Wall Street Breakfast Wildfire costs blaze toward historic highs
Jan 10, 2025
Wildfire costs in California are swinging toward a staggering $135B-$150B, marking a potential record. Meanwhile, TikTok's legal battle over a U.S. ban heads to the Supreme Court, raising concerns over free speech and national security. Macy's is set to close 66 underperforming stores as it adapts to market changes. In positive news, Taiwan Semiconductor reports strong Q4 revenue fueled by AI demand, showcasing resilience amidst market fluctuations. Plus, BLOCK is rebranding with a new ticker symbol to reflect its evolving interests.
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Wildfire Costs Soar
- The Los Angeles wildfires are projected to be the costliest in U.S. history, exceeding $20 billion in insured losses.
- AccuWeather estimates total damage between $135 and $150 billion, doubling earlier projections.
TikTok's Supreme Court Battle
- TikTok is challenging a potential U.S. ban in the Supreme Court, citing First Amendment concerns.
- The ban, set for January 19th, mandates selling TikTok to a U.S. company due to national security issues.
Macy's Closures
- Macy's is closing 66 underperforming stores, including nine in both New York and California.
- This is part of their plan to close 150 locations by 2026 and focus on more profitable stores.