Morning Brief: Tesla, Musk sued by investors

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Monday, August 13, 2018

What to watch today

This week comes with a nice cross-section of economic data that’ll provide an early look on how the U.S. economy is performing in Q3. On Wednesday, we’ll get the July reports on retail sales and industrial production. That’ll be followed by the July housing starts report on Thursday. By the way, that retail sales report will include data from Amazon’s Prime Day, which happened on July 16.

There are no notable U.S. economic reports or earnings announcements scheduled for Monday. However, investors and traders will continue to watch for any spillover effects from Turkey’s financial crisis.

Top news

REUTERS/Toru Hanai/File Photo
REUTERS/Toru Hanai/File Photo

Musk tweet draws Tesla investor lawsuits: Elon Musk and Tesla Inc. (TSLA) were sued by investors for manipulating share prices after the chief executive officer’s bombshell tweet that he was thinking about taking the company private and that he’d secured funding for the deal. [Bloomberg]

Saudi fund in talks to invest in Tesla buyout deal: Saudi Arabia’s sovereign wealth fund is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk’s plan to take the electric car maker private, according to people with knowledge of the fund’s plans. The Public Investment Fund has built up a stake just shy of 5% in Tesla in recent months. [Bloomberg]

What the collapse of Turkey’s currency means for the US: The selloff in Turkey’s lira currency has investors worried about potential contagion from the U.S.’s North Atlantic Treaty Organization (NATO) ally and prospective European Union member. [Yahoo Finance]

Elliott Management to push Nielsen Holdings to sell: Activist investor Elliott Management Corp. has taken a big stake in Nielsen Holdings (NLSN) and plans to push the TV-ratings company to sell itself. The New York hedge fund owns more than 8% of Nielsen, worth at least $640 million, people familiar with the matter said. [The Wall Street Journal]

Bayer shares slide after Monsanto’s Roundup cancer trial: Shares in Bayer plunged more than 10% to their lowest in almost two years after a California jury ordered the German company’s subsidiary Monsanto to pay $289 million in damages last week. [Reuters]

Papa John’s offers to help struggling franchisees: Papa John’s International Inc. (PZZA) said it would provide financial assistance to its U.S. franchisees through the remainder of the year as it tries to turn around the business it says has been hurt by its founder’s remarks. Relations between the pizza chain and founder John Schnatter have become increasingly fraught in recent weeks. [The Wall Street Journal]

For more of the latest news, go to Yahoo Finance

Counter-protesters chant and hold signs during the Unite the Right 2 rally in Washington, D.C., U.S., on Sunday, Aug. 12, 2018. The rally marks the one-year anniversary of the Charlottesville, Virginia, rally where a car driven into a crowd of counter protesters killed 32-year-old Heather Heyer. Photographer: Aaron P. Bernstein/Bloomberg
Counter-protesters chant and hold signs during the Unite the Right 2 rally in Washington, D.C., U.S., on Sunday, Aug. 12, 2018. The rally marks the one-year anniversary of the Charlottesville, Virginia, rally where a car driven into a crowd of counter protesters killed 32-year-old Heather Heyer. Photographer: Aaron P. Bernstein/Bloomberg

Yahoo Finance Originals

This week in Trumponomics: Enjoy it while it lasts

Amazon self-published authors: Our books were banned for no reason

A look at Alibaba’s Amazon Prime-like loyalty program

LeBron James is building a new blueprint for athletes in business

The new Mitsubishi Pencil headquarters has cool benches

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