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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 11:34 AM
Updated: Aug 8, 2018 11:34 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%.

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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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296154

Reported Deaths: 6764
CountyCasesDeaths
DeSoto19700230
Hinds18851392
Harrison16736281
Rankin12757265
Jackson12623228
Lee9694161
Madison9480203
Jones7990147
Forrest7234138
Lauderdale6837226
Lowndes6032140
Lamar589680
Lafayette5740113
Washington5220130
Bolivar4616124
Oktibbeha441593
Panola431995
Pearl River4178131
Warren4134115
Pontotoc410571
Marshall403592
Monroe3990127
Union396174
Neshoba3817169
Lincoln3552104
Hancock348975
Leflore3380118
Sunflower318986
Tate303174
Pike301296
Scott294570
Alcorn292263
Yazoo290565
Itawamba290175
Coahoma281169
Tippah279265
Copiah278758
Simpson276280
Prentiss270258
Wayne254341
Leake252871
Marion252778
Covington249580
Grenada247878
Adams234678
George232145
Newton230852
Winston221877
Jasper213645
Tishomingo212665
Attala206669
Chickasaw201453
Holmes182370
Clay179251
Stone172429
Tallahatchie171239
Clarke169371
Calhoun158028
Smith153033
Yalobusha145036
Greene127833
Walthall124340
Noxubee122831
Montgomery122639
Perry122135
Lawrence120321
Carroll118625
Amite111734
Webster110832
Jefferson Davis102231
Tunica99323
Claiborne98829
Benton93824
Humphreys92927
Kemper90323
Quitman77414
Franklin76119
Choctaw69817
Jefferson62727
Wilkinson62426
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 497154

Reported Deaths: 10029
CountyCasesDeaths
Jefferson714001387
Mobile36252736
Madison32573462
Tuscaloosa24289414
Montgomery22708519
Shelby22112215
Baldwin19856285
Lee15021155
Calhoun13755288
Morgan13742252
Etowah13379320
Marshall11439210
Houston10110262
Elmore9451185
Limestone9413136
St. Clair9003225
Cullman8979182
Lauderdale8610212
DeKalb8486175
Talladega7582165
Walker6571259
Jackson6542103
Autauga631391
Blount6229127
Colbert5998120
Coffee5259103
Dale4657107
Russell406433
Franklin399778
Covington3989106
Chilton3891100
Escambia378772
Tallapoosa3613143
Clarke343953
Chambers3423111
Dallas3419142
Pike293372
Marion288895
Lawrence284683
Winston258668
Bibb245960
Geneva240270
Marengo238357
Pickens225055
Barbour212951
Hale211969
Fayette201357
Butler201166
Henry182941
Cherokee177739
Monroe166639
Randolph164640
Washington156635
Macon147243
Crenshaw146254
Clay145554
Cleburne139741
Lamar133733
Lowndes132551
Wilcox122525
Bullock117236
Conecuh107024
Perry105927
Sumter99432
Coosa89624
Greene88532
Choctaw55123
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