Elon Musk asks Twitter fans to vote on new Tesla Gigafactory in Texas - CNBC

Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX) and Tesla Inc., speaks during an event at the SpaceX launch facility in Cameron County, Texas, U.S., on Saturday, Sept. 28, 2019. Musk gave space fans an update Saturday evening on the status of "Starship," the next-generation vehicle his SpaceX plans to use to eventually take humans to Mars. Photographer: Bronte Wittpenn/Bloomberg via Getty Images

Bronte Wittpenn | Bloomberg | Getty Images

"Giga Texas?" That was the question Tesla CEO Elon Musk posed to his followers on Twitter late Tuesday, asking them if they would like a new Gigafactory in Texas.

By 9 a.m. London time on Wednesday, over 131,000 people had voted with 79.2% of voters choosing the "Hell yeah" option, and the remainder voting for "nope."

Gigafactory is the name Musk has given to Tesla's production plants. Currently there are two in the U.S. and one in Shanghai, China. Musk announced last year that Tesla's first European factory would be built around Berlin, Germany.

On the company's fourth-quarter earnings call last week, Musk explained the need to ramp up battery production to meet the demand for Tesla's cars.

"We got to scale battery production to crazy levels that people cannot even fathom today. That's the real problem," he said.

That's where these additional factories can help. Musk did not give any further details on his Twitter feed.

Tesla's shares have seen a meteoric rise recently. In the past five days, shares of the electric carmaker are up over 38% and have more than doubled since the start of the year.

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2020-02-05 09:55:00Z
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Major US airlines add Hong Kong to China flight suspensions - Yahoo News

The coronavirus outbreak has hit air travel, with dozens of carriers suspending flights to mainland China to help stop the spread of the disease (AFP Photo/Brendan Smialowski)

United and American Airlines on Wednesday both announced plans to temporarily suspend flights to Hong Kong following the outbreak of a deadly new coronavirus.

United said it would halt flights to the international financial hub from Saturday until February 20, citing a sharp drop in passengers.

American Airlines said it had already suspended flights through to February 20.

Both carriers had previously said they were halting flights to mainland China where the outbreak of the new coronavirus began late last year and has since killed nearly 500 people and infected more than 24,000.

Dozens of major airlines have stopped flying to the Chinese mainland in a bid to slow the spread of the virus, which has been detected among a small number of people in more than 20 countries.

The inclusion of Hong Kong in the flight ban comes as the city struggles with its own outbreak, with 18 people testing positive for the disease, including one who died.

On Tuesday, health officials in Hong Kong warned there was now growing evidence of local transmissions -- cases where people have become infected without travelling to China.

Hong Kong has one of the world's busiest airports and is a major transit point for China.

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2020-02-05 09:01:34Z
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Macy’s closing Cincinnati headquarters, 125 stores - Dayton Daily News

Macy’s is closing its national headquarters in Cincinnati, shifting from a dual headquarters with New York City to a single corporate hub, and shutting down 125 stores nationwide.

The publicly-traded department store chain announced Tuesday several sweeping changes would be coming to the retailer as it navigates a retail environment in upheaval.

FOX19 NOW reports that the move will mean 500 jobs lost but some of those jobs will move to Mason and Springdale.

JUST IN: New restaurant coming to Troy this spring

Macy’s said in a statement that it plans to close about 125 of its “least productive” stores over the next three years, including about 30 stores that are in the process of closure now.

The specific stores were not named. Macy’s also will continue its “growth treatment” to the remaining store portfolio, including upgrading an additional 100 stores this year, which includes boosts like renovations, new tech, and local marketing.

Macy’s has stores anchoring the Dayton Mall and the Mall at Fairfield Commons.

MORE: 5 things to know about the grand opening of local Macy’s outlet store

Besides New York City becoming the sole corporate headquarters, the company will also close its Tempe, Arizona, customer contact center and consolidate customer service work at its Mason and Clearwater, Florida sites.

The company also will close its San Francisco and Lorain offices.

The company states on its website that it has about 130,000 employees and is in 43 states, and had $24.971 billion in sales for fiscal year 2018.

Jeff Gennette, chairman and chief executive, stated he was confident the strategy announced Tuesday will allow Macy’s to stabilize margin in 2020 and set the foundation for sustainable, profitable growth.

“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” he said.

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2020-02-05 05:20:23Z
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Why the Dow is rallying more than 400 points in middle of a global health crisis - CNN

It's an abrupt turnaround for markets. Stocks had sold off sharply last week amid worries about the economic impact of the virus. But stocks began to retrace their sharp losses on Monday.

The Dow (INDU) was up 450 points or 1.6% in late morning trading. The S&P 500 (SPX) rose 1.5%, while the Nasdaq Composite (COMP) was up 1.7%.

And the rally isn't just confined to US markets: global equities are all in the green, and even Chinese markets, which recorded their worst day in years Monday, bounced back.

But the global coronavirus is still not over. So what's behind the excitement?

Chinese stimulus

The People's Bank of China stepped in this week by injecting billions of yuan to prop up the stock market.

And there might be more: China has helped its markets out in times of trouble before. Back in 2015, when the country's stock bubble burst, authorities lent billions to brokerage firms to encourage stock buying.

The historical evidence that China is willing to help its markets and economy soothed investors around the world.

"The underlying market hope is clear: central banks will save us, not just from the business cycle, and not just from climate change, but now from global pandemic too," wrote Michael Every, senior Asia-Pacific strategist at Rabobank.

China is the world's second-largest economy and is considered the engine for the global economic growth. With a central bank willing to lend a hand, the repercussions from the outbreak could be much more manageable.

Containment

The coronavirus has now infected more than 20,000 people and claimed more than 400 lives, but the rate of new infections appears to have slowed down.

"Public health activities and awareness are key drivers," said Bespoke Investment Group Co-Founder Justin Walters.

Quarantine measures and travel restrictions -- imposed by both governments and companies -- seem to be doing the trick.

Solid economic fundamentals

While the outbreak has been raging, economic fundamentals have remained solid for the United States.

On Monday, the Institute of Supply Management's manufacturing PMI beat expectations and showed the first expansion for the sector since July.

US factory orders for December also beat expectations on Tuesday, rising 1.8%, compared with the consensus estimate of 1.2%.

Friday's jobs report is expected to be yet another strong showing for America's labor market, including an unemployment rate around the 50-year low of 3.5%.

With an unemployment rate this low and wages ticking higher, American consumers, who are the backbone of the economy, are strong.

On top of all this, a solid earnings season for American companies also provides a positive backdrop for the market.

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2020-02-04 16:22:00Z
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Tesla Stock Jumped 20%. It Makes No Sense. - Barron's

Tesla shares rose almost 20% Monday, hitting another all-time high. The question is why? The move, frankly, baffled investment pros.

Few dispute things are looking up for the electric vehicle pioneer, but few understand the magnitude and persistence of the rally. The pros, however, offered a few ideas when asked. And some even guessed what could be next for shares.

But...

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2020-02-04 15:02:00Z
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Why the Dow is rallying more than 400 points in middle of a global health crisis - CNN

It's an abrupt turnaround for markets. Stocks had sold off sharply last week amid worries about the economic impact of the virus. But stocks began to retrace their sharp losses on Monday.

The Dow (INDU) was up 450 points or 1.6% in late morning trading. The S&P 500 (SPX) rose 1.5%, while the Nasdaq Composite (COMP) was up 1.7%.

And the rally isn't just confined to US markets: global equities are all in the green, and even Chinese markets, which recorded their worst day in years Monday, bounced back.

But the global coronavirus is still not over. So what's behind the excitement?

Chinese stimulus

The People's Bank of China stepped in this week by injecting billions of yuan to prop up the stock market.

And there might be more: China has helped its markets out in times of trouble before. Back in 2015, when the country's stock bubble burst, authorities lent billions to brokerage firms to encourage stock buying.

The historical evidence that China is willing to help its markets and economy soothed investors around the world.

"The underlying market hope is clear: central banks will save us, not just from the business cycle, and not just from climate change, but now from global pandemic too," wrote Michael Every, senior Asia-Pacific strategist at Rabobank.

China is the world's second-largest economy and is considered the engine for the global economic growth. With a central bank willing to lend a hand, the repercussions from the outbreak could be much more manageable.

Containment

The coronavirus has now infected more than 20,000 people and claimed more than 400 lives, but the rate of new infections appears to have slowed down.

"Public health activities and awareness are key drivers," said Bespoke Investment Group Co-Founder Justin Walters.

Quarantine measures and travel restrictions -- imposed by both governments and companies -- seem to be doing the trick.

Solid economic fundamentals

While the outbreak has been raging, economic fundamentals have remained solid for the United States.

On Monday, the Institute of Supply Management's manufacturing PMI beat expectations and showed the first expansion for the sector since July.

US factory orders for December also beat expectations on Tuesday, rising 1.8%, compared with the consensus estimate of 1.2%.

Friday's jobs report is expected to be yet another strong showing for America's labor market, including an unemployment rate around the 50-year low of 3.5%.

With an unemployment rate this low and wages ticking higher, American consumers, who are the backbone of the economy, are strong.

On top of all this, a solid earnings season for American companies also provides a positive backdrop for the market.

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2020-02-04 16:09:00Z
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Tesla's stock soars above $900, boosts value of Elon Musk's stake by $6 billion - MarketWatch

Shares of Tesla Inc. TSLA, +12.93% gapped higher on heavy volume at the open Tuesday, rising as much as 20.5% to a fresh all-time high of $939.92 in early trading before paring some gains. The stock was now up 19.9%, and has more than doubled (up 123.5%) this year--the S&P 500 SPX, +1.40% has gained 2.0% year to date--and has nearly tripled (up 194.5%) over the past three months. The rally has added billions to Chief Executive Elon Musk kitty. The latest 13G filing with the Securities and Exchange Commission in February showed that Musk owned 38,572,790 Tesla shares, making him by far the largest shareholder with a 21.7% stake. That means the value of Musk's stake has increased by $5.98 billion just on Tuesday, and by $14.54 billion over the past six days, in which the stock has soared 67.6%.

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2020-02-04 14:57:00Z
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