Yahoo Finance Elon Musk says Tesla has 'a decent shot' at a new production record: Morning Brief
Wednesday, June 12, 2019
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WHAT TO WATCH
The U.S. Bureau of Labor Statistics will release May’s Consumer Price Index (CPI) inflation data ahead of the opening bell. The CPI data comes on the heels of a weaker-than-expected May jobs report last week. The U.S. economy added 75,000 jobs during the month, sharply lower than consensus estimates, fueling concerns that the U.S. economy might be cooling off more meaningfully than previously estimated. Thus, the economic data today and this week will play a crucial role.
Economists surveyed by Bloomberg expect core CPI in May to have risen 0.2% from April and 2.1% from last year.
Moreover, athleisure brand Lululemon (LULU) is scheduled to release quarterly earnings results after the bell. Analysts polled by Bloomberg expect Lululemon to report adjusted earnings of 70 cents per share on $756.35 million in revenue.
The options market is currently implying an 11% move in either direction for the stock after it reports earnings. Lululemon will be holdings its earnings conference call at 4:30 p.m. ET.
TOP NEWS
Elon Musk says Tesla has 'a decent shot' at a new production record: Tesla (TSLA) CEO Elon Musk told shareholders on Tuesday that the electric car maker had a “decent shot” at setting a new production record, following a first quarter that disappointed markets and sent its stock reeling. In a wide ranging presentation, Musk touted the performance and sales of its flagship Model 3—claiming it was outselling its counterparts, citing BMW, Audi and Lexus by name. [Yahoo Finance]
China consumer inflation picks up in May: China’s inflation pressure continued rising in May, as supply shocks pushed up food costs. The consumer price index rose 2.7% last month from a year earlier, while factory prices gained 0.6%, according to the National Bureau of Statistics. That’s the same as forecast by economists in a Bloomberg survey in both cases. [Bloomberg]
Trump renews Fed attack, says euro is ‘devalued’ against dollar: President Donald Trump slammed the Federal Reserve for high interest rates in a tweet on Tuesday, complaining the euro and other currencies were “devalued” against the dollar. [Bloomberg]
Also: Trump inadvertently reveals more of US-Mexico migrant deal [AFP]
CrowdStrike raises $612M as IPO tech rush continues: Software maker CrowdStrike Holdings Inc. raised $612 million in one of the biggest-ever initial public offerings for a cybersecurity company. CrowdStrike sold 18 million shares on Tuesday at $34 each, above its already elevated target range, the company said in a statement. [Bloomberg]
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