General Motors to hire 1,200 new workers for Michigan plants, Bloomberg reports » 17:2702/2802/28/20
General Motors announced…
General Motors announced it will hire 1,200 new workers for its two plants in Lansing, Michigan, partly due to rising demand for the company's mid-sized sport utility vehicles, Bloomberg's David Welch reports. The company plans to add a third shift and 800 workers at its Lansing Delta Township plant, where it builds the Chevrolet Traverse and Buick Enclave SUVs. GM also will institute a second shift, including 400 new hires, at its Lansing Grand River factory. That facility makes the Chevy Camaro sports car and the all-new Cadillac CT4 and CT5 sedans. Reference Link
General Motors to host EV Day » 07:3402/2802/28/20
EV Day to be held on…
EV Day to be held on March 4 at 12:30pm. Webcast Link
Assured Guaranty reports Q4 EPS 90c, consensus 78c » 17:5302/2702/27/20
Reports Q4 revenue $220M,…
Reports Q4 revenue $220M, two estimates $204M. Q4 Gross written premiums were $518M and $677M for FY 2019, the highest annual direct GWP in 10 years.
Fly Intel: Wall Street's top stories for Thursday » 17:4102/2702/27/20
MSFT, AAPL, BKNG, SBUX, FB, SNE, BBY, BA, GE, TKAMY, VIR, NVAX, ETSY, SQ, PLAN, NTNX, TSLA, SPCE
Fly Intel: Wall Street's top stories at midday » 12:1902/2702/27/20
MSFT, BKNG, SBUX, AAPL, SPCE, BBY, VIR, NVAX, ETSY, SQ, TSLA, NTNX, PLAN
Stocks are extending the…
GM China plant restart stalls due to coronavirus crisis, Detroit Free Press says » 11:2302/2702/27/20
The restart of production…
The restart of production at General Motors' massive factory in Wuhan, China, has been delayed by nearly a month as the government took new actions to limit the spread of the coronavirus, Detroit Free Press' Jamie LaReau reports, citing the company. "Given Hubei Province's extended shutdown until March 10, we are adjusting the restart of the Wuhan Plant to be in line with the government's updated arrangements," said GM spokesman David Barnas. Reference Link
Fly Intel: Pre-market Movers » 09:1302/2702/27/20
GILD, SQ, SPCE, TSLA, SRNE, ETSY, BUD, DISCA, QEP, PLAN, PTLA
HIGHER: Gilead (GILD), up…
HIGHER: Gilead (GILD), up 7% after announcing the initiation of two Phase 3 clinical studies to evaluate the safety and efficacy of remdesivir in adults diagnosed with COVID-19, or novel coronavirus... Sorrento Therapeutics (SRNE), up 1% after announcing it has initiated a clinical and manufacturing collaboration with Celularity to expand the therapeutic use of Celularity's CYNK-001, an allogeneic, off-the-shelf, placental-derived Natural Killer cell therapy, to the treatment and prevention of coronavirus infections. UP AFTER EARNINGS: Square (SQ), up 6%... Etsy (ETSY), up 9%. DOWN AFTER EARNINGS: AB InBev (BUD), down 9%... Discovery (DISCA), down 6%... QEP Resources (QEP), down 19%... Anaplan (PLAN), down 32%... Portola Pharmaceuticals (PTLA), down 15%. ALSO LOWER: Tesla (TSLA), down 6% after Bloomberg reported registrations of new Teslas in China plunged 46% last month as the coronavirus outbreak adds to a slump in the country's car market... Virgin Galactic (SPCE), down 16% after Morgan Stanley analyst Adam Jonas downgraded shares to Equal Weight from Overweight and Credit Suisse analyst Robert Spingarn also downgraded the stock to Neutral from Outperform.
Notable open interest changes for February 27th » 08:5502/2702/27/20
AAPL, TSLA, BAC, MGM
Wednesday's total option volume of 32.7 million contracts resulted in net open interest growth of 4.28 million calls and 4.14 million puts. Apple (AAPL), Tesla (TSLA), Bank of America (BAC) and MGM Resorts (MGM) saw the greatest growth. Top five new positions opened include 47k Oracle (ORCL) Mar-20 57 calls, 33k Tesla (TSLA) 3/6 weekly 100 puts, 24k Halliburton (HAL) Apr-20 19 calls, 22k Qurate Retail QVC Group (QRTEA) Mar-20 8 calls and 20k Uber (UBER) 2/28 weekly 34.5 calls.
Morgan Stanley sees opportunities for legacy automakers to take share from Tesla » 08:4302/2702/27/20
TSLA, AAPL, GOOGL, GOOG
Morgan Stanley analyst…
Morgan Stanley analyst Adam Jonas said many investors he has spoken to have a difficult time thinking about how Tesla (TSLA) can maintain, if not grow, its already "very high" market share in battery electric vehicles, which are concerns that he views as valid. He sees the potential for some traditional OEMs to do the bulk of the tech development and manufacturing in-house for the majority of their EVs, but also sees potential for Tesla to play the role of third party BEV powertrain supplier to competing automakers. He also outlines the potential of a "non-Tesla tech consortium," given the "significant and growing interest" shown by the likes of Apple (AAPL) and Alphabet (GOOGL) in exploring commercial opportunities in the global auto market. Jonas, who sees "several opportunities" for legacy automakers to take increasing share of the battery electric vehicle market, keeps an Underweight rating and $500 price target on Tesla shares.
Tesla's China registrations plunged 46% in January, Bloomberg reports » 06:2202/2702/27/20
Registrations of new…
Registrations of new Teslas in China plunged 46% last month as the coronavirus outbreak adds to a slump in the country's car market, Bloomberg reports. Last month, 3,563 Teslas were registered in China, down from 6,643 in December, according to state-backed China Automotive Information Net. Reference Link