Opening Bell: 8.27.18
Tesla shares dip 3 percent after Musk abandons buyout [Reuters]
Tesla’s shares, already down nearly 15 percent from a peak on Aug. 7 when Musk tweeted that he had “funding secured” for a buyout at $420 a share, initially fell more than 5 percent in European and premarket trading in New York.
They recovered, however, to stand down just 3.4 percent lower at $312 by 7.40 e.t..
A series of notes from Wall Street analysts questioned Musk’s credibility going forward in the face of a possible investigation by the U.S. Securities and Exchange Commission into the factual accuracy of an Aug. 7 tweet that funding for the buyout deal was “secured”.
U.S.-Mexico Nafta Deal May Come Monday, Creating Canada Opening [Bloomberg]
As has been the case over a year of intense and sometimes fractious negotiations to update the decades-old North American Free Trade agreement, it’s not the end of the road. But optimism is running high of salvaging the pact that Trump has threatened to scrap.
Significant breakthroughs between Mexico and the U.S. came during the past several days on automobiles and energy, according to three people familiar with the process who asked not to be named discussing private talks.
Dow set to rise 100 points amid US-Mexico trade progress [CNBC]
U.S. stock index futures rose on Monday as the United States and Mexico drew closer to a deal on NAFTA. Investors also digested reassuring comments from Federal Reserve Chair Jerome Powell on the central bank's policy-tightening path.
Dow Jones Industrial Average futures traded 98 points higher, indicating a gain of 102.15 points, while S&P 500 and Nasdaq 100 futures also pointed to an upbeat start to the session.
Iran’s Parliament Removes Finance Minister From Office [NYT]
Critics of the ousted finance minister, Masoud Karbasian, said the government had failed to shore up the economy after President Trump reinstated sanctions on Iran. Lawmakers voted 137 to 121 to remove Mr. Karbasian, continuing a shake-up of the top managers of the Iranian economy; early this month, lawmakers voted to dismiss the labor minister, and Mr. Rouhani replaced the head of the central bank in July.
How to get a job in venture capital [recode]
“The No. 1 thing I tell people is, ‘Come bearing gifts’,” Shah said. “So you go meet a VC, don’t ask for a job. Tell him or her the companies you’re meeting that are interesting ... Think of how many resumes Sequoia gets or a firm like that, right? A firm like Lightspeed, everyone will just say, ‘Great to meet you. Let’s start working on a deal together’. What that means is you have to bring something to the table.”
And it’s not good enough if you just think the companies are interesting, he said — your gift is existing knowledge of why they’re worth investing in.
Explosive case of poop-packed “megacolon” prompts warning from doctors [Ars Technica]
Doctors are urging caution after a 24-year-old UK man underwent emergency surgery when they discovered that his severely enlarged colon, filled with feces, had burst.
At the time of the surgery, the man had “reduced consciousness” and severe abdominal pain, as well as air trapped under his diaphragm, failing kidneys, and acidic blood.
