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(Add comments, updates prices) Oct 7 (Reuters) – Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan on Tuesday at $39,990 and $36,990, respectively, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising competition. MARKET REACTION: Tesla shares dropped 3.8% in afternoon trading. The S&P 500 was down 0.4% while the Nasdaq fell 0.6%. COMMENTS: SHAWN CAMPBELL, ADVISOR, CAMELTHORN INVESTMENTS, TENNESEE: "A cheaper Model Y and 3 will help drive sales volumes, but I was definitely hoping for a more affordable Tesla in the sub-30k range. I just don't know that this is enough." "The lower cost Y will certainly help, and I believe that fourth quarter sales will likely be fine as we have seen a recovery in unit sales from the year-over-year declines that we were seeing earlier this year. Although, Tesla also has to deal with the loss of the 7,500 EV credit in the fourth quarter, and the expiration of the EV credit likely pulled some sales forward (out of the fourth quarter)." "However, longer term, this news doesn't solve the problem posed by lower cost Chinese competitors in global markets. In my opinion, Tesla needs a sub-30k EV." JACOB BOURNE, ANALYST, EMARKETER, NEW YORK: "Tesla's decision to roll out lower-priced versions of the Model 3 and Model Y is a step in the right direction, but it may not be enough given the current EV landscape. Much of this year's strong EV sales were fueled by buyers rushing to secure tax credits before they expired, and a slowdown in demand is likely ahead. Competitors like Ford, GM, and Hyundai have been chipping away at Tesla's dominance and offer models at even lower price points. Given the tougher market, tighter competition, and Tesla's reputational setbacks, the automaker shouldn’t give up on past promises to deliver an even more affordable model to attract a broader base of buyers." BRIAN MULBERRY, SENIOR CLIENT PORTFOLIO MANAGER, ZACKS INVESTMENT MANAGEMENT, COLORADO: "The more popular model is certainly the all wheel drive model, and that peaked in price in 2023 at $65,990 per unit, making the announcement of $39,990 a very attractive price point. It also includes significant upgrades in technology, including an FSD option available." "This reflects manufacturing efficiency gains as this project was clearly completed alongside the CyberCab model, where there were significant parts and design overlaps that created the margin to drop the price under $40k, a significant level that makes this model attractive to consumers in light of the expiration of tax incentives last week." ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH, NEW YORK: "If you look at what Tesla has done since April 2, it's a complete U-terms in terms of stock price. It's hard to orchestrate an announcement in the near term that's going to match the exuberance in the stock price. I would also argue that the excitement around the company has less to do with its the number of EVs that it sells, and more to do with the number of cities that it gets into with Robo taxi and fully self-driving cars." DENNIS DICK, TRADER, TRIPLE D TRADING, ONTARIO "Again for Tesla, for the second time in a row, it's 'buy on rumor, sell on news'. We just saw with their recent sales report for last month, where the sales were pretty darn good and the stock sold off on it. You're getting to a point where we’re just getting heavier expectations." "It's not just Tesla. You're seeing it across the board right now. There's been a bit of a turn the last couple of days, where selling the rip is kind of cool again. We're seeing 'sell the rip' materialize with lots of stocks." SETH GOLDSTEIN, ANALYST, MORNINGSTAR, CHICAGO: "The new Model Y and Model 3 offer consumers lower-priced vehicles that can compete in the higher-end affordable SUV and sedan categories. These vehicles offer more basic features versus the more expensive versions. Yet, the price points should help Tesla overcome the loss of the EV tax credit that expired in September as the company aims to maintain deliveries momentum in the important fourth quarter of the year." "I think a sub-$40,000 price will help Tesla grow deliveries as it opens the Model 3 and Model Y up to more consumers who are not able or willing to pay up for a higher-priced vehicle." SHAY BOLOOR, CHIEF MARKET STRATEGIST, FUTURUM EQUITIES: "It's basically a pricing lever and not much a product catalyst. Tesla's done this play before where they bring out a 'Standard' trim a few months after launch to hit a lower price point and keep the lineup fresh." "The $39.9K Model Y undercuts the psych $40K barrier and makes Tesla's best-selling crossover more accessible, but I don't see it as unlocking new demand at scale. You'll get some volume lift but mostly from buyers trading down from the premium trims, so it's more mix-shift than incremental growth." "Big picture, the cars remain the cash engine; the real story for Tesla is still autonomy and robotics." (Compiled by the Global Finance & Markets Breaking News team)

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(Adds comments, updates prices) Oct 7 (Reuters) – Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan on Tuesday at $39,990 and $36,990, respectively, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising competition. MARKET REACTION: Tesla shares dropped 4.3% in afternoon trading. The S&P 500 was down 0.4% while the Nasdaq fell 0.7%. COMMENTS: BRIAN MULBERRY, SENIOR CLIENT PORTFOLIO MANAGER, ZACKS INVESTMENT MANAGEMENT, COLORADO: "The more popular model is certainly the all wheel drive model, and that peaked in price in 2023 at $65,990 per unit, making the announcement of $39,990 a very attractive price point. It also includes significant upgrades in technology, including an FSD option available." "This reflects manufacturing efficiency gains as this project was clearly completed alongside the CyberCab model, where there were significant parts and design overlaps that created the margin to drop the price under $40k, a significant level that makes this model attractive to consumers in light of the expiration of tax incentives last week." ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH, NEW YORK: "If you look at what Tesla has done since April 2, it's a complete U-terms in terms of stock price. It's hard to orchestrate an announcement in the near term that's going to match the exuberance in the stock price. I would also argue that the excitement around the company has less to do with its the number of EVs that it sells, and more to do with the number of cities that it gets into with Robo taxi and fully self-driving cars." DENNIS DICK, TRADER, TRIPLE D TRADING, ONTARIO "Again for Tesla, for the second time in a row, it's 'buy on rumor, sell on news'. We just saw with their recent sales report for last month, where the sales were pretty darn good and the stock sold off on it. You're getting to a point where we’re just getting heavier expectations." "It's not just Tesla. You're seeing it across the board right now. There's been a bit of a turn the last couple of days, where selling the rip is kind of cool again. We're seeing 'sell the rip' materialize with lots of stocks." SETH GOLDSTEIN, ANALYST, MORNINGSTAR, CHICAGO: "The new Model Y and Model 3 offer consumers lower-priced vehicles that can compete in the higher-end affordable SUV and sedan categories. These vehicles offer more basic features versus the more expensive versions. Yet, the price points should help Tesla overcome the loss of the EV tax credit that expired in September as the company aims to maintain deliveries momentum in the important fourth quarter of the year." "I think a sub-$40,000 price will help Tesla grow deliveries as it opens the Model 3 and Model Y up to more consumers who are not able or willing to pay up for a higher-priced vehicle." SHAY BOLOOR, CHIEF MARKET STRATEGIST, FUTURUM EQUITIES: "It's basically a pricing lever and not much a product catalyst. Tesla's done this play before where they bring out a 'Standard' trim a few months after launch to hit a lower price point and keep the lineup fresh." "The $39.9K Model Y undercuts the psych $40K barrier and makes Tesla's best-selling crossover more accessible, but I don't see it as unlocking new demand at scale. You'll get some volume lift but mostly from buyers trading down from the premium trims, so it's more mix-shift than incremental growth." "Big picture, the cars remain the cash engine; the real story for Tesla is still autonomy and robotics." (Compiled by the Global Finance & Markets Breaking News team)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Oct 7 (Reuters) – Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan on Tuesday at $39,990 and $36,990, respectively, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising competition. MARKET REACTION: Tesla shares fell 3% in afternoon trading. The S&P 500 was down 0.4% while the Nasdaq fell 0.7%. COMMENTS: SETH GOLDSTEIN, ANALYST, MORNINGSTAR, CHICAGO: "I think a sub-$40,000 price will help Tesla grow deliveries as it opens the Model 3 and Model Y up to more consumers who are not able or willing to pay up for a higher-priced vehicle." SHAY BOLOOR, CHIEF MARKET STRATEGIST, FUTURUM EQUITIES: "It's basically a pricing lever and not much a product catalyst. Tesla's done this play before where they bring out a 'Standard' trim a few months after launch to hit a lower price point and keep the lineup fresh." "The $39.9K Model Y undercuts the psych $40K barrier and makes Tesla's best-selling crossover more accessible, but I don't see it as unlocking new demand at scale. You'll get some volume lift but mostly from buyers trading down from the premium trims, so it's more mix-shift than incremental growth." "Big picture, the cars remain the cash engine; the real story for Tesla is still autonomy and robotics." (Reporting by Peter Henderson)

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By Philip O'Connor Oct 7 (Reuters) – Former featherweight and lightweight champion Conor McGregor has accepted an 18-month sanction for a violation of anti-doping policy, the UFC announced on Tuesday. In a statement on their website, the MMA promotion said that McGregor missed three attempts by Combat Sports Anti-Doping to collect biological samples from him in 2024 on June 13, September 19, and September 20, leading to so-called "whereabouts failures". "McGregor fully cooperated with CSAD’s investigation, accepted responsibility, and provided detailed information that CSAD determined contributed to the missed tests," the UFC said in a statement on its website. "Taking McGregor’s cooperation and circumstances into account, CSAD reduced the standard 24-month sanction for three whereabouts failures by six months. His period of ineligibility began on September 20, 2024 (the date of his third whereabouts failure) and will conclude on March 20, 2026." McGregor, who has not fought in the UFC since suffering a broken leg in his last fight against Dustin Poirier in July 2021, has said he wants to fight on a proposed card at the White House in June of next year. (Reporting by Philip O'Connor, editing by Pritha Sarkar)

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Referred to as "the Deep South's Oldest Rivalry," the annual Georgia-Auburn game has been heavily one-sided for the better part of a decade. No. 10 Georgia will look to extend its dominance over host Auburn on Saturday night in Southeastern Conference play. Georgia (4-1, 2-1) climbed two spots in the latest AP Top 25 rankings after posting a 35-14 victory over outmatched Kentucky last week. The Bulldogs are favored again this week as they search of their ninth straight win against the Tigers. After Georgia was outscored by a combined first-quarter score of 28-7 in its first two SEC games against Tennessee and Alabama, Bulldogs coach Kirby Smart put an emphasis on starting fast. The Bulldogs won the opening quarter 14-0 against Kentucky — a trend Smart would love to replicate. "Do we want to start fast? Yes. What made us start fast? I can't give you an answer to that," Smart said. "We didn't take a pill. We didn't inject anything. We didn't have a different pregame meal. We go out to execute every game." Six of Georgia's eight consecutive wins in the series have come by double figures, but Smart knows his team will get Auburn's best shot. "They've got a great football team," Smart said of the Tigers. "They've played two really, really hard road games against two of the premier teams in our league. They're playing really good defensively. Got a lot of weapons on offense, got a lot of great skill players, a lot of great players on special teams. Always respect Coach (Hugh) Freeze's teams." Georgia quarterback Gunner Stockton has been held under 200 passing yards in each of his last two games, but his five rushing scores are tied for the most by an SEC quarterback. Auburn (3-2, 0-2) will have had two weeks to prepare for its rival after suffering a close loss, 16-10, to then-No. 9 Texas A&M on Sept. 27. The Tigers' two losses, to Oklahoma and the Aggies, have come by a combined 13 points. "Nobody wants to hear, nor do I, that we're close," Freeze said. "We've got to get over the hump in some of these games. … Everything is still in front of us, and it starts with an incredible rivalry game that you ought to just relish the opportunity to play in, and get to do it at home." The Tigers last beat Georgia in November 2017. Freeze's Ole Miss team crushed Georgia 45-14 in Smart's first season in 2016. "I have played Kirby a long time, and if you hurt them with a play, you can be assured that they'll have an answer for it the next time," Freeze said. "They'll have some kind of twist, obviously, that we haven't seen that will be prepared for us, and they've certainly put themselves in the position to win most of their games." Quarterback Jackson Arnold has thrown and run for five touchdowns apiece through five games in an Auburn uniform and has yet to throw his first interception. Freeze knows the importance of holding on to the ball, but he'd like to see the Oklahoma transfer take a few chances. "He's done an incredible job of taking care of the football," Freeze said of Arnold. "Truthfully, I'd love for him to be a little freer, particularly with the playmakers that we have. He probably would be if we could hold up just another half-second." –Field Level Media

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US DOLLAR EXTENDS GAINS AGAINST JAPANESE YEN TO 151.8 YEN, HIGHEST SINCE FEBRUARY 19

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Oct 7 (Reuters) – JPMorgan Chase CEO Jamie Dimon said he would welcome proposed changes to ease the US Securities and Exchange Commission's quarterly earnings report requirements, Bloomberg News reported on Tuesday. Dimon made his remarks during an interview on Bloomberg TV, where he also touched upon the bank's yearly AI spends. Last month, U.S. President Donald Trump had renewed his call, first made in 2018, that U.S. companies should be allowed to report earnings every six months instead of on a quarterly basis, saying the move would save money and allow managers to focus on running the companies. Paul Atkins, chairman of the U.S. SEC, said last week that the regulator is fast-tracking Trump's push, sparking transparency concerns around the potentially major shift for U.S. companies. "The bigger problem wasn't just reporting quarterly. It was forecasting, where CEOs get their back up against a wall. They have to meet these things — earnings — and then they start doing dumb stuff to meet earnings, and that kind of public pressure," Dimon said in the Bloomberg interview. Dimon, who has been outspoken about regulations hindering public markets, said the bank would continue to provide investors with quarterly updates but with "much less stuff," even if it were no longer required to do so. In the interview, Dimon also said that JPMorgan spends $2 billion annually on developing artificial intelligence technology, and saves almost the same amount yearly from the investment. "We know that it's got to billions of cost savings and I think it's the tip of the iceberg," Dimon said. The largest U.S. lender has been accelerating its adoption of artificial intelligence to boost performance, alongside peers Goldman Sachs and Morgan Stanley, with its CEO advocating for AI and calling it transformative. (Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)

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(Adds table for prices) Oct 7 (Reuters) – The Abu Dhabi National Oil Company has set the November official selling price of its benchmark Murban crude at $70.22 a barrel, it said on Tuesday, up from October's OSP of $70.10/bbl. Type Crude of Crude Oil Prices US$/BBL 70.22 Murban Umm 70.22 Lulu Das 69.67 Upper 69.92 Zakum (Reporting by Anjana Anil in Bengaluru; Editing by Chris Reese)

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IAEA: INFORMED BY RUSSIA THAT DRONE HIT COOLING TOWER OF NOVOVORONEZHSKAYA NPP LAST NIGHT; NO IMPACT ON NUCLEAR SAFETY AND NO CHANGE IN RADIATION LEVELS AT SITE

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(Adds details) MEXICO CITY, Oct 7 (Reuters) – Grupo Mexico will not enter a bidding war for Citi's retail unit in the country, known as Banamex, as its offer already places the lender at a higher value than a previously accepted competing bid, the miner and transport conglomerate said on Tuesday. Grupo Mexico's bid launched last week includes plans to retain 60% of the investment and sell the remaining 40% to Mexican private investors and pension funds, it said in a filing. The company said it already has agreements for the 40% portion it would sell off, and that it would consider launching a public offering at a later date to include smaller investors. The miner would also not plan on significantly raising its debt load to fund the purchase, it said. The most needed would be under $2 billion, already covered through agreed-upon credit lines, Grupo Mexico added. The competing offer from Grupo Mexico comes after Citi announced last month it would sell a 25% stake in Banamex to Mexican billionaire Fernando Chico Pardo, chairman of airport operator ASUR . (Reporting by Natalia Siniawski; Editing by Kylie Madry)

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