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By BERNARD CONDON

NEW YORK (AP) — Tesla rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales but investors dumped its stock anyway.

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The new Model Y, costing just under $40,000 with a stripped-down interior, comes in a brutal year for Tesla as it tries to attract more customers despite an aging lineup, stiff competition from foreign EV makers and anti-Elon Musk boycotts targeting the company.

The reaction from the stock market after the news broke suggests the new models are not expected to help much. read more

By ANNE M. PETERSON

Laura Youngson didn’t expect to focus so much on soccer cleats when she organized a group of women to climb Mount Kilimanjaro and play a high-altitude match.

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The point of the 2017 game was to highlight inequality in sports for women and girls. On that front, Youngson achieved her goal with the match becoming the subject of a documentary and landing the group in the Guinness Book of World Records.

Still, something bothered Youngson as the match unfolded. Glancing at the athletes’ feet, she was struck that all the women were wearing men’s or boy’s soccer cleats instead of gear that was designed specifically for them. The realization led her to launch IDA Sports, which makes soccer cleats for the unique athletic needs of women. read more

By DAMIAN J. TROISE, AP Business Writer

NEW YORK (AP) — The U.S. government shutdown is waving a caution flag at private companies racing to make the move to the public market.

The market for initial public offerings has been on a years-long recovery after spiking inflation slammed the brakes on activity in 2022. The IPO market is already on track for its best year since 2021 with 163 deals and $31 billion in proceeds raised so far, according to Renaissance Capital.

Companies rely on the U.S. government, through the Securities and Exchange Commission, to review and approve IPO filings, while monitoring the ongoing process. The SEC is now operating with minimal staff, significantly delaying or halting those reviews and approvals.

Investors and companies are dealing with more than just technical issues. A prolonged government shutdown could sap confidence in the U.S. markets and economy. IPO activity typically remains strong through October, then slows in the U.S. during the final two months of the year. read more

By Megan Ulu-Lani Boyanton, The Seattle Times

Deanna Meyerhoff, 55, moved to Seattle in 1993. Back then, the expansion of Starbucks was just so tremendous,” she said.

Until recently, Meyerhoff would treat her daughter to pink drinks and stop for iced black tea lemonades while on walks with the family dog, she recalls. But those are memories now.

Her favorite Starbucks stores in her neighborhood, Haller Lake, recently shuttered as part of a slew of closures announced by the company last week. Living in the coffee giant’s hometown, “it definitely hits differently when it’s a local company,” Meyerhoff said.

“It’s a shareholder thing: You grow or you die. And they grew — and, now, they have to shrink back to actually make money.”

Meyerhoff isn’t an industry analyst, but her assessment is shared by some who see last week’s $1 billion Starbucks restructuring plan, including layoffs and store closures, as a move to please investors.

Like other large coffee chains, Starbucks is trying to stand out among the competition and welcome more customers through its doors all while fighting global and local headwinds — from production costs to President Donald Trump’s tariffs. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street’s record-breaking rally ran out of momentum on Tuesday after the price of gold topped $4,000 per ounce for the first time.

The S&P 500 dipped 0.4% from its latest all-time high and broke a seven-day winning streak. The Dow Jones Industrial Average fell 91 points, or 0.2%, and the Nasdaq composite sank 0.7%.

Stocks took a pause following a nearly relentless rush higher since April on hopes that the economy will remain resilient and that the Federal Reserve will continue to cut interest rates.

Tesla was the heaviest weight on the market and dropped 4.4% after unveiling cheaper versions of two of its electric car models. The stock gave back most of its leap from the prior day, when speculation and hype built after Tesla hinted at a coming product announcement.

Oracle also helped drag the market lower. It fell 2.5% after a news report suggested it’s making thin profit margins on a key line of business related to artificial-intelligence technology. read more