Financial Daily Dose 2.4.2020 | Top Story: Tesla Stock Hits New Highs on Reports From Battery Partners

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It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday – NYTimes and WSJ and Bloomberg and MarketWatch
 

This week’s latest coronavirus epidemic-related economic fallout takes the form of OPEC nations scrambling to cut output to stabilize oil prices after growing concern that the outbreak will dramatically reduce demand from China, the “biggest importer” of crude – NYTimes and WSJ

Here’s what the virus may mean for the recent trade commitments China made to the US as part of Phase One – NYTimes

And for China’s economy, writ large – Bloomberg

A $1.37 billion proposed deal that would unite old-school shaving brand Schick with “upstart rival Harry’s Inc.” is under new scrutiny thanks to a recently filed Federal Trade Commission lawsuit that seeks to block the merger over concerns that it “would eliminate one of the most important competitive forces in a shaving industry that has long been controlled by two entrenched companies” – WSJ and Law360

In other antitrust news, the DOJ’s head enforcer—Makan Delrahim—has reportedly removed himself over the Department’s Google inquiry “over a potential conflict of interest related to his past work for the internet search company” while in private practice – NYTimes

Some damning reporting on the gender pay gap, including the phenomenon on pay actually decreasing in fields in which women are supplanting men as the majority—a trend that’s almost impossible to explain without just plain sexism – Marketplace

The Times uses Les Wexner’s L Brands as a case study for what not to do in handling credible allegations of sexual harassment and any hints of related retaliation. Exhibit A is the company’s recent treatment of Monica Mitro, one of its “highest-ranking female executives,” who brought allegations of years of verbal abuse and maltreatment by her boss to a board member. Mitro was never seen in the office again – NYTimes

The Journal gives us the inside scoop on the controversy bubbling just beneath the surface in the auto world over the White House’s plans to ease fuel-economy standards, California’s still-strict emissions laws, and Ford’s role as punching back in it all thanks to a miscalculation of the entire battle – WSJ

Miami has “abruptly dropped” its Fair Housing Act lawsuit against Wells Fargo, Bank of America, and Citigroup after 6 years of litigation over “claims that the banks’ allegedly racially discriminatory practices cost the city tax revenue.” The City didn’t comment on its voluntary dismissals – Law360

Visa will make the biggest changes in at least 10 years to its interchange rates—the fees it charges every time a consumer uses its card—in an effort to “persuade more people to abandon checks.” The company will also adjust its fee schedule for “new business such as ride-hailing services” – Bloomberg

Not quite the employee misconduct story we’re used to hearing, but notable on its own—Citi has suspended its head of high-yield credit trading for Europe, the Middle East, and Africa “after he stole from the company’s cafeteria.” Citi hasn’t confirmed the reason for his departure, but the details come from a person familiar with the matter – Bloomberg and WSJ

Fintech company Worldline SA has struck a deal to acquire rival Ingenico Group for $8.6 billion in the biggest deal of the young year so far. The “all-French deal” creates a new behemoth in the “fast-consolidating European payments sector.” Ingenico’s best known in the States for its point-of-sale devices and related services – WSJ and Law360

New evidence of a massive asteroid impact in Western Australia suggests it’s the oldest yet discovered, coming some 2.2 billion years ago. Scientists suggest the Yarraabubba impact structure is what’s left of the impact so powerful that it may have altered Earth’s climate and “catapult[ed] the planet out of widespread glaciation” – NYTimes

In other, admittedly more pseudo-Australian news out there for you 90s kids, Dunkaroos are back – ADWeek

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