Tesla (TSLA) is updating its Autopilot, which includes allowing the use of advanced radar and requiring drivers to respond to audible warnings to use the system. Tesla chief Elon Musk said the changes would likely have prevented a fatal crash in May. (Reuters)
Apple (AAPL) is said to be scaling down its secretive, self-driving car project, with several dozen employees being laid off. Apple has never publicly acknowledged the driverless initiative, which reportedly includes hundreds of software and automotive experts. (WSJ)
Amazon (AMZN) and Pandora (P) are both, separately planning to launch new versions of their music streaming services in coming weeks. Pandora is expected to start a Spotify-Apple Music-like on-demand platform. Amazon is working on a two-tier service. (NY Times)
Time (TIME) is starting an ad-supported, streaming video service tomorrow, called the People/Entertainment Weekly Network. The launch represents an opportunity for the magazine publisher to diversify by gaining digital audience and scale. (WSJ)
Samsung shares fell another nearly 7 percent overnight to hit their lowest level in two months, after the Korean electronics giant urged users to switch off their Galaxy Note 7 devices and return them. The move comes in the midst of reports the batteries were catching fire. (Reuters)
Starboard Value has taken a 4.6 percent stake worth nearly $600 million in Perrigo (PRGO). The activist investment firm criticized the drugmaker for missing performance targets, while being distracted by fending off a Mylan (MYL) takeover last year. (WSJ)
Bridgewater, the world's largest hedge fund run by billionaire Ray Dalio, has attracted $22.5 billion, after taking the unexpected step of opening its active funds to new money for the first time in seven years. (FT)
More than 11 years after civil charges were filed, New York's case against Hank Greenberg, the former chief of AIG (AIG), goes to trial this week. The charges date to an era when Eliot Spitzer, then the New York State attorney general, brought a barrage of cases. (NY Times)
BY THE NUMBERS
U.S. bond yields continue to move higher this morning, on the Fed rate hike talk. The 10-year yield was trading around 1.69 percent, after hitting its highest level since Brexit on Friday. Meanwhile, the yen strengthened against the dollar on safe-haven buying.
U.S. oil was sharply lower this morning, after plummeting 3.65 percent in Friday's selloff, breaking a four-day winning streak. Meanwhile, gold was lower again this morning, after Friday's drop extended the precious metal price decline to three in a row.
Central banks such as the Fed will be crucial in determining the state of global growth and the overall health of the energy sector, according to the latest monthly report from oil producer group OPEC. (CNBC)
STOCKS TO WATCH
Alphabet (GOOGL) and Sanofi (SNY) have formed a $500 million joint venture to focus on new solutions and treatments for diabetes. Sanofi will work with the Google parent's Verily life sciences unit.
Praxair (PX) and Germany's Linde have ended merger talks, according to both industrial gas makers. The potential combination would have had a total value of more than $60 billion.
Taro Pharmaceuticals (TARO) was subpoenaed by the Justice Department, along with two of its senior officers, in connection with a federal investigation into generic drug pricing.
HP Incorporated (HPQ) is buying Samsung's printer business for just over $1 billion. The deal, expected to close within 12 months, also sees Samsung investing up to $300 million in HP.
Lexmark's (LXK) soon-to-be new owners, Apex and PAG Asia Capital, are exploring the sale of the printer maker's software business, according to a Bloomberg report. The business could fetch up to $1 billion.
WATERCOOLER
"Sully," starring Tom Hanks and directed by Clint Eastwood, topped the box office this weekend, debuting with $35.5 million in ticket sales. The movie tells the story of Captain Sully Sullenberger's 2009 emergency landing in the Hudson River, minutes after taking off. (AP)