Bank of England Cuts Interest Rates for 1st Time in 7 Years

The Bank of England just okayed the first interest rate cut in 7 years. This is the first time the bank has cut rates since March 2009. Economists had been calling for the BOE to cut after a string of weak data in services, factory orders and the construction industry. Also, the lingering uncertainty about the impact of 'Brexit' may have played into the BOE"s decision as well. Tesla (TSLA) - Get Report  reported a much wider than expected loss on revenue that fell short. However, the electric car maker pledged to expand production and improve the profitability of its vehicles. Analysts say they expected Tesla to lose money but they do need to start showing investors the company can make a profit. Nike (NKE) - Get Report  says it will stop making golf clubs, balls and bags. It will focus instead on golf shoes and apparel. Declining interest in golf has pressured equipment makers.