|Day's Range||74.80 - 74.80|
Tesla reportedly reached a settlement with the State of Michigan regarding the sales and service of its vehicles. According to the AP, this settlement would end the automakers lawsuit against the state, which barred Tesla and others from selling vehicles directly to consumers. This would lead to consumers being able to purchase, take delivery, and service Tesla vehicles within the State of Michigan.
Tesla is fighting back against claims that all three models of its electric vehicles could unexpectedly accelerate without the driver taking action, saying a stock short-seller was behind the investigation. Yahoo Finance's On The Move panel discusses.
Tesla blew past the $100 billion market cap mark, IBM topped the Dow Jones today as earnings news was generally positive and stocks jumped into a rebound Wednesday.
U.S. stocks pushed higher Wednesday, with both the S&P500 index and Nasdaq climbing to new intraday records, after Chinese authorities provided assurance it was taking steps to contain a possible conavirus pandemic, relieving investor fears about a threat to global economic growth.
(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 jumped as much as 4.6% shortly after the open of regular trading Wednesday. At the early intraday high of $572.11, Tesla’s market capitalization was roughly $103.1 billion, exceeding Volkswagen’s $99.8 billion and trailing only Toyota Motor Corp.While Musk’s skeptics view as absurd Tesla being worth more than a carmaker that sold almost 30 times as many vehicles last year, Volkswagen’s Herbert Diess isn’t one of those cynics. He’s been arguably the most vocal CEO running a traditional carmaker to acknowledge that Tesla’s expansion heralds a radical shakeup of the more than century-old auto industry.After saying three months ago that Tesla was no niche manufacturer anymore, he 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,” Diess, 61, 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.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 regular trading in second paragraph.)\--With assistance from Tom Randall, Anders Melin, Gregory Calderone and Cécile Daurat.To contact the reporters on this story: Dana Hull in San Francisco at firstname.lastname@example.org;Christoph Rauwald in Frankfurt at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, ;Anthony Palazzo at email@example.com, 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.
The EV momentum is expected to reach a new level in 2020 with various attractive, long-range and affordable vehicles coming up this year.
Fiat Chrysler (FCAU) to establish a 50-50 joint venture with Foxconn, in a bid to manufacture battery electric vehicles in China and engage in the IoV business.
(Bloomberg) -- Richard Branson’s Virgin Galactic Holdings Inc. is scoring its best monthly performance since going public more than two years ago as investor appetite for the space-tourism company heats up.Morgan Stanley analyst Adam Jonas wrote in a Wednesday note that the bank is having more conversations about Virgin Galactic than “any other U.S. stock in our coverage with the possible exception of Tesla.” Shares of the Las Cruces, New Mexico-based company rose more than 8% in trading before the market open, on track to add to an eighth consecutive record close.The stock has boomed 52% in the past nine days after struggling to win over investors following a move to the New York Stock Exchange in late October. This year’s 50% advance is even beating Elon Musk’s Tesla Inc., which has jumped more than 30% to its own record. Tesla shares have more than tripled from a June bottom as Wall Street piles on praise for the company.Morgan Stanley’s Jonas says Virgin Galactic’s recent strength is due to steps toward the first commercial flight later this year and management engagement, which have combined to pique investor interest. With shares heading toward his $22 price target, Jonas highlighted that the bank’s bull case of $60 still holds more than 250% upside potential.All three analysts that cover Virgin Galactic have a buy or equivalent rating, according to Bloomberg data. Jonas holds the Street’s highest 12-month price target, with the average sitting at $19, compared to Wednesday’s pre-market high of $18.78.To contact the reporter on this story: Bailey Lipschultz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Scott SchnipperFor 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.
Although several large-cap stocks have skyrocketed in the past year, some of them are set to beat earnings estimate in the ongoing reporting cycle.
Futures rose as the market rally resists China virus fears. Netflix subscriber growth and IBM earnings beat, sending both stocks higher. Tesla just kept racing. ASML earnings were in line.
Tony Dwyer, a longtime bull and strategist at brokerage Canaccord Genuity, is getting a little nervous and said it is time “to take offense temporarily off the field.”
Shares of Tesla Inc. shot up 5.2% toward a record high in premarket trading Wednesday, after Wedbush analyst Dan Ives boosted his price target by nearly 50%, saying he expects delivery guidance will likely be strong on China demand. Separately, Bloomberg reported, citing people familiar with the matter, that Tesla has settled with Michigan over a lawsuit challenging a state ban on direct-to-consumer, which clears the way for the company to operate service centers in the state. Wedbush's Ives reiterated the neutral rating he's had on Tesla's stock since April 2019 but raised his price target to $550 from $370. "With the drumroll of Tesla bulls now focused on earnings next week, January 29th after the bell. we believe Musk & Co. will not disappoint as underlying strength in China and Europe demand appear robust based on our analysis," Ives wrote in a note to clients. The stock, which is on track to open well above Tuesday's record close of $547.20, has more than doubled (up 114.1%) over the past three months through Tuesday, while the S&P 500 has gained 10.8%.
New Street Research analyst and Tesla bull Pierre Ferragu raised his Tesla price target to $800 a share, the highest target on Wall Street. And he sees a path to more than $1,000 a share over the next few years.
Well, (TSLA) (TSLA) is rebuking claims that some of its most popular car models could be unsafe. It all started when an investor named Brian Sparks recently introduced a safety petition calling for Tesla cars to be recalled. Then, on Friday, the National Highway Traffic Safety Administration said it would review the petition.
Tesla shares hit a big milestone on Wednesday morning, rising more than 3% to hit a $100 billion market cap for the very first time. At its current share price of $566, Tesla is valued at $102 billion. The $100-billion valuation triggers an almost $350 million payout for Tesla CEO Elon Musk if it holds on an average basis for at least six months, the first in a series of potentially huge bonuses for Musk negotiated as part of a 2018 compensation package.
After topping the combined value of Ford and GM earlier this month, Tesla is set to overtake Volkswagen as the second most-valuable carmaker in the world as a record run in shares lifts Elon Musk's company past the $100 billion mark.
The Michigan law forbids direct manufacturer-to-customer sales in favor of franchised dealerships. The big three automakers including Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), and Fiat Chrysler Automobiles N.V.'s (NYSE: FCAU) United States subsidiary, all headquartered in Michigan, were reported to have lobbied for the 2014 law that restricts Tesla's ability to sell in the state. Tesla customers so far faced particular difficulties in getting the Tesla vehicles they purchased outside of the state fixed.