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Yahoo BusinessNov 22, 2019
Tesla Unveils Pickup Truck in Demo Marred by Shattered Glass
(Bloomberg) -- Tesla Inc. Chief Executive Officer Elon Musk took to the stage late Thursday to reprise a familiar role: pitching a future vehicle to a throng of adoring fans. This time, it was the "Cybertruck" -- his name for Tesla's new electric pickup.The angular vehicle, which has a stainless-steel skin, starts at $39,900 and will come in three variants, Musk told a packed audience in Hawthorne, California. Customers can order the truck with a deposit of just $100, though production "nears in late 2021," Tesla said on its website.After a "Blade Runner"-inspired introduction, Musk had Tesla's long time chief designer, Franz von Holzhausen, smash the truck's steel exterior with a sledgehammer, showing that it did not dent.But it was the second demonstration, of "Tesla armor glass," that was the real show stopper: von Holzhausen unintentionally shattered two of the truck's windows with a metallic ball, causing Musk to say "Oh my f---ing god." Given how product launches are usually scripted and rehearsed, the broken windows were the evening's big surprise.Tesla shares fell as much as 3.2% to $343.55 pre-market in New York. The stock was up 6.6% this year through Thursday's close.The evening began with a slide show of standard pickup trucks throughout the years, and Musk's vow to make something different that runs on sustainable energy."You want a truck that's really tough, not fake tough," Musk said, in what seemed to be a veiled swipe at Ford Motor Co.'s slogan. "A truck you can take a sledgehammer to th

MarketWatch MarketPulseNov 22, 2019
U.K. service PMI falls in November to worst reading in 40 months
The flash reading of the IHS Markit/CIPS flash U.K. services purchasing managers index fell to a 40-month low in November of 48.6, from 50 in October. The manufacturing PMI meanwhile slipped to a two-month low of 48.3 versus 49.6 in October. "The weak survey data puts the economy on course for a 0.2% drop in GDP in the fourth quarter, and also pushes the PMI further into territory that would normally be associated with the Bank of England adding more stimulus to the economy," said Chris Williamson, chief business economist at IHS Markit. "While Brexit issues such as stock-building and car factory closures have led to volatile GDP data so far this year, making monetary policymaking especially difficult and encouraging the Bank of England to sit on its hands until the fog clears, the PMI surveys are not only warning that the underlying trend in the economy is deteriorating markedly, but also that the labour market is cooling."

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Reuters Company NewsNov 22, 2019
UPDATE 1-Commerzbank CEO calls on EU to stick to principles in face of U.S. policy
Commerzbank's chief executive criticised the U.S. administration for unilateral dealmaking on Friday and called for Germany and Europe to "stick to our principles".

MarketWatch MarketPulseNov 21, 2019
Ross Stores beats Q3 profit, same-store sales expectations
Shares of Ross Stores Inc. rose 2% in the extended session Thursday after the retailer reported third-quarter profit and same-store sales above expectations. Ross said it earned $371 million, or $1.03 a share, in the quarter, compared with $338 million, or 91 cents a share, in the same period last year. Sales rose to $3.8 billion, compared with $3.5 billion a year ago. Comparable-store sales rose 5% on top of last year's gain of 3%, Ross Stores said. Analysts polled by FactSet had expected earnings of 98 cents on sales of $3.8 billion. The analysts had expected same-store sales 2.8% higher. As the holiday season begins Ross is "up against multiple years of strong comparable-store sales gains," and "another fiercely competitive retail landscape," Chief Executive Barbara Rentler said in a statement. "As such, while we hope to do better, we continue to project fourth quarter comparable store sales gains of 1% to 2% versus a 4% increase last year." Ross kept its fourth-quarter EPS guidance between $1.20 and $1.25 and said it expects fiscal 2019 EPS between $4.52 and $4.57, up from $4.26 in fiscal 2018. Shares of Ross had ended the regular trading day up 1.2%.

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

Reuters Company NewsNov 21, 2019
UPDATE 1-Panasonic has no plans for new Tesla battery plant in China -CEO
Panasonic Corp has no plans to build a new battery plant for Tesla Inc in China, the Japanese company's chief executive said, as it struggles to make money from its existing battery business with the electric vehicle (EV) maker.

Panasonic has no plans for new Tesla battery plant in China: CEO (Reuters Business)

Reuters BusinessNov 21, 2019
Gap's quarterly profit beats; says working on plan to split Old Navy
Gap Inc edged past lowered expectations for quarterly profit on Thursday and reiterated its plan to separate Old Navy from the namesake brand, days after the retailer cut its annual forecast and replaced longtime chief executive officer.
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