ISI says TSLA is not exposed to global emissions standards, which the firm sees as the single largest threat to automotive returns; while conventional OEMs face headwinds of ~$1,350/unit, TSLA's costs will come down with technology advances and scale, the analysts say.
TSLA’s volumes are frequently compared to other electric vehicle sales, but the global market opportunity for TSLA is far greater, ISI says, suggesting 500K units by 2020 is achievable.
Of all TSLA milestones so far, few are as important as the company’s progress in China, the firm says, adding "it is difficult to foresee an OEM better placed than Tesla to assist the government in meeting its goals."
ConocoPhillips (NYSE:COP) is auctioning its 24% stake in the Clair oil field in the U.K. North Sea and hopes to bring in $2B-$3B, FT reports.
The project, which sits in Scottish territorial waters, is one of the U.K.’s most prized oilfields, and FT says COP's interest in exiting the project is a sign of the challenges facing the North Sea oil industry.
Some campaigners for a Yes vote in Thursday’s referendum on Scottish independence have argued that Clair could generate income and tax revenues that would sustain Scotland’s public finances for decades, but industry sources have emphasized the technical difficulties of extracting the oil.
BP is operator of the field and owner of a 28.6% stake; Royal Dutch Shell (RDS.A, RDS.B) also owns 28.6%, while Chevron (NYSE:CVX) owns 19%.
Toyota (NYSE:TM) is reconsidering a move to open a new compact car assembly plant in Mexico after company President Akio Toyoda told planners searching for a site to pause and review its rationale, Reuters reports.
Momentum is said to have been building for a decision this summer on the expansion, with the aim of starting Corolla production in Mexico in a few years, but Toyoda apparently then asked the team to "re-review" the project by year’s end.
TM already has a pickup truck plant in the Mexican state of Baja California, capable of producing 63K Tacoma vehicles a year, but does not have any capacity for passenger cars.
Viper Energy Partners' (NASDAQ:VNOM) 3.5M-share offering prices at $28.50/unit, matching VNOM's Monday closing price and a 5.2% discount to its Friday close, the last close before the MLP announced the share sale.
VNOM, a unit of driller Diamondback Energy (NASDAQ:FANG), is one of few MLPs focused on owning mineral rights, which entitle it to royalties sales of oil and gas drilled beneath Texas' Permian Basin region.
VNOM units have cooled since their June trading debut but are still 9.6% above the IPO offer price.
French carrier Orange (NYSE:ORAN) is offering to acquire Spanish broadband provider Jazztel (OTCPK:JAZTF) for ~€3.4B ($4.4B), or €13/share for a premium of 22% over the stock’s close Friday in Madrid.
Buying Jazztel would give Orange ~1.5M broadband subscribers to help bolster offers of combined broadband, TV and wireless packages; Jazztel's revenue has grown in every quarter since 2008, and this year sales may reach €1.2B, quadrupling from 2007.
Chairman Leopoldo Fernandez Pujals is Jazztel’s biggest shareholder with a ~15% stake.
VimpelCom (NASDAQ:VIP) is close to selling its stake in Canadian wireless carrier Wind Mobile Canada to Toronto-based Globalive Wireless Management for ~C$300M ($270M), with an announcement expected as soon as tomorrow, according to various reports.
A deal would cap VIP's struggle to exit the Canadian market following a lengthy regulatory spat over Canada's foreign investment rules.
A sale also would boost the Canadian government’s effort to create a fourth national wireless carrier to help foster competition and reduce mobile phone rates; the three biggest carriers, Rogers Communications (NYSE:RCI), BCE and Telus (NYSE:TU), together control 90% of the market.
Actua (NASDAQ:ACTA) agrees to acquire FolioDynamix, a cloud-based wealth management technology platform, for $199M.
ACTA says FolioDynamix brings a current net revenue run rate of $30M-plus, with positive earnings and cash flow; the company grew by more than 40% in 2013, and ACTA expects the growth rate to continue in 2014.