Musk's Texas tunnel vision

0:00Welcome to Seeking Alphas Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this Monday, September 21st. I'm Julie Morgan. If you've ever driven 35 between Austin and San Antonio and gotten stuck in traffic, this one is for you, and even if you haven't, it's still interesting. Elon Musk and the boring company are working on a high-speed tunnel that could carry passengers between Austin and San Antonio in less than 30 minutes. The proposed project was served as a precursor to his long-discuss hyper-loop concept with vehicles traveling at more than 200 miles per hour. He said in a post on X that traffic congestion can stretch the roughly 80-mile trip between the two cities to as long as two and a half hours. The tunnel would provide a journey of under 30 minutes with more predictable travel times. However, the post did not disclose the proposed route construction costs financing structure,

1:03or its expected completion date. He also didn't say whether the system would use conventional electric vehicles, specialized passenger pods, or the low-pressure tubes, originally envisioned for hyper-loop travel. Volkswagen shares fell on Monday after the automaker cut its 2026 outlook and took a multi-billion-euro hit tied to Porsche, dragging Porsche lower as well. Volkswagen fell 2% while Porsche dropped 2.8% after sliding 4.9% on Friday. Volkswagen said Friday that it now expects an operating return on sales of no more than 1% this year, down from its previous forecast of 4 to 5.5%. The automaker cited weaker business in China, higher retirement provisions, and continued pressure at Porsche. Separately, they anticipate more than 4,000 additional job cuts at Porsche as part of its restructuring drive.

2:04Converse is reviewing its internal approval procedures after an advertisement drew widespread criticism for imagery that some viewers associated with the KKK in lynching. Chief Executive Aaron Cain told employees that the Nike-owned brand removed the images after concern surfaced and is examining how the campaign passed its review process. He said management would make changes intended to prevent similar incidents. For investors, the controversy adds another challenge to Nike's effort to revive converse, which has posted 13 consecutive quarters of declining revenue. The backlash could further weaken demand, complicate marketing, and delay a turnaround at one of Nike's most persistently troubled businesses. Now for a look at a few other articles that are trending, Paramount reportedly may face a $30 million fine per misfilm under settlement terms. The New York Yankees are near a deal to give Apollo a 16% stake in the franchise, and

3:09an oil tanker's super shortage is another risk for gas prices. On our catalyst watch for the day, it's a busy day for index adjustments. Bloom Energy, Everpure, and Illumina joined the S&P 500 index. Dell Technologies, Palo Alto Networks, Arrest & Networks, and Sandisk will all join the S&P 100 index. HubSpot, AGMC Investment, Courset Therapy Dix, and Brinker International will join the S&P Mid-CAP 400. And Hawkeye will join the Russell 2000. On Wall Street, Stock Index features are in the green. Crude Oil is down 1.8% at 98 Buxabarrel. Brent Crude is down 1.9% at 101. The FUZI 100 is up 0.7%, and the DAX is up 1.1%. And we have one item for you on today's economic calendar at 8.30 a.m. the Chicago Fed

4:11National Activity Index.