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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: 149940

Reported Deaths: 3779
CountyCasesDeaths
DeSoto10097104
Hinds9984199
Harrison7116110
Jackson6360119
Rankin5588103
Lee509195
Madison4799106
Forrest383186
Jones357688
Lauderdale3496147
Lafayette326051
Washington3179107
Lamar291550
Oktibbeha245462
Bolivar241384
Lowndes237364
Panola222350
Neshoba2206118
Marshall217250
Leflore205590
Pontotoc199928
Monroe198177
Sunflower191655
Lincoln190865
Warren176857
Tate169851
Union167325
Copiah164140
Pike162658
Yazoo156039
Scott154829
Itawamba152935
Pearl River152167
Alcorn151328
Coahoma150543
Simpson148353
Prentiss146230
Adams141950
Grenada140945
Leake134944
Holmes130861
George125524
Tippah125230
Covington123439
Winston122224
Hancock121139
Wayne117923
Marion116646
Attala113034
Tishomingo109442
Chickasaw107632
Newton105629
Tallahatchie97027
Clay91327
Clarke90553
Jasper82822
Stone77014
Walthall76928
Calhoun75513
Montgomery74525
Carroll72415
Lawrence71814
Smith71316
Yalobusha71327
Noxubee71017
Perry67026
Tunica61019
Greene60322
Claiborne58616
Jefferson Davis57017
Amite54014
Humphreys53619
Benton49318
Quitman4927
Webster44314
Kemper43618
Wilkinson39822
Jefferson35211
Franklin3395
Choctaw3357
Sharkey30917
Issaquena1164
Unassigned00

Alabama Coronavirus Cases

Cases: 244993

Reported Deaths: 3572
CountyCasesDeaths
Jefferson32314500
Mobile19859361
Madison13223148
Tuscaloosa13049154
Montgomery12342236
Shelby1031577
Baldwin873398
Lee775766
Morgan662650
Calhoun6301119
Etowah627666
Marshall627255
Houston525638
DeKalb485536
Cullman439442
Limestone425145
St. Clair419555
Lauderdale407854
Elmore406864
Walker3657111
Talladega351454
Jackson320423
Colbert311942
Blount292240
Autauga273542
Franklin252633
Coffee245415
Dale232654
Dallas226232
Chilton223438
Russell22193
Covington218934
Escambia198331
Chambers176850
Tallapoosa176391
Pike158614
Clarke158419
Marion140236
Winston133023
Lawrence127936
Pickens123518
Geneva12218
Marengo121524
Bibb117917
Barbour117310
Butler116541
Randolph102921
Cherokee102224
Hale97031
Clay91924
Fayette91616
Washington91219
Henry8546
Lowndes79929
Monroe78911
Cleburne77214
Macon73722
Crenshaw71130
Bullock69619
Perry6886
Conecuh68414
Lamar6798
Wilcox63518
Sumter58122
Greene42618
Choctaw42213
Coosa3444
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