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Opening Bell 7.2.18

WTO rumors; Tesla walks the walk; Shoe camera explosions and more!

‘A Little Premature’ to Discuss U.S. Exit From WTO, Ross Says [Bloomberg]

Commerce Secretary Wilbur Ross said it’s “a little premature” to discuss the U.S. withdrawing from the World Trade Organization as the Trump administration continues to look at ways to improve the global trading body.

The “WTO knows some reforms are needed. So I think there really is a need to update and synchronize its activities and we’ll see where that leads,” Ross said in an interview with CNBC on Monday. “But I think it’s a little premature to talk about simply withdrawing from it.”

Dell to buy out VMware tracking stock in move to go public again [Reuters]

The world’s largest private technology company will exchange each share of VMware tracking stock (DVMT.N) for 1.3665 shares of its Class C common stock, or $109 per share in cash for a total cash consideration of not more than $9 billion.

A tracking stock is a type of common stock that “tracks” or depends on the financial performance of a specific business unit or operating division of a company rather than the operations of a company as a whole.

Musk says Tesla pushed out 7,000 cars last week, meeting goal of 5,000 Model 3s [CNBC]

The 5,000th Model 3 finished final quality checks at the Fremont, California factory and was ready to go around 5 a.m. PDT (1200 GMT), one person told Reuters. It was not clear if Tesla could maintain that level of production for a longer period of time.

Tesla had a goal of producing 5,000 Model 3s per week before the close of the second quarter on Saturday to demonstrate it could mass produce the battery-powered sedan.

Mexican Election Could Accelerate Nafta Talks [WSJ]

The Mexican presidential election on Sunday removes a hurdle to the renegotiation of the North American Free Trade Agreement, raising the likelihood that the 24-year-old treaty once again will become a focal point in President Donald Trump’s effort to rewrite the rules of global trade.

Efforts to overhaul the pact had floundered in recent weeks, amid missed deadlines and concern among many observers and participants that Mexico’s shift to a leftist-nationalist government could complicate negotiations.

Wisconsin man injured after upskirting shoe camera explodes [BBC]

The 32-year-old had installed the device to take illicit photographs of women under their skirts.

Local police say he handed himself in but was not charged because he had not taken any images or video before the camera battery exploded.



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