Tesla Produced A Record Number of Vehicles in Q3, Report Says
Tesla (TSLA) shares are jumping double digits on news that CEO Elon Musk has reached a settlement with the SEC that will allow him to remain as the controversial head of the electric vehicle maker.
However, even better news may be coming down the pike after a report from Electrek that says Tesla produced a record 80,000 vehicles in the third quarter, including 53,000 Model 3's. Tesla had previously estimated that it would produce between 50,000 and 55,000 Model 3's.
Tesla is expected to release the official numbers later today.
Saudi Arabia Shelves $200 Billion Solar Energy Project
Saudi Arabia announced that it is shelving its $200 billion renewable energy plan with SoftBank Group, a project that would have been the world's largest solar-power-generation pact.
When completed, the project would have been capable of producing about 200 gigawatts of energy, more than three times the country's daily energy needs.
Instead, the country is now working on what it calls a broader, more practical strategy to boost renewable energy, the Wall Street Journal reports.
Two-Thirds of Polled Economists Foresee Economic Recession by 2020
A survey of 51 economists by the National Association for Business Economics revealed that two-thirds of economists believe that a recession will start by the end of 2020.
10% of polled economists see that contraction beginning in 2019, with another 56% saying 2020 and 33% saying 2021 or later.
41% said that trade policy presented the largest downside risk, while 18% said higher interest rates would be the culprit.
Pfizer CEO Will Step Down at Year's End
Pfizer (PFE) will lose CEO Ian Read at the end of the year when he steps down and hands the company over to deputy Albert Bourla.
Read will serve as the company's executive chairman indefinitely effective January 1.
Pfizer has some storms on the horizon with the U.S. patent loss of its drug Lyrica at the end of the year. The drug generated $3.5 billion in U.S. sales last year.
"The company has come out of the abyss it was in, and is really poised for growth," Read told the Wall Street Journal. "Given my age, it's time for me to move on."
U.S. futures are rising ahead of Monday's open after the U.S. and Canada reached a last minute deal on NAFTA, saving a key trade agreement with our neighbor to the north.
Dow futures were rising 0.78%, indicating an open 207 points higher, while S&P futures rose 0.62%, indicating an open 18 points higher, and Nasdaq futures gained 0.73%, indicating an open 56 points higher.
In Asia, the Shanghai Composite gained 1.06%, while the Hang Seng rose 0.1%, and the Nikkei rose 0.52%.
In Europe, the FTSE 100 gained 0.07%, the DAX rose 0.58%, and the CAC 40 rose 0.34% with about four hours left in trading.