Here is what you need to know.
Hurricane Michael is strengthening as it approaches Florida’s coast. The storm, which is expected to make landfall in the Florida Panhandle on Wednesday, has become a Category 4 hurricane, with sustained winds of 130 mph.
Howard Marks explains why he’s buying in this market and what it would take for him to stop. In an exclusive interview with Business Insider, the cofounder and cochairman of the $US122 billion Oaktree Capital explains how his overall investment philosophy and views on market cycles enabled him to make a legendary trade during the financial crisis, why he’s continuing to buy in this market, and what would make him stop.
A bipartisan pair of senators want more answers from the company accused of selling Apple and Amazon data servers compromised by Chinese spies. Sens. Marco Rubio and Richard Blumenthal sent a letter to Supermicro, the motherboard supplier named in a recent bombshell report by Bloomberg, which said the supplier’s technology was compromised by Chinese spies before being sold to tech giants like Apple and Amazon.
SoftBank is in talks for a majority stake in WeWork.Softbank is in talks to invest $US15 billion to $US20 billion in WeWork, with the aim of taking a majority stake in the coworking-space company, The Wall Street Journal says. Back in August, SoftBank invested $US4.4 billion, enough for a 20% stake.
The Tesla of China soars after Tesla’s largest outside investor discloses a stake. Shares of the Chinese electric-car startup Nio soared more than 22% Tuesday after Baillie Gifford & Co., Tesla’s largest investor after Elon Musk, disclosed an 11% stake in the company. Shares were up another 6.5% ahead of Wednesday’s opening bell.
Sears could file for bankruptcy as soon as this week. The struggling retailer has hired M-III Partners to put together a bankruptcy filing that could come as soon as this week, The Wall Street Journal reports.
Tesla just outsold Mercedes-Benz in the US for the first time. Tesla sold 69,925 vehicles in the US during the third quarter, topping the 66,542 vehicles sold by Mercedes-Benz.
Bill Ackman discloses a stake in Starbucks. The activist investor disclosed a stake of 15.2 million shares, worth about $US900 million, while presenting at the Grant’s Fall 2018 Conference in New York, according to CNBC.
Stock markets around the world are mixed. Australia’s ASX (+0.27%) led the way higher overnight, and Germany’s DAX (-0.59%) trails in Europe. The S&P 500 is set to open little changed near 2,880.
US economic data picks back up. PPI will be released at 8:30 a.m. ET, and wholesale inventories will cross the wires at 10 a.m. ET. The US 10-year yield is up 2 basis points at 3.23%.
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