Here is what you need to know.
- Uber files to go public. The ride-hailing company will aim to offer 180 million shares at a price between $US44 and $US50 a share, giving it a valuation of up to $US90 billion.
- Elon Musk and the SEC asked for a delay in settlement talks. Tesla’s CEO and the Securities and Exchange Commission asked a federal judge to delay the deadline for their dispute resolution over Musk’s tweets until April 30, Reuters reports.
- Tesla closes below a key level. Tesla fell 4.26% to $US247.63 a share on Thursday, finishing below key technical support at $US250.
- Amazon beats, but guidance disappoints. The e-commerce giant beat on earnings and revenue, but its Q2 revenue guidance of between $US59.5 billion and $US63.5 billion was a bit disappointing.
- Intel slashes its forecast. The chipmaker beat on both the top and bottom lines, but said it expects to generate $US69 billion of revenue for fiscal-year 2019 – below the Wall Street consensus of $US71.05 billion.
- Warren Buffett isn’t sure Berkshire Hathaway can significantly beat the stock market. Buffett told The Financial Times that Berkshire is a safe investment, but one that may only have “a tiny expectation of better [performance] than the S&P.”
- Bitcoin plunges after a major exchange was accused of using client money to hide $US850 million of missing cash.The cryptocurrency fell as much as 9% late, to as low as $US4,983 a coin, Thursday after the crypto exchange Bitfinex was accused by the New York Attorney General of using the $US700 million of reserves that backed its digital currency Tether to cover up $US850 million of missing funds.
- Stock markets around the world were mixed. China’s Shanghai Composite (-1.2%) paced the decline in Asia and France’s CAC (+0.13%) was out front in Europe. The S&P 500 was set to open little changed near 2,923.
- Earnings reports keep coming. American Airlines, Chevron, and Exxon Mobil report ahead of the opening bell.
- GDP crosses the wires. The US economy is expected to have grown at an annualized rate of 2.3% in the first quarter, according to economists surveyed by Bloomberg. The report will be released at 8:30 a.m. ET and will be followed by University of Michigan consumer confidence at 10 a.m. ET. The US 10-year yield was down 1 basis point at 2.52%.
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