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Tesla fired hundreds of employees

The markets traded higher during the midday with the Dow climbing 59 points to 22,930. Nasdaq rose 10 points to 6,616.


Hundreds of employees have been fired by Tesla after annual performance reviews were conducted and as production problems plagued the recently launched Model 3. People who lost their jobs included factory workers, salespeople, engineers, and managers. Tesla employees more than 33,000 workers.


Aramark will pay a total of approximately $2.35 billion to acquire Avendra and AmeriPrice Services. Privately held Avendra is a hospitality procurement services provider based in Maryland. The purchase of uniform and linen rental and supply company AmeriPride Services is expected to generate annual cost savings of approximately $70 million.


The Financial Industry Regulatory Authority has ordered Wells Fargo to return $3.4 million to customers who were sold inappropriate investment products. The regulatory agency said that at least 1,300 accounts were sold risky exchange traded products between July 2010 and May 2012. As part of the settlement, Wells Fargo neither denied nor admitted to any wrongdoing.


In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 8 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 added 2 points to 2,555. Bitcoin surged $149 to $5,702.


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