Matt Debord/Business Insider
Here is what you need to know.
- Tesla unveils its Model Y SUV. The sport-utility crossover SUV starts at $47,000 and will have a range of 300 miles per charge and the ability to accerlate from zero to 60 miles per hour in 3.5 seconds.
- Boeing pauses 737 Max deliveries. “We continue to build 737 MAX airplanes while assessing how the situation, including potential capacity constraints, will impact our production system,” Boeing spokesman Chaz Bickers said, according to Reuters.
- Uber is getting its IPO plans in order. The ride-sharing giant is planning to hold its initial public offering in April — just one month behind rival Lyft’s anticipated debut on the public markets, Reuters says.
- There are signs iPhone sales are stabilizing in China. “After losing share in 4Q18, iPhone installed base shows market share recovering after price cuts in early 2019,” Morgan Stanley analyst Katy Huberty wrote. “Combined with stabilizing iPhone supply chain data points, we now see an upward bias to our iPhone estimates in the March quarter.”
- Volkswagen’s CEO apologizes for making a Holocaust reference. Volkswagen chief Herbert Diess apologized for saying at an internal event on Tuesday “ebit macht frei,” which echoed the inscription “arbeit macht frei” or “work sets you free” that was found on the gates of the Auschwitz concentration camp. Ebit was a reference to the accounting term earnings before interest and taxes.
- Ulta beats across the board. The beauty-supply retailer reported earnings, revenue, and same-store sales that topped Wall Street estimates.
- Goldman Sachs is cutting about 5% of its sales and trading staff. The layoffs impact employees who deal with clients trading stocks, bonds, and currencies, a person with knowledge of the matter told Business Insider.
- The threat to break up big tech is giving some experts flashbacks of the financial crisis. “When government regulation starts to look at a sector, it just looks at the biggest ones,” Michael Antonelli, a market strategist at Robert W. Baird Private Wealth Management, told Business Insider. “These stocks are going to have very, very severe headwinds.”
- Stock markets are the world were higher. China’s Shanghai Composite (+1.04%) was out front in Asia and Britain’s FTSE (+0.53%) paced the advance in Europe. The S&P 500 was set to open up 0.24% near 2,815.
- US economic data is heavy. Empire Manufacturing will be released at 8:30 a.m. ET before industrial production and capacity utilization cross the wires at 9:15 a.m. ET. Then, at 10 a.m. ET, JOLTS Job Openings and University of Michigan consumer confidence are due out. Data concludes with TIC flows at 4 p.m. ET. The US 10-year yield was little changed near 2.63%.