U.S. futures were priced to open slightly lower Tuesday after the long holiday weekend. New York Federal Reserve Bank President William Dudley's leads a roundtable discussion on the economy at the Binghamton Chamber of Commerce later today.
Shares of Tesla Motors (TSLA) dropped more than 4% in premarket trading following news that the company delivered fewer vehicles than anticipated. Tesla made 14,370 vehicle deliveries during the second quarter, of which 9,745 were Model S and 4,625 were Model X, according to a statement. This means that for the quarter, Tesla was producing just under 2,000 vehicles per week, making it unlikely it will meet expectations for delivering 80,000 to 90,000 vehicles this year. But the company said it "expects to produce and deliver about 50,000 vehicles during the second half of 2016," which is approximately equal to all of 2015.
Teva Pharmaceutical (TEVA) shares slipped slightly before the bell after reports that Indian drug maker Aurobino Pharma is considering a bid for Teva's portfolio of drugs in the U.K., Ireland and Iceland, according to a Bloomberg report. Aurobindo but it would finance the deal with a loan of more than $1 billion, Bloomberg reported, but the company has not made a final decision regarding the bid.
Goldman Sachs (GS) shares were down in early trading after a Financial Times report that the company has told its asset management division, GSAM, to tighten spending. Citing data from Morningstar, the Financial Times said GSAM's flagship bond fund is in the bottom one-fifth of its class on a one- and three-year view of its performance. Furthermore, investors have pulled money for 15 consecutive months from GSAM's U.S. mutual funds, the Financial Times reported. Executives said GSAM'S 2,000 employees must curtail spending, including a ban on all travel that is not associated with meeting clients and winning new business, according to the Financial Times.
Shares of Microsoft (MSFT) were sinking slightly Tuesday morning following word that it announced a partnership with biotech company Monsanto (MON). According to a Reuters report, the two companies will invest in agricultural technology startups in Brazil. Monsanto will join a Brazilian investment fund with up to 300 million reais ($92 million), managed by Microsoft, to evaluate ideas for new digital tools to be applied to agricultural production in the country, Reuters reported
Shares of Disney (DIS) were down despite "Finding Dory" winning the box office for the third weekend in a row. The follow-up to "Finding Nemo" topped the competition, taking in $50.2 million for the Fourth of July weekend, beating out Warner Brothers' "Tarzan," which brought in $38.1 million.
-- Written by Anders Keitz