Money Minute: More Americans Renounce Citizenship; Fire at Tesla
Lots of people still want to come to the U.S., but there are plenty who are leaving, too. That's one of the top money stories we're tracking in today's Money Minute.
More people than ever before have renounced their U.S. citizenship, apparently to avoid high taxes on income and estates. The Wall Street Journal reports 2,369 people gave up their citizenship or their green cards in the first nine months of this year.
The Dow Industrials (^DJI) gained 71 points yesterday, the S&P 500 (^GPSC) rose 14 -- both ending at record highs -- and the Nasdaq (^IXIC) rallied 45 points. It closed at its highest level since before the tech bubble burst 13 years ago.
But tech stocks could come under pressure today following a disappointing earnings report from the bellwether company, Cisco Systems (CSCO). The world's biggest supplier of critical Internet equipment reported revenue that fell short of expectations, hurt by the government shutdown last month. Even worse, the company says sales in the current quarter will drop by as much as 10 percent.
Two big retailers could also face a backlash on disappointing quarterly numbers. Both Walmart (WMT) and Kohl's (KSS) are being hurt by the weak economy and tough competition.
First there were a series of fires in luxury Tesla (TSLA) cars; now a fire at the plant that builds them. The company says three workers at the Freemont, Calif., facility were hurt.
Boeing's (BA) machinist union rejected an 8-year labor deal that would have let them build the company's newest passenger jet at facilities in Washington state -- but also would have terminated their pension fund and raised healthcare costs. As a result, Boeing could build the 777X at a non-union plant, perhaps overseas.
And with Thanksgiving just two weeks away, a major piece of its history goes on the auction block on Friday. George Washington made it a national holiday and his original proclamation is up for sale at Christie's. It says the bidding could reach $12 million.
-Produced by Drew Trachtenberg