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Federal Reserve chief Janet Yellen said late Thursday that key parts of the 2010 Dodd-Frank law — including higher capital requirements and enhanced supervision for big banks — should not be scrapped, according to a Wall Street Journal report. She has previously warned against rolling back Dodd-Frank rules, and it is something that President-elect Donald Trump has vowed to do. On Thursday, Yellen also said the U.S. economy faces no serious short-term obstacles, according to a Bloomberg report.

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From:: Stock Market News

Tesla Motors Inc. on Thursday night announced details of how it will start charging some customers to use its high-speed Supercharger network. Buyers who order their Model S and Model X vehicles after Jan. 15 will receive free annual credits for 400 kWh, about enough electricity for 1,000 miles, the company said in a statement. After that, they will be charged “a small fee” to use a Supercharger station, with exact prices varying state to state, and country to country. The free-credits plan will not apply to buyers of the Model 3, which is expected to roll out later this year. “We are only aiming to recover a portion of our costs and set up a fair system for everyone; this will never be a profit center for Tesla,” the company said. As examples, Tesla said Superchargers would cost about 20 cents per kWh in California, and that a road trip from San Francisco to Los Angeles would cost about $15. A cross-country trip from Los Angeles to New York would run about $120. The charges will not apply to existing Tesla owners, who can continue to use Superchargers for free. Tesla first announced the plan to charge new users in November.

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From:: Stock Market News

Drone startup Lily Robotics was sued for false advertising and unfair business practices by the San Francisco District Attorney’s Office on Thursday, the same day the company announced it was shutting down after failing to secure more funding. Lily made $34 million in pre-orders last year, and said it would send automatic refunds to customers. According to the San Francisco Chronicle, the district attorney’s office said Lily failed on its promise to deliver the drones to customers, and it lured sales through a misleading promotional video. Lily’s drones had been hyped as revolutionary for their autonomous flight capabilities, and won an innovation award at CES 2016. The San Francisco-based startup had 60,000 orders for the drones, which cost $899. Lily had delayed production of the drones a number of times, and mass production never got off the ground.

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From:: Stock Market News

A lawsuit that accuses Apple Inc. of having an illegal monopoly on iPhone apps was revived by a federal appears court Thursday. The suit, which is seeking class-action status, could seek hundreds of millions of dollars in damages, claiming consumers were forced to overpay for apps. Apple broke the law by requiring apps to be sold only within its App Store, the suit says, and Apple took 30% of app developers’ revenues, which artificially inflated prices. Apple argued that it did not sell the apps themselves, and only served as a platform to distribute them, comparing its App Store to a shopping mall rather than an actual store. A lower court had dismissed the lawsuit, saying the plaintiffs did not have standing. In the ruling Thursday, Judge William A. Fletcher of San Francisco’s 9th U.S. Circuit Court of Appeals said the plaintiffs did in fact have standing to sue, and that Apple’s argument was “unconvincing.”

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From:: Stock Market News

HomeStreet Inc. [s hmst] shares fell in the extended session Thursday after the financial services company said a rise in interest rates has hurt its mortgage business. HomeStreet shares, which were halted briefly, fell 9.5% to $28 after hours. The company expects full-year earnings of $2.34 and $2.36 a share, and fourth-quarter earnings of 7 cents to 9 cents a share. Analysts surveyed by FactSet had forecast fourth-quarter earnings of 50 cents a share and full-year earnings of $2.90 a share.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Pandora Media Inc. rose more than 7% late Thursday after the internet radio company said it expects to report larger-than-predicted fourth-quarter sales on subscriber and advertising growth. The Oakland, Calif., based company also said it is planning layoffs and that it has surpassed 4.3 million paid subscribers. Pandora aims to end 2017 with 7% fewer employees, the company said in a statement. Pandora is scheduled to report fourth-quarter and full-year results on Feb. 9. At the time it reported third-quarter results, Pandora said it expected fourth-quarter sales in the range of $362 million to $374 million. It expected an adjusted loss between $51 million and $39 million. Shares of Pandora ended the regular trading day up 0.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News