Wall St. opens lower as trade worries keep investors on sidelines - Investing.com

© Reuters. FILE PHOTO: Traders work on the floor at the NYSE in New York

(Reuters) - U.S. stocks opened lower on Tuesday, as renewed worries over a prolonged trade spat between the United States and China weighed on investor sentiment.

The fell 161.58 points, or 0.61%, at the open to 26,276.90. The opened lower by 19.44 points, or 0.66%, at 2,913.03. The dropped 79.77 points, or 0.98%, to 8,043.52 at the opening bell.

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2019-05-07 13:39:00Z
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GM’s self-driving division Cruise raises another $1.15 billion - The Verge

Cruise Automation, the self-driving division of General Motors, announced on Tuesday that it has secured a $1.15 billion investment, raising its post-money valuation to an eye-popping $19 billion.

The money was raised from a “group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, Inc., and existing partners General Motors, SoftBank Vision Fund and Honda,” Cruise said in a statement.

It’s another enormous boost for GM’s Cruise. Last May, it announced a $2.25 billion investment from the SoftBank Vision Fund, a major venture investment effort that was started by the Japanese tech giant in 2016. Then, in October, GM said it would team up with Honda to design a purpose-built self-driving car. The Japanese automaker said it would devote $2 billion to the effort over 12 years, including a $750 million equity investment in Cruise.

GM bought Cruise in 2016 for $1 billion to jump-start its self-driving efforts. The company has said it plans to deploy its fully driverless cars, without steering wheel or pedals, for commercial ride-hailing use as early as 2019.

By committing to rolling out fully driverless cars in a shortened time frame, GM is seeking to outmaneuver rivals both old and new in the increasingly hyper-competitive race to build and deploy robot cars. Ford has said it will build an autonomous car without a steering wheel or pedals by 2021, while Waymo launched its first commercial ride-hailing service in Phoenix (albeit in a more scaled-back fashion than originally anticipated).

There was a flurry of partnerships and investments around self-driving cars in 2016 and 2017, but that activity has since mostly died down, leading some critics to claim that the technology now finds itself in the “trough of disillusionment.”

To be sure, there are still huge sums of money exchanging hands despite this lull. There was the Cruise-SoftBank deal in May and the Cruise-Honda deal in October. In August, Toyota and Uber said they would join forces to build self-driving cars in a deal that involved the Japanese automaker committing $500 million to the ride-hailing giant. In April 2019, Uber secured another $1 billion from SoftBank, Toyota, and Denso.

There may be disillusionment in this trough, but there are huge piles of money, too.

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https://www.theverge.com/2019/5/7/18535194/gm-cruise-self-driving-car-investment-valuation

2019-05-07 13:04:26Z
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Amazon's New York Go store is the first to accept cash - Engadget

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Amazon's app-powered supermarket chain, Amazon Go, opens its twelfth branch today. Located on Vesey Street in New York, the store is the city's first branch of Amazon Go, which started out in Amazon's home territory of Seattle.

Interestingly, the new branch will accept cash, a major diversion from its original purpose of super-streamlining the shopping process. Up to now, customers needed to download the Amazon Go app (separate from Amazon's other apps) before entering the store, then check themselves in through turnstiles with the QR code in their app, pick up anything they want in the shop, then leave. The store's sophisticated item tracking system knows what a customer has selected -- even if they put it straight into their pocket -- and bills them automatically via the app.

However, there's been some backlash against Amazon Go and cashless systems in general, which are seen as discriminating against people who don't have the means to switch away from cash. Philadelphia has already banned cashless stores, and similar legislation is under consideration in San Francisco, Chicago, Washington, DC -- and New York.

The concession requires a significant deviation from the usual Amazon Go process: according to WTHR, customers wanting to pay cash will have to be swiped in by an employee rather than entering autonomously, then have their chosen products scanned by a staffer, who conducts the checkout process for them. There won't be cash registers, but Amazon will presumably need cash floats on hand to provide change.

An Amazon spokesperson told the same publication that the cash process may change: "This is how we're starting," says Cameron Janes, who looks after Amazon stores, "We're going to learn from customers on what works and what doesn't work and then iterate and improve it over time."

The New York store has 1,300 square feet of retail space and sells products by local vendors including Magnolia Bakery, Epicured and Hale & Hearty. It will also offer ready-to-eat meals and snacks made by Amazon's kitchen team.

Via: WTHR

In this article: amazon, amazon go, business, new york, retail, services, tomorrow

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2019-05-07 10:27:01Z
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Uber Drivers to Strike Before I.P.O. - The New York Times

[Want to get New York Today by email? Here’s the sign-up.]

It’s Tuesday. Hold on to your wallets. The Amazon Go store opening today in Lower Manhattan will accept cash, the first of its kind to do so.

Weather: There’s a chance of rain this afternoon and thunderstorms tonight. But it’s May, so at least it’ll be warm. Temperatures will start in the mid-50s and reach a high in the low 70s by late afternoon.

Alternate-side parking: In effect until May 27 (Memorial Day).

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CreditJeenah Moon for The New York Times

When Uber starts selling its shares to the public for the first time on Thursday, the ride-hailing app could be worth as much as $91 billion. Those who already have a stake in the company could become very, very rich.

But the drivers who rely on the app for income won’t.

Drivers in New York and other cities have complaints about the company, and they’re planning a strike tomorrow morning to raise awareness about their grievances.

How will drivers strike?

Drivers who work for Uber and similar ride-hailing apps, like Lyft, Juno and Via, plan to sign off the apps from 7 to 9 tomorrow morning. Customers will be able to log on to the apps, but they may not find many drivers nearby.

After 9, drivers will resume picking up passengers.

What are the drivers protesting?

In short, they want better pay and working conditions.

The drivers’ demands were outlined in a statement from the New York Taxi Workers Alliance. One request is a limit on how much money drivers have to share with the apps per ride. The group also opposes what it says is Uber’s practice of arbitrarily removing drivers from the app, effectively terminating them.

Do the drivers work for Uber?

It’s complicated.

Initially, Uber called the drivers who use its app independent “driver-partners.” But in 2017, the State Department of Labor ruled that the drivers in New York were, in fact, employees.

Didn’t New York City already do something to help drivers?

Last year, city lawmakers limited the number of for-hire-vehicle licenses they would dispense, capping the number of drivers who could flood the market and congest the streets.

The lawmakers also guaranteed that full-time drivers would earn at least $17 an hour, and that the city would provide financial and mental health resources after several for-hire drivers killed themselves.

Uber declined to comment about the strike but pointed to perks it is offering some drivers, including cash bonuses, reimbursement for gas, and tuition for online undergraduate courses administered by Arizona State University.

Will the protest affect my commute?

Possibly.

Most people in New York City take mass transit, but a significant number of people rely on for-hire vehicles for rides into areas that are underserved by trains and buses. If you’re one of those commuters — or if you’re trying to get a ride to the airport or need to make an unexpected trip — you might want to plan ahead.

Yellow and green taxis will still be around, and they use several apps, including Waave, Curb, Myle and Wapanda.

See the celebrity arrivals at the Met Gala

Image

CreditKarsten Moran for The New York Times

In the opening minutes of the Met Gala, Lady Gaga — a native New Yorker and one of five hosts of the event this year — may have stolen the show, wrote The Times’s Valeriya Safronova and Jonah Engel Bromwich.

The theme was “Camp: Notes on Fashion.” Lady Gaga arrived in a fuchsia dress with an enormous train, but then she morphed, revealing two additional dresses and, finally, her undergarments.

But was she the campiest of them all?

See more photographs from the Met Gala red carpet.

From The Times

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An escalator being repaired at the Hudson Yards subway station. CreditGabby Jones for The New York Times

Another way the subway fails riders: broken escalators.

Jail guards performed illegal strip searches on women, prosecutors said.

Ethics clouds hang over Mayor de Blasio as he weighs a presidential run.

A burning car with doors chained shut, and a 3-year-old victim, in Queens.

[Want more news from New York and around the region? Check out our full coverage.]

The Mini Crossword: Here is today’s puzzle.

What we’re reading

New York lawmakers are remembering former City Councilman Lew Fidler of Brooklyn, who died over the weekend. [Politico NY]

Ron Darling, an announcer and former pitcher for the Mets, announced that he has thyroid cancer. He said that it was treatable and that he hoped to return to work soon. [Daily News]

A Staten Island newspaper is trying to identify every speed camera in the borough. (The city’s Transportation Department wouldn’t confirm locations, the paper said.) [SILive]

A “Game of Thrones” producer confirmed to WNYC that, yes, there was a misplaced Starbucks coffee cup in the show’s latest episode. [WNYC]

Coming up today

The Frick Collection in Manhattan hosts a screening and panel discussion of “Citizen Lane,” a documentary about the art collector Hugh Lane. 5 p.m. [$15]

Polish your résumé at a workshop at the Macomb’s Bridge Library in Manhattan. 11 a.m. [Free with R.S.V.P.]

Enjoy board games, networking and music at 333 Lounge’s Afro-Caribbean Tuesdays event in Brooklyn. 6 p.m. [Free with R.S.V.P.]

— Ana Fota

Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times’s culture pages.

And finally: On your way to prison, a store that ‘feels like a five-star hotel’

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CreditNate Schweber

Nate Schweber and The Times’s Corey Kilgannon report:

Michael Cohen, the president’s former personal lawyer, arrived yesterday at the federal prison in Otisville, N.Y., to begin his three-year sentence on fraud charges, and a good vantage point to see him enter the grounds was a nearby Sunoco gas station and convenience store — a go-to stop for people entering and leaving the facility.

“Everyone stops there, especially after getting released,” said Lawrence Dressler, a former inmate at Otisville, which is 75 miles northwest of New York City. “It’s the first place you can go to get some food or a cold drink or use the bathroom.”

Mr. Cohen did not stop at the Sunoco, but other prominent prisoners and visitors have. The boxer Mike Tyson got some change before visiting a friend, said Donna Simpson, who works at the store’s deli.

When the Iowa meatpacking executive Sholom Rubashkin was released in 2017 — his 27-year prison sentence was commuted by President Trump — a video posted on YouTube showed some of his supporters holding an impromptu dance party in the parking lot.

Other newly freed inmates head straight inside to devour a sandwich, grab cigarettes and change into street clothes in the store’s bathroom. They sometimes throw their prison garb into a donation bin on the premises.

Some visitors also use the bathroom to change after being told by prison officials that their clothing is inappropriate under the visiting guidelines.

[Read more about the Otisville prison, where the Fyre Festival organizer Billy McFarland and “The Situation” of “Jersey Shore” fame are also incarcerated.]

The store features a modest but diverse assortment of goods: fishing reels, Dinty Moore stew, diapers, candy bars and lottery tickets.

The store’s owner, Sneha Patel, said the last purchase many people make before reporting to prison is cigarettes. They generally don’t buy beer.

Upon their release, longtime inmates are often bewildered by the price increases.

Mr. Dressler recalled leaving prison and entering the store. “You’re wide-eyed and looking around at all this food, and drinks. You can’t believe you’re really out of prison,” he said. “You can actually use the bathroom and lock the door. It feels like a five-star hotel.”

It’s Tuesday — appreciate your local stores.

Metropolitan Diary: Familiar sound

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Dear Diary:

I live in a small town in western Massachusetts. Last summer, a good friend of mine was lamenting how her daughter, a recent college graduate, was going off to live in Manhattan.

“I told her she’s never going to run into anyone she knows,” my friend said. “It will be full of strangers all the time.”

Imagine my surprise when, walking on the Upper East Side one evening last fall with a friend who lives in New York, I heard someone call my name. It was my friend’s daughter. She was rushing to ballet class and had thought she heard my voice.

— Catherine Sanderson

New York Today is published weekdays around 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com.

We’re experimenting with the format of New York Today. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com.

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2019-05-07 09:40:07Z
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Trade tensions; BMW profits slump; Anadarko snubs Chevron - CNN

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said China reneged on previous commitments over the weekend, undermining progress towards a detailed trade agreement.

As of Friday, penalties on $200 billion of Chinese goods will be lifted to 25% from 10%. President Donald Trump has also warned that he could tax nearly all Chinese exports to the United States.

The big question for investors is whether a deal can be salvaged when Chinese officials arrive in Washington later this week. Beijing is still sending its top trade negotiator.

Stock markets in China stabilized Tuesday after a sharp sell-off on Monday. US markets were also able to recover most of their lost ground after a steep initial plunge.

S&P 500 and Dow futures were down roughly 0.4% on Tuesday. Fears appeared to be waning in Europe and Asia, where stocks were mixed.

2. BMW hammered: The German carmaker reported a sharp decline in profits and set aside funds to pay a potential EU antitrust fine.

BMW's first quarter profits fell 78% to € 589 million ($660 million), and its automotive division posted a loss.

The company said it had set aside € 1.4 billion ($1.6 billion) to pay fines resulting from an EU investigation into whether Germany carmakers colluded in holding back technology to reduce harmful vehicle emissions. BMW (BMWYY) has denied wrongdoing and says it will contest any fines.

The carmaker warned that business conditions are expected to remain volatile for the rest of the year, and it cited uncertainty over Brexit and international trade policies as risks. Shares dropped 1% in Frankfurt.

3. Anadarko snubs Chevron: Anadarko Petroleum (APC) says the revised offer it's received from Occidental Petroleum (OXY) is superior to a previously accepted bid from Chevron (CVX).

Occidental has bid $76 per share for Anadarko, $59 of which is cash. Chevron has until May 10 to make a counter offer, although that deadline could be extended.

Occidental was backed last week by Berkshire Hathaway's (BRKA) Warren Buffett, who invested $10 billion in the company to help finance its takeover of Anadarko.

The bidding war for Anadarko reflects an intense desire by US oil companies to acquire America's best shale assets. Occidental is already the No. 1 oil producer in the vast Permian Basin.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Earnings and economics: Cinemark (CNK), Dean Foods (DF), Energizer (ENR), Marriot Vacations (VAC) and SeaWorld Entertainment (SEAS) will release earnings before the open.

Electronic Arts (EA), Lending Club (LC), Match Group (MTCH), Papa John's (PZZA), Sprint (S), TripAdvisor (TRIP) and Western Union (WU) will follow after the close.

Shares in Anheuser-Busch InBev (BUD) gained less than 1% in Brussels after the company reported first quarter revenue growth of 5.9%. The brewer said it had seen strong growth in Brazil and improvement in the United States.

5. Coming this week:
Tuesday — US JOLTS; Anheuser-Busch InBev (BUD) and Papa John's (PZZA) earnings
Wednesday — SALT Conference; GE (GE) annual meeting
Thursday — SALT Conference; China consumer price inflation; US jobless claims and trade data for March; Ford (F) annual meeting
Friday — US consumer price inflation; UK GDP; Marriott (MAR) earnings

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2019-05-07 09:26:00Z
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BMW Profit Slumps on Weaker Markets, $1.6 Billion Provision - Bloomberg

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BMW Profit Slumps on Weaker Markets, $1.6 Billion Provision  Bloomberg

BMW AG's first-quarter profit slumped almost 80 percent after car sales slowed in key markets and a legal provision over alleged collusion was set at 1.4 billion ...

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https://www.bloomberg.com/news/articles/2019-05-07/bmw-first-quarter-profit-slumps-on-1-6-billion-fine-provision

2019-05-07 05:45:00Z
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Tesla CEO Elon Musk Confirms He Bought $25 Million in Stock - Barron's

Photograph by Kevork Djansezian/Getty Images

Tesla CEO Elon Musk confirmed in a regulatory filing late Monday that he purchased $25 million of his company’s stock in a public offering last week.

The electric-car maker’s offering of 3,086,419 shares was priced at $243 each last week. Musk had shown “preliminary interest” in purchasing up to 102,880 of Tesla’s offered shares for a total of $25 million through a trust that he controls.

He bought the shares on Thursday, May 2. A form that Musk filed with the Securities and Exchange Commission shows that he now owns 33,927,560 Tesla shares through the trust.

This is Musk’s first purchase of Tesla stock (ticker: TSLA) this year, and he’s buying at a cheaper price than he did last year. Musk bought a total of $44.8 million of Tesla stock on the open market in 2018, paying an average per-share price of $330.80 for 135,344 shares, Barron’s calculates.

Editor's Choice

Tesla’s latest stock offering could be expanded up to 3,549,381 if underwriters use their options to purchase additional shares. Tesla said it would use proceeds from the stock offering and a concurrent $1.60 billion offering of senior notes (that could be expanded to $1.84 billion) “to further strengthen our balance sheet, as well as for general corporate purposes.”

Write to Ed Lin at edward.lin@barrons.com

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https://www.barrons.com/articles/elon-musk-tesla-stock-buy-51557202259

2019-05-07 04:24:00Z
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