p><p><a href="https://www.rowanpalmsprings.com/" target="_blank" rel="nofollow noopener sponsored">Kimpton Rowan</a> is a good bet if you're more into a traditional contemporary hotel stay over quaint casitas. Here, there's a buzzy lobby, 153 well-appointed guest rooms and suites, plus a small but glam rooftop pool (the only one like it in the area), a bar, and two chef-driven restaurants. From here you can walk to everything on Palm Canyon Drive downtown. </p><p>Also, unlike many independent properties on this list, Kimpton is part of IHG, offering the chance to earn and redeem points.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fkimpton-rowan-palm-springs.html" rel="nofollow sponsored">Book Kimpton Rowan</a></p><div type="image" title="An outdoor pool behind a small house." height="3653" width="4871" msid="90232941" hostid="261"></div><p><strong>Casa Cody </strong></p><p><a href="https://www.casacody.com/" target="_blank" rel="nofollow noopener sponsored">Casa Cody</a> has a very secret-garden vibe, with one and a half acres of meandering pathways, bougainvillea, native plants, and fruit trees tucked within walking distance of downtown Palm Springs. </p><p>There are 30 rooms and suites within historic structures, including four freestanding homes, and revamped interiors honoring the hotel's Spanish Colonial Revival spirit. Don't miss Saturday morning yoga, evening tea, and on-site citrus picking.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fpalm-springs-175-south-cahuilla-road.html" rel="nofollow sponsored">Book Casa Cody</a></p><div type="image" title="An outdoor pool surrounded by palm trees behind a hotel." height="3024" width="4032" msid="90232944" hostid="261"></div><p><strong>Sonder at V Palm Springs </strong></p><p>Once just called the V Palm Springs, this property now goes by <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sonder.com%2Fdestinations%2Fpalm_springs%2FSonder-at-V-Palm-Springs-ADA-Private-Room%2Fc31515%3Fsleeps%3D1" target="_blank" rel="nofollow noopener sponsored">Sonder at V Palm Springs</a>, as part of Sonder's model of contactless hospitality with self-service tech. </p><p>I've stayed here when I need a budget-friendly option on holiday or event weekends and still felt part of the action without spending a ton. It's stylish with a lively pool and less of the see-and-be-seen posturing that can be part of so many other desert hotels.</p><p>There are 143 rooms that surround two pools, as well as the newly opened Gigi's Mediterranean restaurant, and a hotel gym.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fsonder-at-v-palm-springs.html" rel="nofollow sponsored">Book Sonder at V Palm Springs</a></p><div type="image" title="People lounging in and around an outdoor pool behind a hotel." height="4000" width="5333" msid="90232945" hostid="261"></div><p><strong>Ace Hotel &amp; Swim Club</strong></p><p>The <a href="https://acehotel.com/palm-springs" target="_blank" rel="nofollow noopener sponsored">Ace Hotel &amp; Swim Club</a> is the grande dame of hipster hotels in Palm Springs. Set in a former motel, it's where shag haircuts meet desert weekends, with two outdoor pools and an outdoor fireplace. </p><p>Guest rooms are curated with macramé wall hangings, amenities from Rudy's Barbershop, and some have patios with hammocks.</p><p>Eat at the on-site King's Highway restaurant, a former Denny's turned foodie haven, along with the adjacent Amigo Room bar for cocktails and an old-school-style photo booth. I've come here for Coachella, DJ pool parties, birthdays with friends, and trips with my husband — and it's always a good time amid a cool-kid environment.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Face-and-swim-club.html%3F" rel="nofollow sponsored">Book Ace Hotel &amp; Swim Club</a></p><div type="image" title="The outside of a small bungalow surrounded by palm trees." height="4000" width="5333" msid="90232947" hostid="261"></div><p><strong>L'Horizon Palm Springs</strong></p><p>I often travel to Palm Springs with my kids, but this is the spot to stay for a grown-folks-only weekend. Indeed, only guests 21-and-up are allowed. </p><p><a href="https://lhorizonpalmsprings.com/" target="_blank" rel="nofollow noopener sponsored">L'Horizon Palm Springs</a> offers an ultra-luxurious boutique experience. Built in 1952 by the famous architect William F. Cody, L'Horizon was a celeb hot spot in the midcentury heyday and maintains that same vibe after a multimillion-dollar reimagining.</p><p>There are 25 bungalows with private patios and outdoor showers over three acres that come stocked with top-end touches like Frette linens, Le Labo toiletries, and marble baths. So.Pa restaurant is wonderful.</p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.booking.com%2Fhotel%2Fus%2Fl-39-horizon-resort-amp-spa.html" rel="nofollow sponsored">Book L'Horizon Palm Springs</a></p><div type="image" title="A hotel as seen through an archway with mountains and palm trees in the background." height="3674" width="4899" msid="90232951" hostid="261"></div><p><strong>Triada Palm Springs</strong></p><p>With its Mediterranean-style architecture, tranquil fountains, and tiled courtyards, the Triada feels like a boutique secret just a few blocks from downtown.</p><p>But it's actually a Marriott Bonvoy property, making this a good choice for members looking for a design-forward stay while still showing brand loyalty, with access to two on-site pools, a small gym, and a lobby restaurant </p><p>Standard rooms feature bold pops of color that brighten an otherwise small space, but for about $40 to $50 more, it's worth it to upgrade to a Casita suite with a kitchen, living area, and private patio, while still costing less than many other options on this list. </p><p><a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.marriott.com%2Fen-us%2Fhotels%2Fpspak-triada-palm-springs-autograph-collection%2Foverview%2F" rel="nofollow sponsored">Book Triada Palm Springs</a></p><p><a href="https://www.insider.com/everything-you-need-to-know-about-traveling-to-palm-springs-california" target="_blank" rel="noopener"><em>View Insider's comprehensive guide to visiting </em><em>Palm Springs</em><em>.</em></a></p><p><em>Emily Hochberg contributed reporting to this article.</em></p>

I review hotels professionally and these 11 Palm Springs properties are among my all-time favorite places to stay

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ford</span></p></div><p></p></div></div></p><ul class="summary-list"><li>The new cars that owners keep the longest are mostly sports cars and SUVs, <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">according to a study</a> by  iSeeCars.com.</li><li>The only car on the list that isn't a sports car or SUV is the Toyota Avalon, a full-size sedan.</li><li>The longest retained new car is the Toyota Land Cruiser, which owners keep for an average of 11.4 years.</li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><p>The new cars that owners keep the longest before reselling are mostly sports cars and SUVs, <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">according to a study</a> by car search engine iSeeCars.com.</p><p>Most owners keep their new cars for an average of 8.4 years, but the ten vehicles on the list averaged 9.7 to 11.4 years.</p><p>Almost all the sports cars on the list - with the exception of the Porsche 911 in the coupe body style - are the convertible versions. iSeeCars CEO Phong Ly claims this is because convertibles are the least-driven type of car and typically amass 60% fewer miles than the average car. </p><p><em><strong>Read more: <a href="https://www.businessinsider.com/10-cars-owners-give-up-resell-used-first-year-ownership-2019-9">The 10 cars owners ditch after less than a year more than any other, according to data </a></strong></em></p><p>"Sports cars typically aren't daily drivers and don't accrue high mileage as a result, so it takes them longer to show signs of wear and tear," Ly said in a <a href="https://www.iseecars.com/used-car-finder#section=studies&amp;study=cars-kept-longest-2019">prepared statement</a>. "Because sports cars aren't typically used as primary vehicles, owners likely aren't as concerned with having the latest and greatest technology and safety features."</p><p>iSeeCars.com analyzed over 5 million cars to identify which models were kept the longest before being sold by their original owners between January 1, 2014 and December 31, 2018. Cars owned for less than five years were excluded from the data set. </p><p>Check out the new cars owners keep the longest:</p><p class="tagline">Get the latest Ford stock price<a href="http://markets.businessinsider.com/stock/f-Quote"> <strong>here.</strong></a></p>

This list of the 10 new cars owners keep the longest reveals just how much American love their SUVs and sports cars

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hollis Johnson/Business Insider</span></p><p class="caption">The Tesla Model 3.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong>Consumer Reports has named <a href="https://www.businessinsider.com/category/tesla">Tesla</a>'s Model 3 sedan the most satisfying car.</strong></li><li><strong>Survey respondents rated their vehicles based on their driving experience, value, comfort, styling, audio, and climate systems.</strong></li><li><strong>Out of a possible 100 points, the <a href="https://www.businessinsider.com/category/tesla-model-3">Model 3</a> received 99 points for its driving experience, 84 points for comfort, and 67 points for value.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>'s Model S sedan also made the publication's top-10 list, ranking fifth.</strong></li></ul><p><a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/10-most-satisfying-cars-owner-satisfaction/">Consumer Reports</a> has named Tesla's Model 3 sedan the most satisfying car. Tesla's Model S sedan also made the publication's top-10 list, ranking fifth.</p><p>The list was compiled based on survey data from the owners of over 500,000 vehicles. Respondents rated their vehicles based on their driving experience, value, comfort, styling, audio, and climate systems. Out of a possible 100 points, the Model 3 received 99 points for its driving experience, 84 points for comfort, and 67 points for value. Ninety-two percent of respondents said they would buy the Model 3 again.</p><p><em><strong>Read more: <a href="https://www.businessinsider.com/teslas-general-counsel-dane-butswinkas-leaves-after-2019-2">Tesla's General Counsel is out after just 2 months</a></strong></em></p><p>The following vehicles made the top-10:</p><ul><li>1. Tesla Model 3</li><li>2. Porsche 911</li><li>3. Genesis G90</li><li>4. Chevrolet Corvette</li><li>5. Tesla Model S</li><li>6. Toyota Avalon</li><li>7. Kia Stinger</li><li>8. Chevrolet Bolt</li><li>9. Toyota Prius</li><li>10. Dodge Challenger</li></ul><p>Tesla's vehicles have received a wide range of feedback from Consumer Reports and its subscribers. The automaker has topped the publication's ranking of the <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/car-brands-ranked-by-owner-satisfaction/">most satisfying auto brands</a> for three consecutive years, but was rated 27th of 29 brands in the publication's 2018 ranking of the <a href="https://www.businessinsider.com/tesla-falls-six-spots-in-consumer-reports-reliability-rankings-2018-10">most reliable auto brands</a>. The publication said the Model 3 was reported to have average reliability and placed Tesla's Model X SUV among its <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/10-least-reliable-cars/">10 least reliable vehicles</a>.</p><p>Consumer Reports gave the Model 3 its <a href="https://www.businessinsider.com/tesla-model-3-software-update-earns-consumer-reports-approval-2018-5">"Recommended Buy" rating</a> in 2018 after Tesla released a software update that addressed the publication's issues with the vehicle's braking distance. Consumer Reports has complimented the vehicle's handling and acceleration, while criticizing its touchscreen-based controls, ride stiffness, and rear seat comfort.</p><p>The Model 3 is the only Tesla vehicle that Consumer Reports recommends. It previously recommended the Model S, but the vehicle lost that recommendation <a href="https://www.consumerreports.org/car-reliability-owner-satisfaction/car-reliability-issues-models-lose-cr-recommendation-car-reliability-survey/">due to reliability issues</a>, the publication said.</p><p><em>Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.</em></p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/tesla-executive-departures-list-2018-9" data-read-more-link="" data-e2e-name="read-more-link">Tesla's top lawyer is leaving the company after two months - here are all the key names who have departed in recent months</a></li><li><a href="https://www.businessinsider.com/elon-musk-doubles-down-on-claim-about-self-driving-tech-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Elon Musk doubled down on a bold claim he made about how quickly Tesla vehicles will be able to drive themselves</a></li><li><a href="https://www.businessinsider.com/tesla-powerwall-rare-according-to-a-survey-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Tesla's Powerwall is in high demand but difficult to get, according to a new survey</a></li><li><a href="https://www.businessinsider.com/tesla-deletes-standard-model-3-website-2019-2" data-read-more-link="" data-e2e-name="read-more-link">Tesla quietly deletes the Model 3 standard battery from its website, raising questions about the long-awaited base model</a></li></ul><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-roadster-what-fans-should-know-electric-vehicles-cars-2019-2">Everything you need to know about Tesla's new Roadster</a></h3>        <div>                    </div>    </div>

Tesla's Model 3 was named the most satisfying car by Consumer Reports

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">President Donald Trump talks with reporters before departing on Marine One for the Air Force Academy graduation ceremony, Thursday, May 30, 2019, in Washington. (AP Photo/Evan Vucci)</p></div><p></p></div></div></strong></p><ul><li><strong><a href="https://markets.businessinsider.com/indices">Stock markets</a> around the world were thrown into disarray Friday after President Donald Trump unexpectedly announced he planned to impose <a href="https://markets.businessinsider.com/currencies/news/donald-trump-mexico-tariff-threat-peso-reaction-2-2019-5-1028245402">tariffs</a> on US-bound goods from Mexico. </strong></li><li><strong>Strategists and economists think the worst is yet to come.</strong></li><li><strong><a href="https://markets.businessinsider.com/">Visit Markets Insider's homepage for more stories</a>.</strong></li></ul><p>Investors already on edge from the ongoing trade war between the US and China are dealing with a new headache.</p><p>Financial markets were thrown into disarray on Friday after President Donald Trump <a href="https://twitter.com/realDonaldTrump/status/1134240653926232064">threatened</a> to impose tariffs, starting June 10, on all the goods the US imports from Mexico until the <span>"illegal immigration problem is remedied."</span></p><p>Global equities <a href="https://markets.businessinsider.com/news/stocks/stocks-drop-after-trumps-mexico-tariffs-china-data-hit-markets-2019-5-1028244349">plunged</a>. The Mexican <a href="https://markets.businessinsider.com/currencies/news/donald-trump-mexico-tariff-threat-peso-reaction-2-2019-5-1028245402">peso</a> cratered. Germany's <span>10-year Bund yield scraped to the deepest below zero on <a href="https://www.ft.com/content/59fac40c-836c-11e9-b592-5fe435b57a3b">record low</a>.</span> The <a href="https://markets.businessinsider.com/index/vix">VIX</a>, the S&amp;P 500's "fear gauge," touched a two-week high. And strategists, economists, and analysts up and down Wall Street warned the worst is yet to come.</p><p>"So this is no more about free and fair trade, reciprocity, and protection of technological expertise," Peter Boockvar, the chief investment officer at Bleakley Advisory Group, said Friday in an emailed report he called "Serenity Now."</p><p>"Tariffs can be thrown around as an economic bomb for anything now," he said. "Global growth rates will only continue to suffer."</p><p>The Trump administration's sudden <a href="https://www.whitehouse.gov/briefings-statements/statement-president-regarding-emergency-measures-address-border-crisis/">announcement</a> comes as Washington and Beijing are locked in their own trade dispute that has been <a href="https://markets.businessinsider.com/news/stocks/us-china-trade-war-timeline-updated-tariffs-timeline-2019-5-1028227195">dragging on for over a year</a>. Experts say the duties Trump is threatening could heavily impact supply chains between the US and Mexico - and inject a new wild card into equity markets.</p><p><strong><em>A bonus just for you: </em></strong><em><a href="https://www.businessinsider.com/subscription/try-prime?ms?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/subscription/try-prime?ms&amp;source=gmail&amp;ust=1559395358552000&amp;usg=AFQjCNFQxvGAwytr10LuNNPVy5uIKI61vA">Click here to claim 30 days of access to Business Insider PRIME</a></em></p><p>"Despite a less severe impact on GDP, the impact on supply chains and economic activity could be significant, implying that financial markets could be affected materially," Nomura research analysts led by Lewis Alexander said in a note out Thursday.</p><p>Automobiles and capital goods are two groups particularly sensitive to the proposed tariffs as they accounted for most of the US's imports from Mexico last year, the analysts said. Auto stocks like <a href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> and <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> slid on Friday, and a team of Deutsche Bank economists said the anticipated costs for US automakers would be "crippling."</p><p>"With businesses already grappling with the ramp up in US-China trade tensions, further uncertainty created by tonight's announcement could amplify a decline in business confidence," they wrote.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Nomura.</span></p><p class="caption">US goods imports from Mexico by type of product in 2018, per Nomura.</p></div><p></p></div></div></p><p>The development knocked down equity markets, at least in the US, that were already in the midst of a dismal run. May marked the first negative month of 2019, and the Dow Jones Industrial Average fell for a sixth-straight week. </p><p>The S&amp;P 500's "large topping pattern remains in effect, which, after the latest Tariff news on Mexico, has a chance of playing out further now," said Frank Cappelleri, the chief market technician at Instinet, told clients Friday.</p><p>He added in a note out early Friday called "Mayhem" that the S&amp;P 500 has "decidedly broken down," with a downside target of 2,650. The benchmark index has already fallen 7% from its May 1 high, and that would mean a drop of another 3.6% from here. </p><p>Still, the question remains whether Trump's announcement is a negotiating tactic or whether the proposed tariffs will be implemented on June 10. </p><p>"Could the threat of monthly escalating tariffs on Mexico be a negotiating ploy? Certainly," Sam Rines, the chief economist at Avalon Advisors, told clients on Friday.</p><p>"That might even be the most probable outcome of the threat. But - even if it is just a negotiating ploy - it is not something that can be ignored. The threat creates incremental uncertainty, further crippling already flagging business investment."</p><p><em><strong>Read related coverage from Markets Insider and Business Insider:</strong></em></p><p><em><a href="https://markets.businessinsider.com/news/stocks/us-china-trade-war-57-billion-out-of-emerging-markets-2019-5-1028245806">The US-China trade war just sparked a $14.6 billion exodus from emerging markets</a></em></p><p><em><a href="https://www.businessinsider.com/trump-trade-policy-mexico-tariffs-worsening-trade-war-hurting-economy-2019-5">Trump's latest trade-war grenade has the global economy heading towards a scenario where no one wins</a></em></p><p><em><a href="https://markets.businessinsider.com/currencies/news/donald-trump-mexico-tariff-threat-peso-reaction-2-2019-5-1028245402">The Mexican peso is getting clobbered after Trump threatens to hit Mexican goods with tariffs</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/stocks-drop-after-trumps-mexico-tariffs-china-data-hit-markets-2019-5-1028244349">Avocado buyers Chipotle and Calavo Growers are getting slammed as Trump's Mexico tariffs threaten to raise prices</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/steve-from-blues-clues-today-video-2017-1">'Blue's Clues' is making a comeback with a new look and new host. Here's what the original host, Steve Burns, did after he quit the show.</a></h3>        <div>                    </div>    </div>

You Searched For "avalon stock price" and got 10 results

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

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Weighed down by crude prices, Rupee falls 25 paise to 82.46/USD

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Paytm is inching closer to Macquarie's target of ₹1200

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Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp

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A critical corner of the stock market is reflecting fears that the economy is slowing down

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Stocks are popping on Trump's Mexico tariff suspension. But the market's still littered with major risks, experts warn.

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I review hotels professionally and these 11 Palm Springs properties are among my all-time favorite places to stay

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This list of the 10 new cars owners keep the longest reveals just how much American love their SUVs and sports cars

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Tesla's Model 3 was named the most satisfying car by Consumer Reports

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'Mayhem,' 'Crippling,' 'Serenity now': Trump's threatened tariffs on Mexico would spur chaos, Wall Street warns

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