Futures plummet after Gary Cohn announces White House exit

Wed, Mar 7, 2018, 8:41 AM

In this article:

Yahoo Finance’s Alexis Christoforous, Jared Blikre, Dion Rabouin, Ethan Wolff-Mann and Melody Hahm discuss the big stories of the day.

Today’s Topics

Gary Cohn out at the White House
DOJ sues California over sanctuary cities
Netflix CEO on “inclusion riders”
Florida House may vote on gun bill today
Second nor’easter hits this week
Ban lifted on importing elephant trophies
GM China sales grow 7.8% y/y
Blackberry sues Facebook for patent infringement
Oprah sells Weight Watchers shares, says she’s still loyal
Target expands curbside pickup nationwide
Female-led investor group ditches deal for Weinstein assets

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Shopify Earnings Top Views. E-Commerce Stock Plunges On Profit Margin Outlook
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Luminar says Tesla is biggest customer for its lidar sensors
Luminar Technologies, a maker of lidar sensors for self-driving cars, said on Tuesday that Tesla was the largest customer for its sensors in the first quarter, accounting for more than 10% of its total revenue of $21 million during the period. Tesla's electric vehicles that are sold do not use lidars and it is not clear where Tesla used the sensors.
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Morgan Stanley Predicts up to 110% Rally for These 2 ‘Strong Buy’ Stocks
Uncertainty is the word of the day, in reference to the near-term economic future. Sentiment will hinge on the inflation numbers due out next week. March’s figure rose to 3.5%, and April’s job numbers showed a marked slowing in the labor market; that combination has stoked fears of stagflation. But – corporate earnings from Q1 are beating expectations, and the stock market has taken a turn for the better with the S&P 500 closing just below 5,200 yesterday. Economic strategists are still optimist
TipRanks
Andreessen Horowitz partner says Google is an ‘amazing example’ of employing people in ‘BS jobs’: ‘Half the white-collar staff probably does no real work’
“Those people aren’t just being useless (and being coddled to think useless jobs actually matter—they don’t), but they are also taking money away from the rest of the workforce’s retirement programs.”
Fortune
Exclusive: In Tesla Autopilot probe, US prosecutors focus on securities, wire fraud
U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities, three people familiar with the matter told Reuters. Tesla’s Autopilot and Full Self-Driving systems assist with steering, braking and lane changes - but are not fully autonomous. While Tesla has warned drivers to stay ready to take over driving, the Justice Department is examining other statements by Tesla and Chief Executive Elon Musk suggesting its cars can drive themselves.
Reuters
Uber Stocks Drops After Earnings Reveal Surprise Loss. Here’s What Happened.
Uber Technologies stock was falling Wednesday after the ride-sharing company posted a first-quarter loss when analysts expected a profit. Uber reported a first-quarter adjusted loss of 32 cents a share on revenue of $10.13 billion. It includes a $721 million headwind due to “unrealized losses related to the revaluation of Uber’s equity investments.”
Barrons.com
Signs of the Top? Warren Buffett Selling His Biggest Holding
Warren Buffett is selling his largest holding, and that's a huge deal.
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Futures plummet after Gary Cohn announces White House exit

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