China retaliates against Trump tariffs, raises U.S. goods duties to 125%. (00:24) Lucid wins bankruptcy auction to acquire Nikola’s Arizona factory and other assets. (01:19) Google lays off at Android, Pixel, Chrome amid restructuring - report. (02:21)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Friday: NVS, JOBY, and moreFDA to phase out animal testing requirement, adopt AI methodsU.S. dollar below $100, Euro at 3-year high as investors flee dollar assets amid tariff frenzyHegseth slashes $5.1B in defense spending deemed wasteful by DOGESign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: What are the new tariffs imposed by China on U.S. goods?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Friday, April 11th, the final day of a very busy trading week. I'm Julie Morgan. China is not backing down. Lucid acquires some Nikola assets and Google is letting people go. China has announced an increase in tariffs on U.S.
Chapter 2: How is China responding to U.S. tariff decisions?
goods to 125 percent, up from the previous rate of 84 percent, effective April 12th. Yes, tomorrow, according to the finance ministry. In a statement, China's Ministry of Finance warned that if the U.S. continues to substantially infringe upon China's interests, we will resolutely take countermeasures and fight to the end. The announcement follows the U.S.
decision to raise tariffs on Chinese goods. The ministry added that China will disregard any additional U.S. tariffs imposed on Chinese products. China's finance ministry said in a statement that the U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion.
Chapter 3: What assets has Lucid acquired from Nikola?
Electric vehicle maker Lucid Group has won a bid to acquire select facilities and assets in Arizona previously belonging to Nikola. According to the court filing, Lucid committed around $30 million in cash and non-cash considerations in exchange for Nikola's manufacturing facility in Coolidge, Arizona. It's Coolidge and Phoenix HQ leases and certain machinery, equipment, and inventories.
Chapter 4: How will Lucid's acquisition impact its Arizona operations?
These facilities collectively add more than 884,000 square feet to Lucid's Arizona footprint. In addition, Lucid plans to offer employment to more than 300 former Nicola employees in roles across its Arizona facilities. The transaction does not include the acquisition of Nicola's business, customer base, or a technology related to Nicola's hydrogen fuel cell electric trucks.
The agreement follows Nikola's bankruptcy auction, which concluded on April 10, as part of its filing for Chapter 11 bankruptcy relief. Google has laid off hundreds of employees from its Platforms and Devices division.
Chapter 5: What changes is Google making to its Platforms and Devices division?
The information reported citing a source with direct knowledge of the matter, that this division oversees key products such as Android software, Pixel smartphones, and the Chrome browser. According to the report, a Google spokesperson said that since combining the platforms and devices teams last year, they focused on becoming more nimble and operating more effectively.
And this included making some job reductions in addition to the voluntary exit program that they offered in January. However, the company also noted that hiring continues across the globe. and in the U.S. Google did not immediately respond to Seeking Alpha's request for comment.
The move is part of restructuring that started last year when Google combined its Chrome and Android teams under the Pixels and Devices department. The combined company employed around 20,000 people at the time of the merger. Now for a look at what's trending on Seeking Alpha. The FDA will phase out its animal testing requirement and adopt AI methods. The U.S. dollar is below 100.
The euro is at a three-year high as investors flee dollar assets amid a tariff frenzy. And the defense secretary slashes $5.1 billion in defense spending deemed wasteful by Doge. On our Catalyst Watch for the day is an earnings watch. Notable companies due to report include JPMorgan Chase, Wells Fargo, Morgan Stanley, BlackRock, and Bank of New York Mellon.
Options trading implies a double-digit swing when Children's Place reports. By the way, earnings season is the top story in the Wall Street Breakfast newsletter, our daily one-page news summary. You can find a link to sign up for the newsletter in show notes. Now for a look at the markets today ahead of the opening bell. Dow S&P and Nasdaq futures are in the red.
Crude oil is also in the red, down 0.5% at less than $60 a barrel. Bitcoin is up 3% at $81,000. Gold is up 0.9% at $3,216. In the world markets, the FTSE 100 is down 0.4%. and the DAX is down 1.5%. Novartis is on our list of the biggest movers of the day pre-market. NVS is up 3% after the company announced its plans to invest $23 billion to build and expand 10 U.S.
facilities over five years, aiming to produce all key medicines domestically. On today's economic calendar, at 9 a.m., the Fed's Susan Collins will be interviewed on Yahoo Finance. At 10 a.m., Consumer Sentiment. Also at 10 a.m., the Fed's Alberto Musalem will speak on the U.S.
economy and monetary policy and participate in a moderated conversation before the Arkansas State Bank Department's 29th annual day with the commissioner. And at 11 a.m., the Fed's John Williams will speak on the economic outlook and monetary policy. before the Puerto Rico Chamber of Commerce. That's it for today's Wall Street Breakfast. Thanks for listening.
To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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