Tesla: China-built Model 3 to be delayed due to coronavirus

Tesla Inc. TSLA, +2.49% Chief Financial Officer Zach Kirkhorn said Wednesday that the Silicon Valley car maker is expecting "a one to one-and-a-half week delay in the ramp of Shanghai-built Model 3 due to a government-required factory shutdown" related to the deadly coronavirus. "This may slightly impact profitability for the quarter but is limited as the profit contribution from Model 3 Shanghai remains in the early stages," he said in a call with analysts post the company’s results. "We are also closely monitoring whether there will be interruptions in the supply chain for cars built in Fremont," but are so far not aware of anything material, Kirkhorn said.

Facebook discloses $550 million class-action settlement during earnings call

Facebook Inc. FB, +2.50% dropped a surprise during its fourth-quarter earnings call late Wednesday: A $550 million settlement in a class-action lawsuit over its use of facial-recognition technology in Illinois. Chief Financial Officer Dave Wehner made the disclosure, updating the case that was mentioned in Facebook’s 10-Q filing last quarter. "We decided to pursue a settlement as it was in the best interest of our community and our shareholders to move past this matter," a Facebook spokesperson said in an email statement. The case, which stems from Facebook’s photo-labeling service called Tag Suggestions, is bound to add to worries over the social networking company’s record on privacy matters. Facebook shares are up 48.4% over the last 12 months, compared to a 22% gain for the broader S&P 500 SPX, -0.09%.

Musk: Tesla to sell as many Cybertrucks ‘as we can make’

Tesla Inc. TSLA, +2.49% Chief Executive Elon Musk said Wednesday that his company will have no trouble selling as many Cybertrucks "as we can make … It’s going to be pretty nuts." Musk renewed his promise that the "bad ass" pickup truck is something out of a "sci-fi movie set." The Cybertruck got no mentions in Tesla’s fourth-quarter letter to investors, and Musk did not provide details about its production. The vehicle "is better than people realize," the CEO said. Tesla revealed the angular pickup truck in November. Later in the conference call, Musk dodged a question about how many Cybertrucks the company is aiming to make.

Oil price falls as virus death toll climbs, U.S. inventories rise

Brent was down 24 cents, or 0.4%, to $59.57 a barrel by 0152 GMT, having risen 0.5% on Wednesday. U.S. crude was down 26 cents, or 0.5%, to $53.07 a barrel.

Oil prices fell on Thursday as the death toll from the new virus in China climbed to 170 and more airlines cancelled flights to the country’s major cities, while rising U.S. crude inventories added to the negative tone.

Brent was down 24 cents, or 0.4%, to $59.57 a barrel by 0152 GMT, having risen 0.5% on Wednesday. U.S. crude was down 26 cents, or 0.5%, to $53.07 a barrel.

A second flight of Japanese evacuees from Wuhan, China, where the outbreak started, landed in Japan on Thursday, with nine showing symptoms of fever or coughing, broadcaster NHK reported. Infections in China have passed 7,700.

“It’s becoming more evident to market participants the balance of risk will remain in the flu cycle much longer than expected,” said Stephen Innes, chief market strategist at AxiCorp.

The bigger-than-expected gains in U.S. crude oil inventories last week also meant “oil prices were dealt the cruellest hand of them all,” Innes said.

Crude stocks rose by more than seven times market expectations, gaining 3.5 million barrels in the week to Jan. 24, the U.S. Energy Information Administration (EIA) said on Wednesday.

Gasoline stocks rose to a record high, increasing for a 12th consecutive week to 261.1 million barrels, the EIA said.

More than 17M people take off work after Super Bowl Sunday

Don’t be surprised if you come to work on Monday and you do heavier lifting than usual.

That’s because, according to a report by think tank Workforce Institute at Kronos, more than 17 million workers may take time off on the day after the Super Bowl.

Super Bowl LIV between the San Francisco 49ers and the Kansas City Chiefs will spur 11.1 million employees to use pre-approved days off, Workforce estimates.

That won’t be so hard on employers and fellow workers, who can prepare for those absences ahead of time.

But an additional 4.7 million people plan to phone in sick, 1.5 million workers aren’t going to even bother calling in, and some 7.9 million people are undecided if they will go to work or not, according to the survey.

The conclusion: This could be the most people ever to come down with Super Bowl fever. My advice? Take two beers and return to work in the morning.

Jared Kushner Says He’s ‘Read 25 Books’ On The Israeli-Palestinian Conflict

Jared Kushner, who crafted President Donald Trump’s controversial Middle East peace plan, said he’s read 25 books about the Israeli-Palestinian conflict.

The president’s senior White House adviser and son-in-law told Sky News Arabia Wednesday about the work he’s put in to develop the proposal for the region.

“I’ve been studying this now for three years,” Kushner said. “I’ve read 25 books on it, I’ve spoken to every leader in the region, I’ve spoken to everyone who’s been involved in this.”

Trump unveiled his Middle East peace plan on Tuesday, with Israel’s Prime Minister Benjamin Netanyahu by his side. The plan calls for the creation of a State of Palestine with its capital in parts of east Jerusalem, while recognizing Israeli sovereignty over major settlements in the West Bank. The announcement was criticized for lacking in Palestinian representation and favoring Israeli priorities, and was immediately rejected by Palestinian leaders.

Kushner, a 36-year-old former real estate developer, is married to Trump’s elder daughter, Ivanka. He’s taken point on the Trump administration’s efforts to resolve the conflict in the Middle East, despite having no prior experience in foreign policy.

His remarks on Wednesday drew sarcastic congratulations from Twitter users.