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Tesla bombshell; Tinder magic; Fox results

1. Tesla bombshell: Elon Musk said Tuesday that he wants to take Tesla private, sending sha...

Posted: Aug 8, 2018 9:34 AM
Updated: Aug 8, 2018 9:34 AM

1. Tesla bombshell: Elon Musk said Tuesday that he wants to take Tesla private, sending shares in the automaker up 11% to $379.

The CEO and largest shareholder said on Twitter he had already lined up funding valuing Tesla at $420 per share. That would make Tesla worth $71 billion. Before Musk's tweet, Tesla had a market value of $58 billion, making it the most valuable carmaker in the United States.

In a letter to employees, Musk said the move would relieve the electric car company of the "enormous pressure" of Wall Street's expectations. The plan is not final and would need shareholder approval, and some analysts have questioned how it would work.

The announcement came after the Financial Times reported that Saudi Arabia has quietly built a big stake in the company. It was an abrupt move even by Musk's standards — similar announcements are usually carefully planned and timed.

Shares in Tesla were down slightly ahead of the opening bell.

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

2. Snap losing users: Snap, the parent of Snapchat, reported $262 million in revenue during the three months ended June, a 44% increase compared to the same period last year.

But the company saw its first drop in daily users during the second quarter, a slip it attributed to a rocky app redesign. The app lost 3 million daily users, a decrease of 2% compared to the previous quarter.

Snap stock was poised to increase nearly 3% on Wednesday.

The company has also received backing from Saudi Arabia's Prince Alwaleed bin Talal, who said Tuesday that he had acquired a 2.3% stake. He made the $250 million investment on May 25.

3. Love pays: Shares in Match Group, the owner of Tinder and other dating apps, soared as much as 12% in extended trading after the company reported better than expected results on Tuesday.

Growth was driven by Tinder, which saw its revenue grow 136% in the second quarter compared to the same period last year. The dating app is free, but it offers a premium membership that is increasingly popular.

4. Fox reports: 21st Century Fox will report earnings after the close.

Investors will be looking for information on plans for live television, sports and news programming that will dominate the remainder of 21st Century Fox after Disney buys pretty much everything but Fox News, Fox broadcast network and FS1.

Disney outlined some of its plans for Fox's assets on Tuesday. Shareholders approved the $71.3 billion deal last month, but it still needs approval from international regulators.

5. Global market overview: US stock futures were lower.

European markets were mixed in early trading. Asian stocks also struggled to find direction.

The Dow Jones industrial average closed 0.5% higher on Tuesday. The S&P 500 and Nasdaq gained 0.3%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

6. Earnings and economics: CVS Health, Michael Kors, New York Times, Sinclair Broadcast and Thomson Reuters will release earnings before the open.

CenturyLink, Jack In The Box, Monster Beverage, Roku and Yelp will follow after the close.

A weekly report on US crude inventories will be released at 10:30 a.m. ET.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

7. Coming this week:
Wednesday — 21st Century Fox, CVS, New York Times and Roku earnings
Thursday — Viacom and Tronc earnings, PPI report, Samsung holds its "Unpacked" event
Friday — CPI report

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 893364

Reported Deaths: 17256
CountyConfirmedDeaths
Los Angeles2940656956
Riverside653861279
San Bernardino615501070
Orange578481434
San Diego53498866
Kern33630415
Fresno30328430
Sacramento24957480
Santa Clara23679385
Alameda23001456
San Joaquin21473488
Contra Costa18342240
Stanislaus17455395
Tulare17365282
Ventura14050160
Imperial12668336
San Francisco12000138
Monterey1122586
San Mateo10961157
Santa Barbara9688119
Merced9415154
Sonoma9099134
Kings818683
Solano724974
Marin7038128
Madera494574
San Luis Obispo409232
Placer405257
Yolo311958
Butte304151
Santa Cruz274425
Napa191815
Shasta183930
Sutter183012
San Benito141915
El Dorado13064
Yuba128810
Mendocino111821
Tehama8248
Lassen7641
Lake67815
Glenn6493
Nevada6018
Humboldt5619
Colusa5496
Calaveras33917
Amador31316
Tuolumne2584
Inyo22015
Siskiyou1870
Mono1762
Del Norte1751
Mariposa782
Plumas630
Modoc280
Trinity250
Sierra60
Alpine30
Unassigned00
Chico
Clear
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Hi: 81° Lo: 48°
Feels Like: 79°
Oroville
Clear
78° wxIcon
Hi: 79° Lo: 49°
Feels Like: 78°
Paradise
Clear
79° wxIcon
Hi: 74° Lo: 51°
Feels Like: 79°
Chester
Clear
59° wxIcon
Hi: 66° Lo: 38°
Feels Like: 59°
Red Bluff
Clear
81° wxIcon
Hi: 82° Lo: 49°
Feels Like: 81°
Willows
Clear
79° wxIcon
Hi: 82° Lo: 45°
Feels Like: 79°
Winds will not be as strong today, but the Red Flag Warning for high fire danger will continue through 5pm. Pleasant conditions are ahead for your Saturday, but then a more substantial wind event will bring extreme fire danger back into our forecast from Sunday through Monday.
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