Diamonds and Dogs
Tesla (TSLA) getting a free pass. The battery car maker is up 3% after China's automotive regulatory body said it will exempt Tesla vehicles from its purchase tax, helping the electric car company lessen the impact of higher costs from tariffs in the trade war. The announcement comes as Tesla, on Thursday, raised prices for some vehicles in China. It did so as the yuan trades at its weakest levels in more than a decade. Tesla, which builds all its cars in the U.S., has adjusted prices multiple times over the past year in reaction to the U.S.-China frictions.Looks like China likes Tesla, Apple, but not our farmers.
Ulta Beauty (ULTA) having a tough day. The cosmetic beauty company is tumbling 28% back to the 52-week low following disappointing earnings and lower guidance for the full year. The company is saying they anticipate industry-wide sales headwind particularly in the U.S. cosmetics market. The new numbers disappointed investors who had hoped Ulta would continue to profit from its efforts to take market share from other merchants that sell beauty products. The company received at least seven downgrades this morning.