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TSLA

Tesla

$200.95

4.34 (2.21%)

, SCTY

Bought by TSLA

$19.59

0.91 (4.87%)

10:31
10/11/16
10/11
10:31
10/11/16
10:31

Tesla ticks lower after filing amended merger proxy

Shares of Tesla moved lower after the company filed an amended proxy relating to its proposed acquisition of SolarCity (SCTY). The filing states, "Sources of cash are predominately from Tesla's deliveries of vehicles, as well as customer deposits for vehicles, sales of regulatory credits, proceeds from retail financing activities, sales of energy products, and non-warranty repair and maintenance services. While Tesla expects that its current sources of liquidity, including cash and cash equivalents, together with its current projections of cash flow from operating and retail financing activities, will provide it with adequate liquidity based on its current plans through at least the end of the current fiscal year, Tesla may raise funds in the future, including through potential equity or debt offerings, subject to market conditions and recognizing that Tesla cannot be certain that additional funds would be available to it on favorable terms or at all." Elon Musk, Tesla CEO, tweeted over the weekend, "Would also like to correct expectations that Tesla/SolarCity will need to raise equity or corp debt in Q4. Won't be necessary for either." Shares of Tesla are down $2.00 to $198.85 in morning trading.

TSLA

Tesla

$200.95

4.34 (2.21%)

SCTY

Bought by TSLA

$19.59

0.91 (4.87%)

TSLA Tesla
$200.95

4.34 (2.21%)

10/03/16
OPCO
10/03/16
NO CHANGE
OPCO
Perform
Review process of SolarCity acquisition may be delayed, says Oppenheimer
Oppenheimer analyst Colin Rusch believes the SEC review process of Tesla's (TSLA) acquisition of SolarCity (SCTY) could be delayed due to recent activity, especially new litigation. Further, the analyst believes extension to the timeline is likely to work against the deal given the risk of ongoing "collaboration to trigger gun-jumping rules." Rusch reiterates a Perform rating on Tesla's shares.
10/06/16
GSCO
10/06/16
DOWNGRADE
GSCO
Neutral
Tesla downgraded to Neutral from Buy at Goldman
Goldman analyst David Tamberrino downgraded Tesla to Neutral and lowered his price target to $185 from $240. Tamberrino sees incremental risk to Tesla's business related to management's willingness to deploy capital for M&A, and he believes that any delay in the company's new Model 3 launch will be detrimental to shares. The analyst said there is room for downward estimate revisions as volume ramps slower and spending grows. Tamberrino's 2016 earnigns estimate of (59c) is above the Street's (93c), but estimates for 2017 through 2019 are on average 48% below consensus.
10/06/16
GSCO
10/06/16
NO CHANGE
GSCO
Autos and Autos Parts sector downgraded to Cautious from Neutral at Goldman
Goldman analyst David Tamberrino downgraded the Autos and Auto Parts sector to Cautious from Neutral saying the US Auto cycle peaked in 2015 and is being held up by increasing OEM incentives. The analyst said OEM earnings will decline in 2017/2018 as negative pricing and lower production pressure North American results, but expects suppliers' earnings to hold up longer. The analyst sees upside to Delphi (DLPH) and Harman (HAR) given exposure to secular growth areas and upside to Goodyear Tire (GT) given secular HVA tire growth. Tamberrino downgraded Lear (LEA) to Sell citing elevated expectations and valuation, cut BorgWarner (BWA) to Neutral on valuation, downgraded Tesla (TSLA) to Neutral on execution risk and capital deployment, and upgraded AutoNation (AN) to Neutral given a more defensive business.
10/06/16
10/06/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Neutral from Buy at Goldman with analyst David Tamberrino saying he sees incremental risk to Tesla's business related to management's willingness to deploy capital for M&A, and he believes that any delay in the company's new Model 3 launch will be detrimental to shares. 2. JPMorgan (JPM) downgraded to Hold from Buy at Sandler O'Neill with analyst Jeffery Harte citing relative share outperformance. 3. Abercrombie & Fitch (ANF) downgraded to Sector Weight from Overweight at KeyBanc with analyst Jessica Schmidt saying the elevated promotions add to other headwinds, including the fact that the teen space is "overstored" and faces soft consumer demand and weak tourism. 4. American Express (AXP) downgraded to Reduce from Neutral at Nomura with analyst Bill Carcache saying the combination of weaker than expected revenues and higher than expected expenses will weigh on the shares. 5. Lowe's (LOW) downgraded to Neutral from Buy at Cleveland Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SCTY Bought by TSLA
$19.59

0.91 (4.87%)

10/06/16
AXIO
10/06/16
UPGRADE
AXIO
Hold
SolarCity upgraded to Hold from Sell at Axiom
10/06/16
AXIO
10/06/16
NO CHANGE
AXIO
Axiom upgrades solar sector sector to Overweight from Underweight
As previously reported, Axiom analyst Gordon L. Johnson II upgraded several stocks in the solar sector, including raising his ratings on Yingli Green Energy (YGE) to Buy from Sell, Trina Solar (TSL) to Buy from Sell, JA Solar (JASO) to Buy from Sell and SolarCity (SCTY) to Hold from Sell. The firm has also upgraded its solar sector rating to Market Overweight from Market Underweight, as they believe China's proposed Jul. 1, 2017 tariff cut will usher in about 25GW of 1H17 Chinese "pull-in" demand and that a possible election win by Hillary Clinton would serve as sentiment tailwind pushing clean energy funds to "refocus" on solar stocks.
10/06/16
10/06/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AutoNation (AN) upgraded to Neutral from Sell at Goldman with analyst David Tamberrino saying valuation has bottomed and could be flat to slightly up in the near-term as SAAR bounces around the low-to-mid 17M range. 2. Trina Solar (TSL), Yingli Green Energy (YGE), and JA Solar (JASO) were upgraded to Buy from Sell at Axiom while the firm upgraded SolarCity (SCTY) to Hold from Sell. 3. PNC Financial (PNC) upgraded to Market Perform from Underperform at Raymond James with analyst David Long saying negative earnings revisions over the past two years have likely hit an inflection point. 4. Big 5 Sporting (BGFV) upgraded to Buy from Hold at Deutsche Bank with analyst Mike Baker citing accelerating sales trends and higher earnings power from profitability improvements. 5. Booz Allen (BAH) upgraded to Outperform from Market Perform at Raymond James with analyst Brian Gesuale saying the recent selloff creates an attractive entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

NXTM

NxStage Medical

$23.46

0.13 (0.56%)

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General news
Treasury Closing Summary: »

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BL

BlackLine

$37.80

-0.26 (-0.68%)

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ULTI

Ultimate Software

$221.91

-0.25 (-0.11%)

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CRM

Salesforce

$88.11

-0.51 (-0.58%)

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EVBG

Everbridge

$24.66

-0.3 (-1.20%)

20:56
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RNG

RingCentral

$37.65

-1 (-2.59%)

20:56
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WK

Workiva

20:56
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HUBS

HubSpot

$68.20

-0.7 (-1.02%)

20:56
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HUBS

HubSpot

$68.20

-0.7 (-1.02%)

20:55
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QTWO

Q2 Holdings

20:55
06/26/17
06/26
20:55
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Initiation
Q2 Holdings initiated at SunTrust »

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  • 27

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INST

Instructure

$29.55

0.4 (1.37%)

20:55
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20:55
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Initiation
Instructure initiated at SunTrust »

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MANH

Manhattan Associates

20:55
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06/26
20:55
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Initiation
Manhattan Associates initiated at SunTrust »

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PCTY

Paylocity

$47.39

-1.65 (-3.36%)

20:55
06/26/17
06/26
20:55
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20:55
Initiation
Paylocity initiated at SunTrust »

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SHOP

Shopify

$92.04

-2.44 (-2.58%)

20:55
06/26/17
06/26
20:55
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20:55
Initiation
Shopify initiated at SunTrust »

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LH

LabCorp

$152.30

0.68 (0.45%)

20:10
06/26/17
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20:10
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20:10
Downgrade
LabCorp rating change at KeyBanc »

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ATXI

Avenue Therapeutics

20:06
06/26/17
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20:06
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20:06
Syndicate
Avenue Therapeutics 5.5M share IPO priced at $6.00 »

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NXPI

NXP Semiconductors

$109.73

-0.25 (-0.23%)

20:05
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Hot Stocks
NXP Semi collaborates with Shanghai Unicom, roam2free on eSIM solution »

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PDCE

PDC Energy

$42.88

-1.84 (-4.11%)

19:21
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19:21
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Hot Stocks
PDC Energy CEO 'disappointed' with Clean Air Act complaint »

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MRIN

Marin Software

$1.18

0.025 (2.17%)

19:17
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Hot Stocks
Marin Software names Brad Kinnish CFO »

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GM

General Motors

$34.52

0.32 (0.94%)

19:15
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Earnings
General Motors: Previous FY17 EPS view unchanged »

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GM

General Motors

$34.52

0.32 (0.94%)

19:04
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Hot Stocks
General Motors lowers view of 2017 U.S. car industry »

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BLKB

Blackbaud

$89.25

-0.25 (-0.28%)

, CST

CST Brands

$48.54

0.18 (0.37%)

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BLKB

Blackbaud

$89.25

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CST

CST Brands

$48.54

0.18 (0.37%)

NSA

National Storage

$22.63

0.22 (0.98%)

ANCUF

Alimentation Couche-Tard

$48.08

1.9887 (4.31%)

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GM

General Motors

$34.52

0.32 (0.94%)

18:52
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General Motors raises expected Opel sale charge to $5.5B »

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WMT

Wal-Mart

$75.50

0.66 (0.88%)

18:43
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18:43
Periodicals
Wal-Mart sued for wrongful death of Illinois Uber driver, Reuters reports »

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