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Wed, Feb. 3, 7:07 AM
Mon, Feb. 1, 12:03 PM
- Ebullient bull Adam Jonas of Morgan Stanley cuts his 12-month to 18-month price target on Tesla Motors (NASDAQ:TSLA) by 26% to $333 in a dramatic move.
- The analyst did a reset after factoring in a later Model X ramp-up and trimming Model 3 sales expectations.
- Jonas is also reacting to the low gas price environment and lines up a lower valuation on Tesla Energy.
- Shares of Tesla are +2.4% after starting the day sluggishly.
Thu, Jan. 28, 12:42 PM
- Tesla Motors (TSLA -1.1%) CEO Elon Musk teased on trucks during an interview this week at the StartmeupHK Festival in Hong Kong.
- "I think it is quite likely we will do a truck in the future," stated Musk. "I think it’s sort of a logical thing for us to do in the future," he added.
- Shares of Tesla are lower on the day amid some risk-on trading in FANG stocks and Under Armour (+20%).
Thu, Jan. 14, 10:05 AM
- Investors continue to blow some steam off favorite names from 2015. A reset of how the stocks trade on an earnings multiple basis could have long-lasting implications.
- Under Armour (NYSE:UA) is down 4.66% to $68.52. YTD -15.1%.
- Tesla Motors (NASDAQ:TSLA) is off 2.66% to $194.98. YTD -18.9%.
- Netflix (NASDAQ:NFLX) trades 2.87% lower at $103.50. YTD -10.8%.
- All three stocks are well-below their 2015 highs.
Mon, Jan. 11, 1:30 PM
- Tesla Motors (TSLA -2.8%) is lower on the day to stand in contrast to broad gains across the automaker sector.
- General Motors unveiled some more details on the Chevy Bolt earlier today at the Detroit auto show, while an article from SA contributor Montana Skeptic on the progress of the gigafactory is making some noise.
- Shares of Tesla are down 14.4% through the first six trading sessions of 2016.
- Previously: Chevy Bolt steals early thunder at Detroit auto show (Jan. 11)
Dec. 17, 2015, 12:25 PM
- "We think it is extremely unlikely that a single person or even a small company that lacks extensive engineering validation capability will be able to produce an autonomous driving system that can be deployed to production vehicles," says Tesla (NASDAQ:TSLA) in a response to yesterday's Bloomberg article about the efforts of software engineer George Hotz (was reportedly offered a job by Elon Musk) to create a self-driving system.
- Tesla: "[Such a system] may work as a limited demo on a known stretch of road -- Tesla had such a system two years ago -- but then requires enormous resources to debug over millions of miles of widely differing roads. This is the true problem of autonomy: getting a machine learning system to be 99% correct is relatively easy, but getting it to be 99.9999% correct, which is where it ultimately needs to be, is vastly more difficult."
- The company adds its autopilot system was developed in-house, and isn't an example of repackaging a supplier's technology. "Tesla Autopilot includes radar, ultrasonics, GPS/nav, cameras and real-time connectivity to Tesla servers for fleet learning. Going forward, we will continue to use the most advanced component technologies, such as Mobileye’s (MBLY +3.7%) vision chip, in our vehicles. Their part is the best in the world at what it does and that is why we use it."
- Mobileye is rebounding a day after selling off in the wake of the Bloomberg article and a Citron Research tweet calling the company is 2016 short of the year. Aside from Tesla's remarks, a defense by Raymond James' Tavis McCourt (Outperform rating) could be helping out.
- McCourt: "We would note that Mobileye’s development of algorithms for autonomous driving also utilizes artificial intelligence, deep learning, and all the latest and greatest buzzwords ... from what we can tell from the article, Hotz is utilizing very similar development technology as Mobileye, but with 1/100th the number of engineers and giving Mobileye a 16-year head start. The solution also does not appear to be price-disruptive as Hotz mentions a $1,000 price point in the article. All-in costs of Mobileye single-camera solutions (including tier-1 integration) is roughly $100 today, so an eight-camera configuration for autonomous driving would likely be at or even cheaper than what Hotz appears to be proposing."
- He adds that while Tesla is selling its autopilot solution as a $3,000 add-on, he suspects the company's gross margin for the offering is "well over 95%."
Dec. 16, 2015, 12:19 PM
- "Frankly, I think you should just work at Tesla (NASDAQ:TSLA). I’m happy to work out a multimillion-dollar bonus with a longer time horizon that pays out as soon as we discontinue Mobileye (MBLY -5%)," wrote Elon Musk to well-known software engineer George Hotz, according to an e-mail picked up by Bloomberg writer/Elon Musk book author Ashlee Vance.
- Hotz's reply: “I appreciate the offer, but like I’ve said, I’m not looking for a job. I’ll ping you when I crush Mobileye.” Vance's article covers Hotz's efforts to create a self-driving system (with his Acura ILX serving as a test bed) using laser-based radar (LIDAR), cameras, and A.I./machine learning software.
- Hotz is dismissive of Mobileye, whose offerings help power the Tesla Model S' autopilot features and various 3rd-party driver-assistance systems: "They’re a company that’s behind the times, and they have not caught up." A Mobileye spokesman's response: "Our code is based on the latest and modern A.I. techniques using end-to-end deep network algorithms for sensing and control.”
- Mobileye remains down strongly following a Citron Research tweet declaring the company its 2016 short of the year, while referencing the Bloomberg article.
Dec. 10, 2015, 10:23 AM
- "We believe an acquisition of GoPro (NASDAQ:GPRO) would make sense for Apple (NASDAQ:AAPL); action cameras are uniquely positioned at the intersection of Apple’s smartphone, wearables, and multimedia offerings," writes FBR's Daniel Ives in a note about potential Apple buyout targets.
- Ives: "Additionally, GoPro’s new product cycles could open the door to areas where Apple’s competitors are investing heavily (e.g., drones, VR), and Cupertino has been playing catch-up. We also see strategic value in GoPro being integrated with Apple’s strong multimedia ecosystem (e.g., iTunes, Apple TV, etc.)."
- Media/ad software giant Adobe (ADBE - $44.4B market cap), enterprise cloud storage/file-sharing leader Box (BOX - $1.6B market cap), and EV/battery maker Tesla (TSLA - $30B market cap) are also named as potential Apple targets. "Box would give Apple an avenue into enterprise storage and enable it to expand its product tentacles (hardware/storage) into the enterprise cloud frontier ... Adobe would provide a nice pipeline into the enterprise ... Adobe’s Document Cloud/Marketing Cloud applications are helping enterprises grapple with the growth of digital marketing, proliferation of mobile devices in the enterprise, and IOT."
- The GoPro remarks come with the action camera leader down 82% from its Oct. 2014 high of $98.47, and sporting a $2.4B market cap. In other news, GoPro announced today it has added Apple Watch support for its iOS app.
- Recent GoPro coverage
- Update (11:48AM ET): GoPro is now up 8.9%. Also announced today: GoPro states its drone (due in 1H16) will be known as Karma. A teaser video has been released.
- Update 2 (2:30PM ET): GoPro is now up 14%. Given a short interest of 31.2M shares (47% of the float) as of Nov. 30, short-covering is likely playing an important role.
Dec. 9, 2015, 9:53 AM
- The NHTSA proposes adding new safety categories to its ratings systems with an aim to accelerate technology innovation and integration.
- Safety features such as forward collision warnings, blind-spot alerts, lane departure information, and rear cameras would be part of the ratings system under the changes.
- The push from the regulator could help some auto suppliers such as Delphi Automotive (DLPH +1.4%) and Mobileye (MBLY +2.5%), notes the WSJ.
- Autoliv (ALV +2.1%), WABCO Holdings (WBC +1.5%), Borg Warner (BWA +1.3%), and Meritor (MTOR +1.3%) are all ahead of market averages in early action today, perhaps due to the NHTSA strategy reveal.
- Related auto stocks GM, F, TM, HMC, OTCPK:NSANY, OTCQX:VLKAY, OTCPK:DDAIF, OTCPK:BAMXY, TSLA, TTM, OTC:HYMLF.
- NHTSA press release
Nov. 25, 2015, 11:47 AM
- Credit Suisse thinks 2016 is the year that sales leverage kicks in for Tesla Motors (NASDAQ:TSLA). The bullish note from the firm includes a prediction of lower-than-consensus SG&A spending and R&D investments to help free up cash flow. In the near term, CS says 17K units in Q4 is "achievable" after factoring in some extra sales in Denmark and the U.K.
- Tesla more than doubled the number of superchargers in the U.S. to 224 over the last year, but saw an even higher pace for new destination chargers. The number of destination chargers at hotels, restaurants, and other retail outlets now totals over 1.2K, according to Cleantechnica.com
- Earlier this week, several research firms issued positive forecasts for U.S. auto sales in November. It's unclear if that burst of buying during a typically dull month will extend out to Tesla. YTD electric vehicle sales in the U.S. have trailed the pace of overall auto sales. $2 gas prices at the pump aren't helping that trend.
- Shares of Tesla are up 3.89% to $226.75
Nov. 20, 2015, 12:12 PM| Nov. 20, 2015, 12:12 PM | 437 Comments
Nov. 6, 2015, 2:45 PM
- Tesla Motors (NASDAQ:TSLA) CEO Elon Musk was the surprise speaker at the Baron Investment Conference in New York City today.
- It wasn't hostile territory for Musk with Baron, a long-time proponent of the EV automaker, lobbing mostly softballs.
- After Tesla had to dig into the details earlier this week with earnings and guidance, it was back to the ambitious talk today.
- Musk said he sees a 500-mile range car within a decade and reiterated Tesla can churn out "millions" of cars in the future. He noted that more automobile plants and gigafactories would be needed to reach that scale.
- Bigger than GM? Why not, answered Musk.
- Baron Investment Conference agenda (.pdf)
- Baron Investment Conference webcast
- Tesla has had a strong week, up 11.58% to $230.85.
Nov. 4, 2015, 9:15 AM| Nov. 4, 2015, 9:15 AM | 2 Comments
Nov. 3, 2015, 5:38 PM
Nov. 3, 2015, 4:27 PM
- Tesla Motors (NASDAQ:TSLA) announces it produced 13,091 vehicles in Q3 and delivered 11,603 new units. Annual guidance is now for 50K-52K units delivered this year, a reduction on the high end of the range.
- Q3 automotive gross margin was 23.7%, excluding $39M of ZEV credit revenue. Total gross margin was reported at 25.1% on a non-GAAP basis and 24.7% on a GAAP basis.
- A higher mix of Model X sales in Q4 is expected to help boost the company's average vehicle selling price.
- Q4 gross margin is expected to fall on a sequential basis as higher Model X overhead factors in.
- Annual capex spending of $500M is anticipated for Q4.
- The Model 3 will be unveiled next March. No specific targets for the Model 3 product timeline were disclosed.
- The ramp for Tesla Energy products from the Gigafactory is ahead of schedule. More details are expected on the company's conference call which is scheduled for 5:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- Previously: Tesla misses by $0.08, misses on revenue (Nov. 3)
- TSLA +7.28% after hours to $223.16.
Nov. 3, 2015, 4:18 PM
- Tesla (NASDAQ:TSLA): Q3 EPS of -$0.58 misses by $0.08.
- Revenue of $1.24B (+33.0% Y/Y) misses by $20M.
- Shares +7.3%.
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