The daily business briefing: November 10, 2021

1. GE to split into 3 companies

General Electric said Tuesday it would split into three companies. The plan to break up the more than century-old American manufacturing icon was part of an effort to stabilize the troubled company that was unveiled three years ago. GE already has sold off its locomotive and home appliances business, and most of its once-huge financial services arm, which dragged down the company after the 2008 financial crisis. It also has spun off its oil-and-gas business operations. The remaining three businesses — aviation, healthcare, and power — will be transformed into three publicly traded companies. "This is the best way to fully realize the potential of these businesses," CEO Larry Culp said. GE shares gained 2 percent Tuesday afternoon following the announcement.

The Wall Street Journal

2. Rivian IPO pricing values electric truck maker at $70 billion

Electric truck and van maker Rivian Automotive said in a securities filing Tuesday that it was pricing its highly anticipated initial public offering at $78 per share. Rivian stock (RIVN) debuts Wednesday on the Nasdaq exchange. The price, which exceeded recently raised expectations, promised to raise nearly $12 billion and put the company's value at nearly $70 billion, approaching that of Ford Motor, which has a market capitalization of $80 billion and sold more than four million vehicles last year. Before the IPO, Rivian raised $10 billion from Amazon, Ford, and other investors. The company needs billions to ramp up production of its upscale pickup, an SUV, and a delivery van it developed with Amazon, which has ordered 100,000 of the vehicles.

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The New York Times

3. Tesla stock plunges further after Musk proposes share sale

Tesla shares continued to fall on Tuesday following CEO Elon Musk's proposal to sell 10 percent of his shares. The electric car company's stock closed down by 13 percent, its biggest single-day drop of the year. The decline followed a nearly 5 percent decline on Monday. Tesla shares are still up by more than 47 percent this year, and have more than doubled in the last year as the company widened its profit margins, ramped up production, and got through a computer-chip shortage with less damage than rivals. Musk reportedly faces a massive tax bill due to an expected windfall as he sells stock options he received instead of a salary in 2012.

Reuters CNBC

4. Pfizer asks FDA to approve its booster for all adults

Pfizer and BioNTech on Tuesday asked the Food and Drug Administration to expand authorization of their coronavirus booster shot to cover all adults. If approved, the change could significantly broaden the pool of fully vaccinated people eligible to get another dose to increase protection against COVID-19, which wanes months after vaccination. Because the federal government has backed mixing and matching vaccines made by different companies, all adults who got the vaccines made by Pfizer-BioNTech, Moderna, or Johnson & Johnson could get a Pfizer booster. An advisory board of outside experts recommended that the FDA limit emergency authorization of Pfizer's booster to those 65 and older or at high risk of COVID-19 due to medical conditions or jobs, covering 60 percent of the population.

The New York Times

5. Stock futures fall ahead of inflation data

U.S. stock index futures dipped early Wednesday ahead of government data expected to show inflation reached a 30-year high in October. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down by 0.2 percent several hours before the opening bell. Futures for the tech-heavy Nasdaq fell by 0.4 percent. The major averages snapped extended winning streaks on Tuesday. Before the bell on Wednesday, the Labor Department reports consumer price index data, which economists surveyed by Dow Jones expected to show a 0.6 percent increase in October, marking a 5.9 percent jump since the same time last year. That would be the fastest pace since 1991. The department also will report weekly jobless claims, which are expected to come in at 265,000, a fresh pandemic-era low.

CNBC