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Ahead of Wall Street

Monday, October 3, 2016

British Prime Minister Theresa May is apparently marching forward with plans for Brexit. The politico who rose to prominence not as a Boris Johnson-esque “Brexiteer” but as the David Cameron supporter who first publicly came to grips with the UK vote to divorce itself from the European Union when she said “Brexit means Brexit,” soon thereafter won the election and now means to honor the vote many Brits feel was a mistake after the fact.

Great Britain still needs to execute Article 50, the measure that would effectively shift Britain’s laws from the EU back to the UK, and this is expected to happen sometime in late March 2017. This move “marks the first stage in the UK becoming a ’sovereign’ and ‘independent’ country once again,” May said. “It’s all getting very real now, folks.”

There had been open speculation since the Brexit vote in late June that perhaps Article 50 would not be issued, after all; that somehow the powers in Great Britain would hash out a new deal with the EU that would modify the popular vote decision. But it looks as though May is staying true to her word: “Brexit is (still) Brexit,” it would appear.

Bass Pro Shops Bags Cabela’s

Specialty retailer Cabela’s (CAB - Free Report) has reportedly been bought by privately-owned rival Bass Pro Shops for $5.5 billion, or $65.60 per share, a 19% premium from Cabela’s closing price on Friday. The all-cash deal is the biggest acquisition ever for the Springfield, MO-based Bass Pro.

Tesla Drives Record Sales

Premier electric car manufacturer Tesla Motors (TSLA - Free Report) has reportedly made more than 24,500 deliveries in Q3, more than double its year-ago results. Combining 15,800 Model S sedans with 8700 Model X crossover SUVs in the quarter, this amounts to a record period for Tesla, and a 37% increase quarter over quarter. Also, 5500 new vehicles were reportedly in transit when Q3 results were released, and these will be added onto Tesla’s Q4 delivery totals.

Markets are down in the pre-market, following a strong Friday that showed gains of just under 1% in the major indices. Currently, the S&P 500 is down 4 points, the Dow -28 and the Nasdaq -5.75.

Mark Vickery
Senior Editor