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Fly News Breaks for May 19, 2017
GM, TSLA
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
Sep 22, 2017 | 12:05 EDT
The U.S. International Trade Commission has determined that Crystalline Silicon Photovoltaic Cells, whether or not partially or fully assembled into other products, are being imported into the United States in such increased quantities as to be a substantial cause of serious injury, or threat of serious injury, to the domestic industry producing an article like or directly competitive with the imported article in the United States. As a result, the investigation will move to a remedy phase. More information will be provided in a news release to be issued later. Deutsche Bank analyst Vishal Shah recently said he sees upside in First Solar shares to $110 should the ITC's section 201 decision find injury to U.S. producers. Publicly traded companies in the space include SolarCity, which has been acquired by Tesla (TSLA), Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SunEdison (SUNEQ), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE). Reference Link
TSLA
Sep 22, 2017 | 06:57 EDT
Tesla is denying claims that it threatened to fire pro-union employees at its Fremont, California plant and attempted to stop them form handing out union literature, Bloomberg reports, citing a filed response to a National Labor Relations Board complaint. Tesla said the complaint, which cites multiple incidents in which security guards allegedly refused to let off-duty staff give out United Auto Workers union leaflets, was insufficient as it does not identify the guards and therefore Tesla cannot verify the claims. Reference Link
TSLA
Sep 21, 2017 | 16:15 EDT
Stocks saw a quiet session a day after the week's biggest event, the Federal Reserve policy announcement, came and went mostly as expected. The Dow and S&P mostly drifted just below the flatline for most of the session before a late day dip pushed them to close near their worst levels. The Nasdaq, the laggard again today as has been the case in several recent sessions, closed with a loss of 0.5% to put it on pace for a weekly decline unless it rebounds tomorrow. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 23,000 to 259,000 in the week ended September 16. The Philadelphia Fed business outlook survey rose to a robust 23.8 from 18.9 in August. The FHFA home price index for July rose 0.2%, versus the 0.4% increase that was expected. The leading index rose 0.4% to 128.8 in August following a 0.3% increase in the prior month. In Asia, Standard & Poor's downgraded China's sovereign rating to A+ from AA-, becoming the last of the three major rating agencies to do so. COMPANY NEWS: Equifax (EFX) remains in the headlines over its recent disclosure of a massive cybersecurity breach, with the latest coming from The Wall Street Journal, which reported that hackers entered the company's computer network69 in March of this year, more than four months before its security team uncovered them. Meanwhile, Securities and Exchange Commission Chairman Jay Clayton in a statement late Wednesday disclosed the agency itself was the victim of a hack in 2016... Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the opportunity for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift away from Nvidia (NVDA) has limited impact on either. Nvidia shares, though, ended the day almost 3% lower following the report... Google (GOOGL) announced a cooperation agreement that involves HTC receiving $1.1B after transferring certain R&D employees to Google's hardware team and a licensing agreement for HTC intellectual property. MAJOR MOVERS: Among the notable gainers was Calgon Carbon (CCC), which jumped 62% to $21.40 after agreeing to be acquired by Japan's Kuraray for $21.50 per share in a deal with an equity value of about $1.1B. Also higher was Impax (IPXL), which gained 10% after The Wall Street Journal reported that the company and Amneal Pharmaceuticals are in talks to combine to better compete in the generic drug market. Intercept Pharmaceuticals (ICPT) was among the noteworthy losers, dropping almost 25% after the FDA, in a new safety communication sent out today on the company's Ocaliva drug, said it identified 19 cases of death and warned of an increased risk of serious liver injury in certain patients. Also lower was Transocean (RIG), which fell 7% after announcing that a subsidiary of Chevron (CVX) elected to exercise its contractual option to terminate the drilling contract for an ultra-deepwater drillship. INDEXES: The Dow dropped 53.36, or 0.24%, to 22,359.23, the Nasdaq fell 33.35, or 0.52%, to 6,422.69, and the S&P 500 slid 7.64, or 0.3%, to 2,500.60.
TSLA
Sep 21, 2017 | 12:23 EDT
The S&P and Dow were slightly lower near midday, while the Nasdaq slid further, repeating the trend of underperformance seen from the tech-heavy index in recent days. If today's modest pullback holds into the close it will break the winning streak for the Dow, which has risen for ten straight sessions. Trading is thin, with some of the lack of volume likely due to reduced participation given the Jewish holiday of Rosh Hashanah. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 23,000 to 259,000 in the week ended September 16. The Philadelphia Fed business outlook survey rose to a robust 23.8 from 18.9 in August. The FHFA home price index for July rose 0.2%, versus the 0.4% increase that was expected. The leading index rose 0.4% to 128.8 in August following a 0.3% increase in the prior month. In Asia, Standard & Poor's downgraded China's sovereign rating to A+ from AA-, becoming the last of the three major rating agencies to do so. COMPANY NEWS: Equifax (EFX) remains in the headlines over its recent disclosure of a massive cybersecurity breach, with the latest coming from The Wall Street Journal, which reported that hackers entered the company's computer network in March of this year, more than four months before its security team uncovered them. Meanwhile, Securities and Exchange Commission Chairman Jay Clayton in a statement late Wednesday disclosed the agency itself was the victim of a hack in 2016... Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the opportunity for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift away from Nvidia (NVDA) has limited impact on either. Nvidia shares, though, were down 3% near noon on the heels of the report... Google (GOOGL) announced a cooperation agreement that involves HTC receiving $1.1B after transferring certain R&D employees to Google's hardware team and a licensing agreement for HTC intellectual property. MAJOR MOVERS: Among the notable gainers was Calgon Carbon (CCC), which jumped 62% after agreeing to be acquired by Japan's Kuraray for $21.50 per share in a deal with an equity value of about $1.1B. Also higher was Andarko (APC), which gained 7% after announcing a $2.5B share repurchase program. Intercept Pharmaceuticals (ICPT) was among the noteworthy losers, dropping 9% after the FDA, in a new safety communication sent out today on the company's Ocaliva drug, said it identified 19 cases of death and warned of an increased risk of serious liver injury in certain patients. Also lower was Transocean (RIG), which slipped 7% after announcing that a subsidiary of Chevron (CVX) elected to exercise its contractual option to terminate the drilling contract for an ultra-deepwater drillship. INDEXES: Near midday, the Dow was down 24.62, or 0.11%, to 22,387.97, the Nasdaq was down 19.09, or 0.3%, to 6,436.95, and the S&P 500 was down 3.13, or 0.12%, to 2,505.11.
TSLA
Sep 21, 2017 | 11:48 EDT
Tesla will stop offering the Model S 75 with rear-wheel drive, currently the cheapest version of the sedan, after September 24, a source familiar with the matter told Business Insider. Tesla previously confirmed to Electrek that it would discontinue the baseline Model S, which starts at $69,500, but did not provide a timeline, the report noted. Reference Link
TSLA
Sep 21, 2017 | 10:42 EDT
Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the partnership, with Jefferies analyst Mark Lipacis saying it would be "a critical win" for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift to AMD from Nvidia (NVDA) has limited impact on either. PARTNERSHIP REPORT: According to a report by CNBC last night, Tesla is using AMD intellectual property as it progresses toward developing its own Artificial Intelligence chip for autonomous driving in its cars. More than 50 people within Tesla are working on the initiative, which will likely reduce its reliance on Nvidia products, the report added. 'CRITICAL WIN' FOR AMD: In a research note to investors this morning, Jefferies' Lipacis pointed out that a partnership between Tesla and AMD would make sense, given that former chief AMD MPU architect Jim Keller left AMD to become Tesla's Head of Autopilot in early 2016. While the analyst would not expect shipments of AMD chips to Tesla to have a material impact near-term to the former's bottom line, he thinks this would constitute "a critical win" for AMD as it would support his thesis that with its parallel processing GPUs, AMD is a beneficiary of the "4th Tectonic Shift" in computing. Additionally, Lipacis believes the headline risk to Nvidia in the near-term will not be favorable, but does not see a clear long-term risk. The analyst reiterated a Buy rating and $19 price target on AMD shares. Meanwhile, his peer at Deutsche Bank argued that if the CNBC report is true, any meaningful financial benefit to AMD would likely be observed "many years into the future." Analyst Ross Seymore pointed out that AMD would be the third preferred processor provider to Tesla within the last year as the electric carmaker transitioned from Mobileye to Nvidia in the second half of 2016. 'LITTLE RISK' TO NVIDIA: Tesla's partnership with AMD is a headline rather than estimate risk for Nvidia and its Automotive Platform estimates before calendar 2019/fiscal 2020, by which time other partners seem likely to more than offset any Tesla-related losses, B. Riley analyst Craig Ellis told investors. The analyst argued that the development has the potential to be a "modest fundamental and psychological negative" for Nvidia in the intermediate-term, but he believes the company remains the dominant autopilot solutions provider with a "substantial competitive moat and very strong developer momentum." Ellis added that Nvidia has announced autopilot partnerships with Mercedes-Benz (DDAIF), Toyota (TM), Volkswagen's (VLKAY) Audi group and Volvo (VOLVY) year-to-date. Meanwhile, BofA Merrill Lynch analyst Vivek Arya said that the reports Tesla is considering a shift to internal chips from Nvidia's will have limited material impact on either near-term. The analyst pointed out that Tesla accounts for less than 1% of Nvidia sales and has a much bigger opportunity with other automakers, such as Toyota and Audi. Meanwhile, the potential win for AMD is "more positive for perception than in numbers." In a research note of his own, RBC Capital analyst Mitch Steves told investors that he views this announcement as similar to dynamics he anticipates occurring in the Data center, namely AMD winning some share while Nvidia remains as the "de-facto standard and market share leader." Overall, the analyst noted that he views the announcement as a near-term concern that should not impact Nvidia's story over the next several years. Steves expects Nvidia to continue to work with Tesla and remain the dominant chip provider to the automaker. PRICE ACTION: Shares of AMD, which spiked late yesterday, are about 1% lower to $13.60 in morning trading. Meanwhile, Nvidia's stock has dropped over 4% to $178.17.
TSLA
Sep 21, 2017 | 08:05 EDT
BofA/Merrill analyst Vivek Arya said news reports Tesla (TSLA) is considering a shift to AMD's (AMD) internal chips from Nvidia's (NVDA) will have limited material impact on either near-term. The analyst said Tesla accounts for less than 1% of Nvidia sales and has a much bigger opportunity with other automakers such as Toyota and Audi and the potential win for AMD is more positive for perception than in numbers. Arya maintains a Buy rating on Nvidia given its data center and gaming franchises and potential growth opportunities in autonomous cars. He maintains a Buy rating on AMD to reflect potential share gains in server and PC markets, and for incremental opportunities to leverage IP in other markets.
TSLA
Sep 21, 2017 | 05:49 EDT
Tesla's (TSLA) partnership with AMD (AMD) on a new custom chip for autonomous vehicles, as reported yesterday by CNBC, is a headline rather than estimate risk for Nvidia (NVDA), B. Riley analyst Craig Ellis tells investors in a research note. The news has potential to be a "modest fundamental and psychological negative" for Nvidia in the intermediate-term, but the company remains the dominant autopilot solutions provider with a "substantial competitive moat and very strong developer momentum," Ellis argues. He sees little risk to Nvidia's 2017 and 2018 Auto Platform estimates and reiterates a Buy rating on the shares with a $200 price target. The analyst notes the company year-to-date announced autopilot partnerships with Mercedes-Benz, Toyota, Volkswagen's Audi group and Volvo.
TSLA
Sep 21, 2017 | 05:43 EDT
Citi analyst Atif Malik says he received several investor inquiries about Nvidia's (NVDA) relationship with Tesla (TSLA) after CNBC report yesterday that the electric carmaker is working with Global Foundries, AMD's (AMD) manufacturing foundry directly on custom built chips for self-driving cars. The analyst notes that Tesla currently uses Nvidia's Drive PX2 as part of its autopilot self-driving system. The news is not a surprise and Tesla likely wants to be more vertically integrated and examine all options for artificial intelligence hardware, Malik tells investors in a research note. Further, Tesla's current silicon team leader Jim Keller was formerly at AMD, Malik points out. He adds that Tesla at a recent Citi conference indicated it feels great about its relationship with Nvidia. The analyst estimates Tesla is less than 1% of Nvidia's overall sales currently. He keeps a Buy rating on the shares with a $185 price target. Nvidia closed yesterday down 1% to $185.84.
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