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A billionaire short-seller called for Elon Musk to step down amid a fight with Walmart over Tesla's solar panels.
On Friday, China announced that it would impose retaliatory tariffs on $75 billion of U.S. goods. Meanwhile, Charles O'Shea, Moody's retail analyst, thinks major retailers like Walmart, Target, Amazon, Costco and Amazon are actually 'best positioned' to brace the impact of those tariffs. He joins Yahoo Finance's The First Trade to discuss.
(Bloomberg) -- Walmart Inc. isn’t the only corporation that has seen its Tesla Inc. solar panels catch fire.On Friday, Amazon.com Inc. said a June 2018 blaze on the roof of one of its warehouses in Redlands, California, involved a solar panel system that Tesla’s SolarCity division had installed. The Seattle-based retail giant said by email that it has since taken steps to protect its facilities and has no plans to install more Tesla systems.News of the Amazon fire comes just three days after Walmart dropped a bombshell lawsuit against Tesla, accusing it of shoddy panel installations that led to fires at more than a half-dozen stores. The claims threaten to further erode Tesla’s solar business at a time when the company is fighting to gain back market share.Walmart and Tesla issued a joint statement late Thursday, saying they were in discussions to resolve their issues. “Both companies want each and every system to operate reliably, efficiently, and safely,” they said.In the complaint filed Tuesday, Walmart said it had leased or licensed roof space at more than 240 stores to Tesla’s energy unit. Two of the Walmart fires occurred in May 2018. Amazon said it has a very small number of solar systems installed by Tesla.More widely known for its electric cars, Tesla bought panel installer SolarCity three years ago in a $2 billion deal that proved highly controversial. SolarCity’s chief executive officer at the time is the cousin of Tesla CEO Elon Musk, and Musk was the chairman of SolarCity’s board.Also this week, Business Insider reported that Tesla launched an effort to replace a faulty part used in some of its solar panel systems last year. It was unclear whether issues with the component known as a “connector” affected Walmart or Amazon installations.Tesla said in response to the Business Insider story that some connectors manufactured by Amphenol Corp. “experienced failures and disconnections at a higher rate than our standards allow.” Over the past year, the company said, less than 1% of sites with these connectors exhibited abnormal behavior.Amphenol did not respond to a request for comment.(Updates to include joint company statement in fourth paragraph)\--With assistance from Brian Eckhouse.To contact the reporters on this story: Dana Hull in San Francisco at email@example.com;Matt Day in Seattle at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Kara WetzelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Is Boeing (BA) preparing to get the 737 MAX back up and running? If its latest move is any indication, the answer is yes. The aircraft manufacturer recently said it would begin to hire hundreds of temporary workers to help facilitate the re-launch of the MAX, which has been grounded since earlier this year after two fatal crashes were blamed on the airplane’s safety systems. These employees will include mechanics, technicians and electricians as all MAX airplanes will need to be equipped with new software to fix the troubled MCAS safety system. Though it remains unclear when exactly the planes will be ready for takeoff, the FAA could approve the planes for flight by the end of the year. 5-star Cowen analyst Cai Rumohr expects Boeing to be in the clear soon, as he maintains an Outperform rating on BA stock, along with $460 price target. For perspective, Boeing’s stock closed at $356.01 today, so this implies upside of about 30%.Since the grounding of the MAX in March, Boeing has hit many hurdles in its re-development of its MCAS software. But the signs are pointing that the airplane will be cleared for take off by the end of the year, with Rumohr saying an “FAA certification flight could be 4-6 weeks off.” While Boeing hasn’t provided much in terms of updates recently, the analyst says, “no news is good news.” Rumohr and the Cowen airline team surveyed North American MAX operators on delivery and RTS plans, with the common plan to “take what Boeing can deliver or ~80+ planes to get them to their initial y/e 2019 targets.” Southwest, American and United are readying for the arrivals of the MAX airline by this year or early next, but Boeing will still fall well-short of the 270 MAX planes Rumohr had estimated for 4Q19 delivery. Nonetheless, the analyst says if the FAA, EASA and Transport Canada all approve the MAX around the same time, “demand shouldn't be the gating factor to MAX deliveries in Q4.”All in all, though Boeing stock took a major hit this year as its new flagship aircraft was grounded, many on Wall Street believe the good times will return once the MAX problems are fixed. TipRanks analysis of 15 analyst ratings shows this long-term confidence, with a consensus Moderate Buy. Of the 15 analysts, 11 are Buying, while four are Holding. There is an average price target of $427.92, representing nearly 20% upside from current levels. (See BA's price targets and analyst ratings on TipRanks)
Ewan McGregor will reprise his "Star Wars" role as Jedi Master Obi-Wan Kenobi in a series for the upcoming Disney+ streaming service, the actor announced to fans of the beloved movie franchise on Friday. McGregor surprised the crowd at Walt Disney Co's D23 Expo fan convention, walking on stage to loud cheers and applause. "It's been four years of saying 'well, I don't know,'" in response to fan questions, McGregor told the crowd.
Hours after China announced retaliatory tariffs on U.S. goods on Friday, President Donald Trump ordered U.S. companies to "start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.". The stakes are high: U.S. companies invested a total of $256 billion in China between 1990 and 2017, compared with $140 billion Chinese companies have invested in the United States, according to estimates by the Rhodium Group research institute. Some U.S. companies had been shifting operations out of China even before the tit-for-tat tariff trade war began more than a year ago.
The NFL will be negotiating a new generation of long-term media rights packages. If past patterns repeat, investors should learn late next year where and how viewers will watch NFL football through the 2020s.
When the 10-year Treasury yield dips to 1.6%, where do investors park their funds? You can look at stocks with a high dividend yield as an alternative.
ET spoke with Kathryn Hahn, Randall Park and Dennings, who star in Disney+'s 'WandaVision,' at Disney's D23 Expo on Friday about being a part of the Marvel Universe.