SEVERE WX : Fire Weather Watch View Alerts

More trouble at Tesla; Ryanair strikes; Italian drama

1. More trouble at Tesla: The Securities and Exchange Commission filed a lawsuit against Te...

Posted: Sep 28, 2018 9:58 AM
Updated: Sep 28, 2018 9:58 AM

1. More trouble at Tesla: The Securities and Exchange Commission filed a lawsuit against Tesla CEO Elon Musk on Thursday accusing him of making "false and misleading" statements to investors.

The commission is asking a federal judge to prevent Musk from serving as an officer or a director of a public company, among other penalties.

The complaint hinges on a tweet Musk sent on August 7 about taking Tesla private. "Am considering taking Tesla private at $420," Musk wrote. "Funding secured." The SEC said he had not actually secured the funding.

The lawsuit could prove costly for Tesla. Shares in the company dropped 11% in premarket trading.

2. Ryanair strikes: Shares in Ryanair swung between losses and gains after the budget airline canceled 250 flights across Europe because of strikes.

The carrier already suffered this summer from a sharp rise in fuel costs and strikes by air traffic controllers and pilots. Its shares are down around 12% since the start of the year.

Rival low-cost airline EasyJet said Friday that it expects profits to rise this year, noting that it has "benefited from Ryanair cancellations."

3. Shaky Italy: Italian bond yields jumped Friday, suggesting investors are starting to worry more about the country's ability to pay its debts.

Italy's populist government agreed Thursday to put forward a budget proposal that would result in a much higher deficit than last year's, putting it on course for a clash with the European Commission.

"Italy is bringing itself into a precarious position," said Holger Schmieding, chief economist at Berenberg.

"Because Italy's underlying fundamentals are shaky, it may not take much to trigger a major sell-off in Italian bond markets that would weaken banks, tighten financing conditions and dampen economic growth further," he added.

The main stock index in Milan dropped more than 2% on Friday morning, significantly more than other major European markets.

4. Global market overview: US stock futures were flat early on Friday.

European markets opened lower, while markets in Asia closed mostly higher.

The Dow Jones Industrial Average closed 0.2% higher on Thursday, while the S&P 500 was up 0.3% and the Nasdaq gained 0.7%.

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

5. Earnings and economics: BlackBerry plans to release earnings before the open Friday.

The Bureau of Economic Analysis will publish its August PCE prices at 8:30 a.m. ET.

Bed Bath & Beyond plunged 21% on Thursday after reporting poor same store sales. At one point the shares were down as much as 25%, hitting an 18-year low.

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

6. Coming this week:
Friday — End of Q3

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 333357

Reported Deaths: 7089
CountyConfirmedDeaths
Los Angeles1363573824
Riverside25748550
Orange25255424
San Diego19929422
San Bernardino19502307
Fresno828288
Imperial7977136
Alameda7976148
San Joaquin698870
Kern660198
Santa Clara6542167
Tulare5942152
Sacramento571483
Stanislaus497351
Contra Costa485290
San Francisco459050
Ventura424653
San Mateo4045112
Santa Barbara393131
Marin370232
Kings297039
Monterey279018
Solano207528
Merced188412
Sonoma181916
Placer111411
San Luis Obispo10065
Yolo92928
Madera8938
Santa Cruz5693
Napa5184
Lassen4280
Sutter4034
San Benito3622
Butte3384
El Dorado3070
Shasta2006
Yuba1983
Glenn1760
Humboldt1654
Nevada1631
Mendocino1320
Lake1211
Colusa1130
Tehama1071
Tuolumne730
Calaveras670
Del Norte610
Mono521
Siskiyou410
Amador400
Inyo351
Mariposa321
Plumas190
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
90° wxIcon
Hi: 99° Lo: 66°
Feels Like: 90°
Oroville
Clear
92° wxIcon
Hi: 100° Lo: 66°
Feels Like: 92°
Paradise
Clear
90° wxIcon
Hi: 92° Lo: 67°
Feels Like: 90°
Chester
Clear
83° wxIcon
Hi: 86° Lo: 60°
Feels Like: 83°
Red Bluff
Clear
93° wxIcon
Hi: 102° Lo: 69°
Feels Like: 93°
Willows
Clear
90° wxIcon
Hi: 102° Lo: 62°
Feels Like: 90°
Tuesday was another hot day for northern California, but a slight shift in our weather pattern Wednesday will make it hotter for everyone.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events