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Fly News Breaks for May 19, 2017
TSLA, GM
May 19, 2017 | 08:22 EDT
UBS analyst Colin Langan remains bearish on Tesla (TSLA) following his teardown of a General Motors (GM) Chevy Bolt electric vehicle. Powertrain costs were lower than expected and with the help of falling battery costs, he sees more profitable economics for Tesla's Model 3. However, despite raising his gross margin assumptions and lowering his loss estimate for 2019, he believes Tesla's near-term challenges remain and his bearish thesis is intact. Langan reiterated his Sell rating, but raised his price target to $185 from $160, on Tesla shares.
News For TSLA;GM From the Last 2 Days
TSLA
May 23, 2017 | 09:11 EDT
West Coast Alternative Energy Bus Tour travels throughout San Francisco, CA and Reno, NV on May 23-24.
GM
May 23, 2017 | 09:02 EDT
Greenlight Capital, which own 3.6% of the common stock of General Motors Company, making it GM's fifth largest public shareholder, is mailing a letter to GM shareholders highlighting that GM's Board of Directors has been unwilling to take the steps Greenlight believes are necessary to unlock billions of dollars of shareholder value either by embracing Greenlight's plan to split the Company's common stock into two classes of common equity or by putting forth any other plan to help fix the Company's significant valuation problem. Greenlight observes that GM's share price has the lowest price-to-earnings ratio of any of the 500 companies in the S&P 500, and that after almost seven years, GM's stock trades at its IPO price. Greenlight urges all GM shareholders to vote the GREEN proxy card in favor of the Plan and in support of Greenlight's three highly qualified Director nominees - Leo Hindery, Jr., Vinit Sethi, and William N. Thorndike, Jr. - who will bring desperately needed fresh thinking and new perspectives to the Board, at GM's Annual Meeting of Shareholders, scheduled to take place on June 6, 2017.
TSLA
May 23, 2017 | 08:42 EDT
After Morgan Stanley's Internet team, led by analyst Brian Nowak, said they view the partnership that Waymo, Alphabet's (GOOG) autonomous driving unit, has struck with Lyft as an important step in the "Other Bet" company's ability to help drive the autonomous transition, analyst Adam Jonas said the Waymo/Lyft partnership is an emerging competitor to Tesla (TSLA) in autonomous mobility. Jonas keeps an Equal Weight rating and $305 price target on Tesla shares.
GM
May 22, 2017 | 18:49 EDT
The car industries of the U.S., Canada, and Mexico agree that there should be no alterations to the rules of origin in NAFTA, Reuters reports, citing an interview with Eduardo Solis, president of Mexican automakers' industry group AMIA. Under the trade agreement, rules of origin stipulate that products must NAFTA-wide content requirements in order to be tariff-free, the report says. "Our position is that the trade agreement has been a success, and we shouldn't be touching something as important as the rules of origin," Solis told Reuters. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), and General Motors (GM). Reference Link
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