Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.
Tesla’s (TSLA) stock revved higher early Wednesday after a bullish call from Nomura. The firm initiated the stock with the highest price target on Wall Street—$500 a share and a buy rating. Other targets hover around $300. Nomura sees “an unprecedented run-up in Tesla’s revenue” to $58 billion in 2021, from just $8 billion in 2016. The bullish call comes a day after the electric automaker’s huge production miss yesterday of the Model 3.
PepsiCo (PEP) fell in early trading after it reported a beat on earnings but missed on revenue. The company blames the revenue drop on shifts in media spending, shelf space allocation and weaker performance of its popular sports drink Gatorade. CEO Indra Nooyi also noted declines in North American Beverage sales, partly due to Americans drinking fewer sugary drinks.
Yahoo Finance’s parent company Verizon (VZ) is under pressure. Yahoo now estimates all of its 3 billion users were affected in its massive data breach in 2013. That’s three times as many as the company initially estimated. The new disclosure comes 4 months after Verizon bought Yahoo’s core internet assets for nearly $4.5 billion. Users will not have to take any additional action since the company forced all users to reset their passwords after its December 2016 disclosure.
Ford (F) is preparing for a big production shakeup. The car maker says it’s pivoting from sedans and internal combustion engines to more trucks and electric and hybrid cars. Ford also plans to slash $14 billion in costs from materials and engineering. CEO Jim Hackett told investors that the savings wouldn’t be seen immediately, but should take hold beginning in 2020.
Mylan (MYL) stock surged double digits in early trading after the FDA approved its generic version of a Teva Pharmaceutical (TEVA) multiple sclerosis drug. Shares of Teva dropped double digits on the news in early trading.
