Earnings boost market…Musk may take Tesla private…TV maker blames layoffs on tariffs
NEW YORK (AP) – Stocks are higher, boosted by strong company earnings. The S&P 500 has been trading at its highest levels since Jan. 26, when it closed at its most recent all-time high. After that peak, it dropped 10 percent in nine days as investors worried about signs that inflation was accelerating. That hasn’t materialized, but trade fears have weighed on the market since then.
NEW YORK (AP) – Tesla CEO Elon Musk says he is considering taking the electric car maker private. Tesla’s stock spiked today after Musk made the abrupt announcement in a terse tweet. He said is considering taking the company private at $420 a share and already has secured funding. Tesla shares rose more than 5 percent.
WINNSBORO, S.C. (AP) – A South Carolina television maker says it’s laying off 126 workers because of President Donald Trump’s tariffs on imports from China. Element TV Company said in a letter to state employment officials that workers will be let go Oct. 5, leaving a skeleton crew of eight employees to watch the Fairfield County plant in hopes it can reopen in three to six months. Element says the tariffs are hitting key components it uses to assemble its U.S.-made televisions.
SCHENECTADY, N.Y. (AP) – General Electric says it’s laying off 200 hourly workers at its upstate New York plant that produces steam turbines for the company’s power unit. GE says the layoffs include unionized manufacturing and assembly employees at its facilities in Schenectady (skeh-NEHK’-ta-dee), where Thomas Edison co-founded the company in 1892. Another 25 unfilled jobs will be eliminated. A GE Power unit spokesman says the layoffs come after a 45 percent drop in volume at the plant.
PORTLAND, Maine (AP) – One of the most widely read food magazines says there’s no better U.S. city for restaurants than Portland, Maine. Bon Appetit published an article on its website that declared Maine’s largest city the 2018 Restaurant City of the Year. Deputy editor Andrew Knowlton wrote the article, which says the “sheer number of outstanding openings” in the city have made it the top food destination in the country this year.