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Reuters Insider - U.S. Morning Call: Tesla shares sink in premarket; Boeing wins Air force contract

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_9bc7shnh&referenceId=1_9bc7shnh&pageId=ReutersNews
Source: Reuters Insider

Description: U.S. securities regulators accuse Tesla CEO Elon Musk of fraud
and looked to remove him from his role in charge of the electric car company.
Boeing won a $9.2 billion contract to build the U.S. Air Force’s next
training jet. Plus, Blue Origin won a contract to supply engines for United
Launch Alliance's Vulcan rocket.
Short Link: https://reut.rs/2Im4T2h

Video Transcript:

Good morning. I'm Angeline Ong and this is your US morning call. More trouble
at Tesla. US securities regulators have accused Tesla's Chief Executive Elon
Musk of fraud. They're seeking to ban him and remove him from his role in
charge of the electric car company, saying he made a series of "false and
misleading" tweets about potentially taking the electric car company private
last month.  br/  br/ The SEC filed securities fraud charges against Elon
Musk, the Chairman and CEO of Tesla Motors stemming from his August 7, 2018
statements disseminated over Twitter that he was considering taking Tesla
private. Musk's statements misled members of the investing public to believe
that it was virtually certain he could take Tesla private at a price of $420
per share which was a substantial premium over its share price at that time
because funding for this proposed transaction had been secured and the only
contingency remaining was a shareholder vote. The market reacted to this
information and Tesla's stock price quickly traded up. We allege that Musk's
statements were false and misleading because they lacked any basis in
fact. br/  br/ Well, let's take a look at how Tesla shares are reacting ahead
of the open and there you go, a down error there in premarket. We're also
having headlines from JP Morgan saying it's concerned about the decreased
confidence in the company on the part of investors and this may impact the
ability of Tesla to raise capital on amenable terms. Meanwhile, we're also
keeping an eye on Boeing after it and Saab beat out Lockheed Martin and
Leonardo DRS for a contract with the US Air Force.  br/ The deal, worth more
than $9 billion is to develop an advanced training aircraft. Shares in the
Swedish aerospace company soared in Stockholm. Blue Origin has won a contract
to supply engines for United Launch Alliance's massive Vulcan rocket. Blue
Origin is the space company founded by Amazon's Chief Executive Officer Jeff
Bezos. The win is a huge deal as Blue Origin is looking to become a player in
the market for lucrative US military satellite launch contracts. Now let's
take a look at some other stocks to watch then and shares in Applied
Optoelectronics could fall at the open after it cuts its third quarter sales
outlook. If losses hold, the shares in the fiber-optic network component
makers stock could open at more than a one-and-a-half-year low. Also keeping
an eye on Bed, Bath, & Beyond after its shares touched over an 18-year low in
the previous session. It was dragged down by dismal results. And Blackberry's
results are just out. It's reaffirmed its outlook for fiscal 2019. Q2 sales
coming in at $214 million versus an I/B/E/S view of $207.5 million. To the
broader markets now and Wall Street looks set for a lower open. The Dow Jones,
the S&P, and the NASDAQ futures are trading lower as you can see there. Of
course, one of the things still weighing on investors minds is the Sino-US
trade war which ramped up this week. US President Trump accused the Chinese of
meddling in the upcoming midterms, without offering evidence. This is an
allegation China rejects. So where will the trade dispute go from here?
Earlier we put this question to Fabiana Fedeli, Robeco's Global Head of
Fundamental Equities.  br/  br/ Our base case scenario at some point, there
will be a negotiation and the will come to an agreement. They will meet
midway, somewhere. But the rhetoric will continue to be very, very harsh and
we will literally get to the very edge of a full-fledged trade war. But I
think markets are seeing things in a slightly more realistic way, less
fearful. br/  br/ And that's today's morning call. I'm Angeline Ong, and this
is Reuters
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