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Tesla readying Model 3 leasing for employees: reportExternal Link

Tesla Inc. is preparing to lease the Model 3, according to a report on Electrek, a blog mostly dedicated to the Silicon Valley car maker. The company sent an email to employees this week saying they will be able to lease Model 3 in the next two weeks, Electrek said, citing people familiar with the matter. "This is simply an internal document to ensure teams are prepared for when we eventually introduce a leasing option to customers," and "no decision has been made about when Model 3 leasing will be available," a Tesla spokesperson said in emailed comments. On a call with analysts earlier this month after Tesla's fourth-quarter results, Chief Executive Elon Musk said the company had been "reluctant" to offer leasing on Model 3 because of its effect on GAAP financials, and that it likely would introduce it later this year. Earlier Wednesday, Tesla confirmed its general counsel, veteran trial lawyer Dane Butswinkas, will be leaving Tesla after two months on the job. Jonathan Chang will become Tesla's new top lawyer, rising from his role as vice president of legal. Tesla shares fell 0.9% in midday trading, and are down more than 9% in the past 12 months, which contrasts with gains around 2.4% for the S&P 500 index.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Feb 2019 16:31:35 GMT
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SEC brings charges but doesn't fine unregistered initial coin offeringExternal Link

The Securities and Exchange Commission settled charges Wednesday against Gladius Network LLC for allegedly conducting an unregistered initial coin offering or ICO. The Washington, DC-based company raised approximately $12.7 million in digital assets to finance its plan to develop a network for renting spare computer bandwidth to defend against cyberattacks and enhance delivery speed but did not register its ICO under the federal securities laws, and the ICO did not qualify for an exemption from registration requirements. The company self-reported to the SEC in the summer of 2018 and settled without admitting or denying the findings. The SEC did not impose a penalty but Gladius will return funds to those investors who purchased tokens in the ICO and who request a return of funds, and then register its tokens as securities.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Feb 2019 16:23:17 GMT
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Amazon's investment in EV maker Rivian may be the biggest auto story of 2019--Morgan StanleyExternal Link

Morgan Stanley analyst Adam Jonas said Wednesday he believes Amazon.com Inc.'s leading of a $700 million investment in electric truck maker Rivian Automotive LLC last week is the "most significant milestone" for electric vehicles since Tesla Inc. went public in 2010. But Jonas also said he believes Amazon's Rivian investment "may prove to be the most significant milestone for U.S. autos for all of 2019." He said Amazon's increased and more direct involvement in the EV industry, including the company's plan to have half its shipments carbon neutral by 2030, is "more of a threat than an opportunity" for others in the EV space, including Tesla. Amazon's stock was up 0.3% in morning trade, while Tesla shares fell 1.2%. Over the past three months, Amazon's stock has climbed 9.2% while Tesla shares have slumped 13% and the S&P 500 has gained 5.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Feb 2019 16:16:52 GMT
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New Residential Investment's stock falls on heavy volume after 40 million share offeringExternal Link

Shares of New Residential Investment Corp. slumped 3.5% on heavy volume in morning trade Wednesday, after the residential real estate investment company priced a relatively large stock offering at a discount. Volume ballooned to 17.9 million shares, which is already more than five times the full-day average, and enough to make the stock the most actively traded on the major stock exchanges. The company said Wednesday that its public offering of 40,297,096 shares were sold for gross proceeds of $664.9 million. That implies a per-share price of $16.50, which is 3.1% below Tuesday's closing price of $17.02. The company said of the total shares offered, 40 million were being sold directly by the company to raise about $660 million, and which would increase the shares outstanding by about 11%. The rest of the shares are being sold by FIG LLC. The stock has slumped 1.6% over the past three years, while the SPDR Real Estate Select Sector ETF has gained 5.0% and the S&P 500 has advanced 5.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Feb 2019 15:44:57 GMT
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Lighthizer to testify before key House committee on U.S.-China trade right before March 1 tariff deadlineExternal Link

The House Ways and Means Committee will hold a hearing Feb. 27 with U.S. Trade Representative Robert Lighthizer, the panel announced Wednesday. The hearing comes just days before a March 1 deadline for the two countries to reach a trade deal -- though President Donald Trump has indicated he is flexible on that date. Optimism over a deal has helped to buoy U.S. stocks , and Trump has pointed to progress in ongoing discussions.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Feb 2019 15:27:32 GMT
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