Elon Musk vs. SEC; Brexit chaos; FedEx earnings
London(CNN Business) 1. Elon Musk vs. SEC: The US Securities and Exchange Commission is asking a federal judge to hold Elon Musk in contempt of court following "stunning" behavior by the Tesla CEO.
The regulator said Monday that Musk had continued to fire off tweets about Tesla (TSLA) without consulting others at the company despite having agreed to a court-ordered settlement requiring him to do so.
Musk agreed to the deal with the SEC in order to settle charges over his controversial tweet in August about his plans to take Tesla private. But the SEC has since found fault with Musk's tweeting.
The regulator said Monday that it was "stunning" that Musk "had not sought pre-approval for a single one of the numerous tweets about Tesla" he has published since the settlement was agreed.
It also dismissed Musk's argument that his First Amendment rights are being violated.
Lawyers representing Musk responded with a court filing seeking permission to address "unsupported assertions" made by the SEC and to submit documentation that "undermines" the regulator's position.
2. FedEx earnings: FedEx (FDX) will report its fiscal third quarter earnings after the US close, giving investors some insight into how the global economy is faring.
The delivery company has already warned that the global economic slowdown could deliver a blow to its bottom line this year. It warned in December that its international business, especially in Europe, was struggling.
Investors will be looking to see if the shipping and delivery company can correct course, or whether the slowdown in global trade has reduced its outlook further.
3. Brexit chaos: UK Prime Minister Theresa May could be forced to seek a lengthy delay to Brexit after the Speaker of Britain's House of Commons derailed her plan to hold another vote this week on an exit deal she has agreed with EU officials.
The pound has taken the latest developments in its stride, but analysts say the already messy process now looks even more uncertain. May's deal has already been voted down twice in parliament.
In order to avoid crashing out of the European Union in 10 days without a transitional deal — a disastrous scenario for business — May is likely to seek to delay the exit process. The big question is how long a delay she will seek, and whether the European Union will agree.
4. Global market overview: US stock futures were higher. European markets opened with small gains while stocks in Asia closed mixed.
The Dow Jones industrial average closed up 0.3% on Monday. The S&P 500 added 0.4% and the Nasdaq gained 0.3%.
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5. Earnings and economics: DSW (DSW) and Michaels Stores (MIK) will release earnings before the open. Tencent Music (TME) is up after the closing bell.
6. Coming this week:
Tuesday — FedEx (FDX) earnings; DSW (DSW) investor day
Wednesday — General Mills (GIS) earnings; US crude oil inventories; Federal Reserve interest rate decision
Thursday — Earnings from Darden Restaurants (DRI), Tencent (TCEHY) and Nike (NKE); Levi Strauss IPO expected; Bank of England's rate decision
Friday — Tiffany & Co (TIF) earnings; February home sales data
