The company, which has struggled to achieve long-term profitability and keep a tight lid on expenses, also said it expects fourth-quarter profit to be lower than the previous quarter. Chief Executive Officer Elon Musk said the need for lower-priced versions of Model 3 will become even greater from July, when the U.S. tax credit again drops in half, adding $1,875 to its price tag, and again at the end of the year when it goes away entirely. The phase-out of the electric vehicle tax break confronts Tesla with the choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle, a herculean task for an automaker.

After Tesla followed in the footsteps of the legacy automakers and announced a plan to cut jobs on Friday, shares of the electric vehicle maker dropped as much as 10 percent in New York, bringing its market capitalization to just $54.2 billion. GM, whose shares have gained as much as 0.6 percent today, is now valued at $54.4 billion. If the outlooks from the two auto companies are anything to go by, GM looks set to be winning the race for the year.

Banks are facing liabilities as buyers of last resort for more than $760 million of bonds the utility issued through California. Now the U.S. government has become entangled in PG&E’s financial crisis -- brought on by deadly wildfires that tore through California in 2017 and 2018, saddling the company with an estimated $30 billion in liabilities.

The attack complicates a messy plan for U.S. withdrawal, a decision Trump's senior advisers disagreed with before offering an evolving timetable for the removal of the approximately 2,000 U.S. troops.

With collective U.S. student loan debt nearing $1.5 trillion, some colleges are testing innovative solutions to help reduce student borrowing.

Lartruvo was granted accelerated approval for the treatment of adult patients with soft tissue sarcoma based on mid-stage trial data by the U.S. Food and Drug Administration and a conditional approval by the European Medicines Agency in 2016, with continued approval remaining contingent on the results of a late-stage trial. On Friday, Lilly said the study did not confirm the clinical benefit of Lartruvo, used in combination with the standard-of-care chemotherapy doxorubicin, when compared to doxorubicin alone, calling the trial results surprising and disappointing.

Analysts project the government will reopen by mid-February, though if the closure lasts through March, the disruption will cause economic growth to dip below 2 percent this quarter, according to the median forecast in a Jan. 15-17 Bloomberg survey. At the same time, just under half say the government impasse increases the probability of a recession this year. The relatively sanguine assessment is at odds with some more-dire recent predictions, including by Deutsche Bank AG, and the White House itself doubled the estimated negative fallout.

Saying the road ahead was “very difficult,” Tesla’s CEO Elon Musk said Friday that the company would be cutting its staff by about 7 percent.

Stocks opened higher as optimism for U.S.-China trade progress sparked investors’ risk appetites.

NEW YORK (AP) — U.S. stocks are rising again Friday morning as the market wraps up another strong week with big gains for technology and industrial companies, while banks rose after more of them posted strong fourth-quarter reports. Stock indexes have made big gains since reaching a low point on Christmas Eve, as the S&P 500 has risen for four weeks in a row. Electric car maker Tesla stumbled, however, after saying it will cut 7 percent of its jobs.