Morning Brief

Tesla earnings, UPS, Boeing workers reject offer

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Tesla (TSLA) added about $80 billion to its market cap after beating earnings-per-share estimates and announcing it expects to roll out autonomous ride-hailing in California and Texas in 2025. The news sent shares of ride-hailing apps Uber (UBER) and Lyft (LYFT) under pressure.

Takeaways:

  • US stock futures (ES=F, NQ=F, YM=F) are abuzz this morning after EV maker Tesla (TSLA) reported mixed third quarter earnings results after the closing bell on Wednesday. Tesla shares have been soaring in pre-market trading, adding $80 billion to the company's market cap.
  • While releasing its earnings results, Southwest Airlines (LUV) has reached a deal with activist investor Elliott Management. Meanwhile, United Parcel Service (UPS) beat third quarter earnings estimates. Catch Yahoo Finance's interview with UPS Chief Financial Officer Brian Dykes later today.
  • The International Association of Machinists and Aerospace Workers (IMA) union rejected the latest labor contract proposal from aircraft manufacturer Boeing (BA). It has been nearly a month and a half since Boeing factory workers went on strike in mid-September.

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