|Day's Range||34.75 - 37.00|
Yahoo Finance speaks exclusively with Aramco Chairman Yasir Al-Rumayyan about climate change and the future of the oil industry.
Planes and cars are the main topics today and EVs are a big deal no matter what Erique thinks. Airbus takes advantage of a limping Boeing and we get into the Battleground.
The main U.S. stock indexes closed near the break-even line on Wednesday, after an early rally faded. Worries over a Chinese virus and positive U.S. housing-market data seems to have offset each other.
Tesla shares jumped to $586.35 Wednesday afternoon, giving the auto maker a market value of about $106 billion and leaving previous No. 2 Volkswagen in the dust.
Technology shares led the S&P 500 marginally higher on Wednesday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak. The S&P 500 and the Nasdaq closed barely in the black after approaching, then backing down from record highs the day after virus fears prompted a sell-off. The Dow closed nominally lower.
Tesla stock shot up to a record high as the electric-car company reached a market valuation above $100 billion for the first time and gets set to report fourth-quarter earnings next week.
GM Cruise unveiled the first purpose-built self-driving vehicle, saying it's meant for ride shares not car ownership.
The stock market rose Wednesday as it shook off its fears of a deadly new virus from China and focused on earnings and industry turnarounds instead.
Tech shares led all three major U.S. stock averages into the black, with the S&P 500 and the Nasdaq setting a course to notch new record closing highs, the day after virus fears prompted a sell-off. Streaming pioneer Neftlix Inc acknowledged stiffer competition in the United States, where quarterly growth fell short of analyst estimates.
What does Tesla do? It's an electronic delivery vehicle. Right now others have cars that are electrified but they are not electronic delivery companies like Tesla is. That's right, it is not a car.
Between January 13 and January 17, the Dow Jones Industrial Average advanced by 1.53%, while two other benchmark indexes, the S&P 500 and NASDAQ Composite appreciated by 1.26% and 1.24%, respectively. The bullish sentiment was fueled by positive economic data, the signing of the phase one trade agreement between the US and China and a […]
Tesla (TSLA) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Dow Jones Industrial Average was barely positive near midday Wednesday, as the stock market pared early gains, but the Nasdaq rallied to a new high.
Tesla Inc and the state of Michigan confirmed Wednesday they have resolved the company's 2016 lawsuit challenging the state's refusal to allow the company to sell vehicles directly to consumers. Reuters and other outlets reported the expected settlement on Tuesday.
(Bloomberg) -- Tesla Inc.’s market value has climbed above Volkswagen AG’s for the first time to more than $100 billion, a threshold that will trigger a huge payout for Elon Musk if he can sustain the feat for months.The electric-car maker’s shares soared as much as 8.6% on Wednesday to a new intraday high of $594.50. At that price, Tesla’s market capitalization was roughly $107.2 billion, exceeding Volkswagen’s $99.4 billion and trailing only Toyota Motor Corp.While Musk’s skeptics are dubious that Tesla should be worth more than a carmaker that sold almost 30 times as many vehicles last year, Volkswagen’s own Herbert Diess isn’t so dismissive. He’s been arguably the most vocal CEO among traditional carmakers to praise Tesla and point to its role in a radical shakeup of the more than century-old auto industry.After saying three months ago that Tesla was no niche manufacturer anymore, Diess told top Volkswagen executives at an internal meeting in Germany last week that connected vehicles will almost double the time consumers spend online, and that cars will “become the most important mobile device.”“If we see that, then we also understand why Tesla is so valuable from the view of analysts,” he said.Diess, 61, is rolling out the industry’s largest electric-car fleet and aims to boost the company’s value to a level rivaling Toyota, whose $232 billion market cap is still more than Tesla and VW’s combined.“Tesla has high innovative strength regarding battery-electric vehicles as well as connectivity, which can partly explain the high market capitalization,” Stefan Bratzel, a researcher at the Center of Automotive Management near Cologne, Germany, said in a report Wednesday. The relatively low valuation of traditional automakers is linked to uncertainty over whether they can navigate the looming industry shift, he said.The jump above $100 billion is about more than just bragging rights for Musk, Tesla’s billionaire chief executive officer. He’s eligible to receive the first tranche of an all-or-nothing pay award if the company’s market value stays above that threshold for a sustained period. On paper, the first chunk of the award would net him about $346 million.Tesla shares have more than doubled since the company reported a surprise third-quarter profit and told investors it was ahead of schedule bringing out its next product, the Model Y crossover, and opening its factory near Shanghai.The stock has room to run as Tesla grows in China, Wedbush analyst Dan Ives wrote in a report Wednesday. He boosted his target price to $550 from $370 while maintaining the equivalent of a hold rating.What Bloomberg Intelligence Says:“Tesla’s tepid 0.3% gain in 2019 domestic unit sales suggests a tapped-out U.S. Sales in China skew the U.S. demand picture, which should become clearer by year-end with the ramp-up in Shanghai output.”\- Kevin Tynan, senior autos analystClick here to read the researchGary Black, who was chief executive of Aegon Asset Management from mid 2016 through September and now holds Tesla as a private investor, said he expects Tesla to earn more than VW by 2025 and believes consensus estimates for vehicle deliveries this year are too low. He expects Musk to forecast at least 550,000 units for 2020 during next week’s earnings webcast and to tout the launch of the Model Y.While at least eight analysts have boosted their price targets by more than $100 since the year began, consensus is still well below where Tesla’s shares are trading. The average target is $363.92 with just 10 analysts rating the stock a buy, compared with 10 holds and 16 sells.(Updates with VW’s EV plans in sixth paragraph.)\--With assistance from Cécile Daurat, Tom Randall and Anders Melin.To contact the reporters on this story: Dana Hull in San Francisco at firstname.lastname@example.org;Christoph Rauwald in Frankfurt at email@example.com;Gregory Calderone in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, ;Anthony Palazzo at firstname.lastname@example.org, Cécile DauratFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months. It "speaks to the inflection in electric vehicle demand globally," Wedbush analyst Dan Ives wrote in an email. The milestone comes less than a month after Tesla's stock crossed $420, the price at which Chief Executive Officer Elon Musk had tweeted he would take the electric-car maker private.
The reversal of Tuesday's weak close, a few earnings reports and as always a discussion on Tesla, were a few of the topics covered on Wednesday's PreMarket Prep Show. What Virus? Most of the weakness in the markets on Tuesday was attributed to the deadly outbreak of the coronavirus in China and fears of it becoming a major epidemic. The coronavirus was not mentioned once during the entire broadcast.
Amazon has boosted its position as the world’s most valuable brand surpassing Google, Apple and Microsoft, according to a global report.
Another milestone for Tesla. The electric car maker's market valuation raced past the $100 billion mark Wednesday, becoming the first U.S. automaker to do so. The feat comes just two weeks after its value became worth more than that of Ford and GM combined. Tesla's turbocharged stock has been climbing at a stunning pace, more than doubling in just the past three months. That's a big rebound for a volatile stock that had shed half its value in a roughly six month stretch that ended last June. And with the stock's strong advance, CEO Elon Musk is now a step closer to expanding his wealth. Maintaining his company's valuation above $100 billion could trigger the first $346 million of options in his performance-based pay package. Also Wednesday, Wedbush Securities delivered more fuel for Tesla bulls. The brokerage said robust demand in China and Europe, coupled with production at Tesla's new Chinese plant, will boost quarterly earnings that the company is set to report next Wednesday.