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Musk sounds off; Xiaomi IPO; Fed boosts the dollar

1. Tesla call: Shares in Tesla dropped nearly 5% in extended trading after the automaker reported ea...

Posted: May 3, 2018 10:22 AM
Updated: May 3, 2018 10:22 AM

1. Tesla call: Shares in Tesla dropped nearly 5% in extended trading after the automaker reported earnings and held an investor call that went off the rails.

The results showed that Tesla burned through $700 million in cash last quarter, but its Model 3 production woes appear to be easing.

More attention may be paid to the automaker's earnings call, during which CEO Elon Musk brushed analysts off, told them their questions were boring, and spent a significant amount of time fielding questions from a guy with a YouTube channel.

2. Xiaomi is going public: China's Xiaomi, one of the world's biggest smartphone makers, has filed for an IPO.

The Chinese company submitted documents to list shares on the Hong Kong stock exchange. Its filing didn't give details on the size of the planned IPO, but reports have suggested it could be worth around $10 billion.

Xiaomi declined to comment on the value of the IPO, which is expected in the next couple of months.

3. Fed boosts the dollar: The US Federal Reserve on Wednesday signaled growing confidence that inflation is picking up and the economy is getting stronger.

The Fed left interest rates unchanged. Investors will be looking for more clues on future rate hikes in about three weeks, when the Fed releases the minutes from the meeting. The central bank's next meeting is on June 12 and 13.

The US dollar was flat on Thursday, but it hit fresh 2018 highs on Wednesday as investors reacted to news out of the central bank.

4. Global market overview: US stock futures were higher.

European markets opened lower, while Asian markets ended the session mixed.

The Dow Jones industrial average and the S&P 500 dropped 0.7% on Wednesday. The Nasdaq shed 0.4%.

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5. Earnings and economics: Blue Apron, CIGNA, DowDuPont, Ferrari, Houghton Mifflin Harcourt, Kellogg, Marriot Vacations, New York Times, PG&E, Standard Motor, and World Wrestling will release earnings before the open.

Activision Blizzard, CBS, Con Edison, Del Taco, El Pollo Loco, Goldman Sachs BDC, GoPro, Haynes International, Pandora Media, Post, Shake Shack, Weight Watchers, and Xerox will follow after the close.

Shares in Adidas dropped 1.5% after the company reported its earnings. The German sportswear giant reported strong sales in China and North America and rising profits.

US trade balance data for March will be published at 8:30 a.m. ET. At the same time, initial jobless claims numbers will be released by the Department of Labor.

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6. Coming this week:
Thursday - Cigna, DowDuPont, Kellogg, Weight Watchers earnings
Friday - Alibaba, Newell Brands earnings; Berkshire Hathaway annual shareholder weekend kicks off; Jobs report

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 516851

Reported Deaths: 9441
CountyConfirmedDeaths
Los Angeles1938774702
Orange37813651
Riverside37011695
San Bernardino33432418
San Diego29883565
Kern20651144
Fresno15083138
San Joaquin11885180
Alameda11524189
Santa Clara10794191
Sacramento10122145
Tulare9745189
Imperial9448222
Stanislaus9221112
Contra Costa8033127
Ventura734476
San Francisco691661
Santa Barbara616760
San Mateo5683119
Marin509270
Monterey492430
Kings445356
Merced428550
Solano361137
Sonoma311339
Madera194330
Placer192516
San Luis Obispo190216
Yolo157242
Santa Cruz11524
Butte9417
Napa8888
Sutter7976
San Benito6474
El Dorado6371
Lassen6260
Yuba5024
Shasta3909
Glenn3321
Colusa3314
Mendocino3229
Nevada2991
Tehama2341
Humboldt2334
Lake2081
Mono1451
Tuolumne1412
Amador1260
Calaveras1251
Del Norte880
Siskiyou730
Inyo611
Mariposa572
Plumas330
Trinity50
Alpine20
Modoc20
Sierra20
Unassigned00
Chico
Clear
86° wxIcon
Hi: 97° Lo: 62°
Feels Like: 86°
Oroville
Clear
89° wxIcon
Hi: 99° Lo: 62°
Feels Like: 89°
Paradise
Clear
86° wxIcon
Hi: 91° Lo: 61°
Feels Like: 86°
Chester
Clear
87° wxIcon
Hi: 86° Lo: 57°
Feels Like: 87°
Red Bluff
Clear
93° wxIcon
Hi: 101° Lo: 65°
Feels Like: 93°
Willows
Clear
86° wxIcon
Hi: 100° Lo: 59°
Feels Like: 86°
Staying hot and hazy today, but relief from the heat is on the way for the middle of this week. We'll also have the potential for mountain thunderstorms on Wednesday. The heat returns this weekend.
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