Here are three things you must know at midday on Thursday, Dec. 7:
1. -- Bitcoin is either the future or the madness over the cryptocurrency is getting out of control.
At last check, one bitcoin was trading at $16,582, according to CoinDesk, but another website had it as high as $18,000 on Thursday, Dec. 7.
In fact, one expert asked by TheStreet on how high bitcoin can rise said six digits wasn't out of the question.
A second expert, Chris Miglino, CEO of Social Reality Inc. (SRAX) , said that while many consider bitcoin a bubble, it's not going to pop in the traditional sense. According to Miglino, the reason bitcoin's price will at some point down the road sharply decline is because another digital currency will dethrone it.
2. -- General Electric Co. (GE) shares rose 1.6% in midday trading after the struggling industrial conglomerate said it would cut 12,000 jobs from its power business.
The company said Thursday it would axe more than 2,000 jobs in Europe as part of a worldwide reduction in its workforce that could reach 12,000 in an effort to cut costs by around $3.5 billion over the next two years.
"This decision was painful but necessary for GE Power to respond to the disruption in the power market, which is driving significantly lower volumes in products and services," said GE Power CEO Russell Stokes. "Power will remain a work in progress in 2018. We expect market challenges to continue, but this plan will position us for 2019 and beyond."
3. -- Ford Motor Co. (F) reversed an earlier decision to produce electric vehicles at its plant in Flat Rock, Michigan, and said instead it move production to Mexico beginning in 2020.
Ford announced earlier this year that it would make the vehicles at the suburban Detroit plant, but the company plans to use that plant to produce driverless cars, a company executive told The Wall Street Journal.
Ford also announced Thursday it reached an agreement with Alibaba Group Holding Ltd. (BABA) that would see Asia's second-largest company sell cars through its online retail platform in the world's fastest-growing market.
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