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: 312712

Reported Deaths: 7223
CountyCasesDeaths
DeSoto21445257
Hinds20264414
Harrison17785308
Rankin13548278
Jackson13401246
Madison10055217
Lee9959173
Jones8361163
Forrest7638152
Lauderdale7191240
Lowndes6361144
Lamar620686
Lafayette6164118
Washington5318133
Bolivar4796132
Oktibbeha460698
Panola4550105
Pearl River4493145
Marshall4393103
Warren4371121
Pontotoc419372
Monroe4089133
Union408876
Neshoba4022176
Lincoln3944110
Hancock376886
Leflore3487125
Sunflower335590
Tate332084
Pike3290105
Scott314973
Alcorn311268
Yazoo310269
Itawamba299277
Copiah296065
Coahoma293979
Simpson293888
Tippah287468
Prentiss278960
Marion268780
Leake265573
Wayne262241
Adams261882
Grenada260085
Covington256281
George246748
Newton246161
Winston226881
Tishomingo225467
Jasper220748
Attala214173
Chickasaw206957
Holmes188672
Clay184654
Stone181833
Clarke177879
Tallahatchie177840
Calhoun169732
Yalobusha162936
Smith162134
Walthall133845
Greene130333
Lawrence128323
Montgomery126742
Noxubee126734
Perry125838
Amite122842
Carroll121728
Webster114532
Jefferson Davis106932
Tunica104626
Claiborne102230
Benton99025
Humphreys96133
Kemper95328
Franklin83423
Quitman79916
Choctaw76018
Wilkinson66830
Jefferson65428
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 529446

Reported Deaths: 10930
CountyCasesDeaths
Jefferson763031516
Mobile40850804
Madison34622501
Tuscaloosa25701451
Montgomery24289585
Shelby23367247
Baldwin21035307
Lee15822169
Calhoun14469313
Morgan14266279
Etowah13806352
Marshall12185222
Houston10533280
Elmore10029205
Limestone9948150
Cullman9640193
St. Clair9589239
Lauderdale9407239
DeKalb8814185
Talladega8199175
Walker7214277
Autauga6914108
Jackson6801111
Blount6635136
Colbert6288134
Coffee5498117
Dale4820111
Russell438438
Chilton4258111
Franklin424782
Covington4111117
Tallapoosa4004150
Escambia393076
Chambers3555123
Dallas3543151
Clarke350661
Marion3105100
Pike310177
Lawrence299798
Winston273672
Bibb260463
Marengo249064
Geneva247676
Pickens233659
Barbour230756
Hale222276
Butler215869
Fayette212062
Henry188744
Cherokee184145
Randolph179241
Monroe177040
Washington167039
Macon158850
Clay155156
Crenshaw151957
Cleburne148341
Lamar141534
Lowndes138553
Wilcox126729
Bullock122941
Conecuh110129
Perry107526
Coosa106928
Sumter104332
Greene92334
Choctaw60424
Out of AL00
Unassigned00
Tupelo
Clear
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Hi: 76° Lo: 49°
Feels Like: 67°
Columbus
Clear
67° wxIcon
Hi: 75° Lo: 51°
Feels Like: 67°
Oxford
Clear
66° wxIcon
Hi: 74° Lo: 46°
Feels Like: 66°
Starkville
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Hi: 75° Lo: 48°
Feels Like: 66°
We can expect plentiful sunshine Thursday with nice, warm temperatures. But going into the late afternoon and early evening, a brief disturbance could bring a quick round of showers and perhaps a thunderstorm through the area.
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