Financial Daily Dose 5.11.2020 | Top Story: Tesla Sues to Reopen its California Factory

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Tesla sues to reopen its California factory; Elon threatens to move the company out of state. The company asked a federal judge to reopen the factory, arguing that the “local government’s insistence that it remain closed . . . defies the U.S. Constitution.” – WSJ

Stocks decline by 0.5%; the Dow  Jones Industrial Average sank 0.9%; the Nasdaq 100 increased 0.2%; the yield on 10-year Treasuries dipped one basis point to 0.68%; West Texas Intermediate crude advanced 1.4% to $25.08 a barrel; and gold declined 0.8% to $1,700 an ounce. – Bloomberg and NYTimes and WSJ

Are we on the way up or down? Goldman reports that stocks are due to lose 18%, stating that fear of missing out (FOMO)  seems to be overshadowing the crippling fear of the decaying economy. – Bloomberg

Multinational natural gas deals hang in the balance, as the pandemic decimates global demand. – NYTimes

Bitcoin lost 13% after rallying to over $10,000 in the last week. The losses come within hours of the asset’s “halving” event, which is a technical event that cuts in half the rewards miners receive for processing transactions. – Bloomberg

JPMorgan Asset Management will target Asia tech stocks as the pandemic continues to disrupt consumer behavior. JPMorgan suggests that shares in select companies could double in value in three to five years. – Bloomberg

Joint health-care venture, Haven, will soon be in the market for a new chairman. The venture is backed by Amazon.com Inc., Berkshire Hathaway Inc., and JPMorgan Chase & Co. – WSJ

Airlines have no idea when demand will return. Even Southwest Airlines, “which reported its 47th consecutive year of profitability in January, expects to lose an average of $30 million to $35 million a day through June. – NYTimes

The legal industry fairs no better with 64,000 jobs lost in April, a decrease of 5.5% over March. – Law360

The “Varsity Blues” college admissions case marches on. The federal judge refused to dismiss charges against two defendants, finding that “prosecutors did not willfully conceal evidence from the defense.” – Law360

Microsoft is “rolling out a new reply-all protection feature.” No more annoying reply-all storms! TheVerge

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