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 12:34 PM
Updated: Aug 8, 2018 12:34 PM

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%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

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

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