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Morning Brief: Elon Musk tweet may invite a big lawsuit

Wednesday, August 8, 2018

What to watch today

Wednesday comes with earnings announcements from Twenty-First Century Fox (FOXA), News Corp. (NWSA), Michael Kors (KORS), Mylan (MYL), and Booking Holdings (BKNG). There are no major economic data scheduled for release.

Top news

REUTERS/Toru Hanai/File Photo

Tesla’s Elon Musk just invited a big lawsuit: Electric carmaker Tesla (TSLA) could be going private, according to a tweet by its mercurial CEO, Elon Musk. If true, it’s a boon for shareholders. But if it’s not true, Tesla could be in trouble, and shareholders may feel the pain. [Yahoo Finance]

Disney quarterly profit falls short as streaming costs rise: Walt Disney Co. (DIS) missed Wall Street profit targets as new technology costs rose during the quarter ended June 30, but Chief Executive Bob Iger said an exodus of consumers from its television channels was slowing. Shares of Disney, which have climbed nearly 9% so far this year, slipped 1.1% in after-hours trading on Tuesday to $115.45. [Reuters]

Snap shares rally after it reports revenue beat, decline in users: Snap (SNAP) shares were up over 11% in after-hours trading on Tuesday after the social-media company beat earnings estimates but disappointed on user growth.For the first time ever, the Venice, California-based tech company reported a sequential decline in daily active users. [Yahoo Finance]

Chinese exports accelerate even as Trump escalates trade war: China’s exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world’s two major economic powers ramped up a bitter dispute that some fear could derail global growth. [Reuters]

Amazon launches curbside pickup at Whole Foods stores: Amazon.com Inc. (AMZN) on Wednesday said it was launching curbside pickup at Whole Foods stores, in its latest tactic to win over U.S. grocery shoppers. Customers can place orders via Amazon’s Prime Now app and ask to have groceries loaded into their car upon arrival at a store, the company said in a statement. [Reuters]

For more of the latest news, go to Yahoo Finance

Troy Balderson, Republican candidate for Ohio’s 12th Congressional District, greets a crowd of supporters during an election night party Tuesday, Aug. 7, 2018, in Newark, Ohio. (AP Photo/Jay LaPrete)

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