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(Bloomberg) -- Bill Gates paid Tesla Inc. a compliment for coaxing the car industry to go electric. If he was expecting kind words in return from Elon Musk, he apparently shouldn’t have spoken about challenges that still lie ahead -- or about his new Porsche.Gates, the billionaire co-founder of Microsoft Corp., spoke with a YouTube influencer last week about the challenges of reducing emissions to slow climate change. He called the passenger-car industry “one of the most hopeful” sectors taking action in this regard.“And certainly Tesla, if you had to name one company that’s helped drive that, it’s them,” Gates told YouTuber Marques Brownlee.Then Gates discussed recently buying a Porsche Taycan. While he called the electric sports car “very, very cool,” he acknowledged its premium price -- starting at $103,800 -- and said consumers still have to overcome anxieties about EVs offering limited range and taking longer to recharge. Gasoline-powered cars travel longer between quick refuels at stations that outnumber charging points.When a Tesla enthusiast posted about being disappointed in Gates’s decision to buy a Taycan instead of a Tesla and his comments about range anxiety, Musk replied: “My conversations with Gates have been underwhelming tbh.”Musk, 48, is of course no stranger to tweeting dismissively about fellow billionaires. The Tesla chief executive officer questioned Facebook Inc. CEO Mark Zuckerberg’s understanding of the risks of artificial intelligence in 2017. Last year, he called Jeff Bezos a copycat after the Amazon.com Inc. CEO embarked on an internet-satellite project that could rival one that Musk’s closely held company SpaceX is pursuing.To contact the reporter on this story: Craig Trudell in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Will DaviesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Today we'll evaluate Insulet Corporation (NASDAQ:PODD) to determine whether it could have potential as an investment...
The yearly results for Roku, Inc. (NASDAQ:ROKU) were released last week, making it a good time to revisit its...
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Elon Musk’s first electric car plant in Europe is facing legal delays that could set the project back by several months after a court halted work on clearing a forest for the new Tesla Inc. factory near Berlin while it considers a challenge by environmentalists.The Berlin-Brandenburg higher administrative court issued a temporary injunction against further logging, overturning a lower court ruling that had rejected a request by environmental group Gruene Liga Brandenburg. The court said it will make a final decision on the complaint in the coming days.Tesla and the government of Brandenburg, where the plant is located, have until mid-day on Tuesday to respond to the court and will meet that deadline, Joerg Steinbach, Brandenburg’s economy minister, said on Twitter, adding that they will then “rely on the prompt decision” by the court.If Tesla doesn’t clear the trees by mid-March before the wildlife breeding period, construction could be delayed by six to nine months, local officials have warned. They’ve argued the site is an “inferior” pine forest that was planted to be harvested in the first place. Gruene Liga Brandenburg didn’t immediately respond to a request for comment.The injunction threatens Tesla’s ambitious timetable of having the plant up and running from mid-2021. If it does clear Germany’s red tape, the site could churn out as many as 500,000 cars a year, employ 12,000 people and pose a serious challenge to Volkswagen AG, Daimler AG and BMW AG. Musk recently tried to ease local concerns about water usage for the plant, which would border a nature reserve.The factory will be designed with “sustainability and the environment in mind,” Musk said last month on Twitter, adding Tesla will plant three new trees for every tree cut.Workers have already scoured the equivalent of about 150 soccer fields of forest and removed most of the errant World War II ammunition found there. Logging started last week after Brandenburg’s environment ministry granted Tesla preliminary approval to begin works.The project’s environmental stipulations include scaring off or relocating wolves, bats, snakes and lizards until construction is over. Under German regulations, the project in the small town of Gruenheide must consider the breeding period for local wildlife in spring.(Adds detail on project in fourth paragraph)\--With assistance from Karin Matussek.To contact the reporters on this story: Stefan Nicola in Berlin at firstname.lastname@example.org;Richard Weiss in Frankfurt at email@example.comTo contact the editors responsible for this story: Daniel Schaefer at firstname.lastname@example.org, Chris Reiter, Anthony PalazzoFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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A German court on Sunday ordered Tesla Inc to stop clearing forest land near the capital Berlin to build its first European car and battery factory, a victory for local environmental activists. The U.S. electric carmaker announced plans last November to build a Gigafactory in Gruenheide in the eastern state of Brandenburg. The court ruling, by the higher administrative court of the states of Berlin and Brandenburg, comes after the state environmental office gave a green light to clear 92 hectares of forest for the plant.
Younger generations aren’t hearing the calling to an oil industry that is gearing up for a dramatic talent shortage as mature experts begin to retire
(Bloomberg) -- Canada’s homegrown tech company Shopify Inc. is on a tear.After surging annually since its 2015 initial public offering, it has rallied 36% to a market value of almost C$82 billion ($62 billion) in 2020, making it the seventh largest company on the S&P/TSX Composite Index. That puts it about C$8 billion away from usurping Bank of Nova Scotia -- the fifth biggest company. Canadian National Railway Co. -- is No. 6 on the benchmark.Shopify’s value has climbed about C$7.9 billion just this week as fourth-quarter revenue topped analysts’ estimates and the provider of online shopping tools gave an optimistic forecast for the year.Shares of Shopify have skyrocketed to fresh records amid a dearth of quality tech companies on the S&P/TSX Composite Index. The benchmark tech gauge has a mere 10 members compared with over 71 on the S&P 500’s tech index, which includes FAANG giants such as Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc.Still, Shopify’s meteoric rise has some analysts calling for caution. Credit Suisse analyst Brad Zelnick downgraded the stock to the equivalent of a hold on its “lofty valuation” but raised his share price target for the U.S.-listed stock to $575 from $450. He did, however, contend that company has a “great business.” The stock is currently sitting at about $527.Markets -- Just The NumbersChart of The WeekPoliticsPrime Minister Justin Trudeau said the government will do everything it can to resolve protests that have crippled parts of the country’s railways, leading to disruptions in passenger travel and the shipment of key goods. RBC Capital Markets said the demonstrations are another reason the Bank of Canada will be “biased to ease.”Get the latest news on the pipeline protests hereThe coronavirus continues to spread within China. Finance Minister Bill Morneau said that the epidemic will take a “real” toll on Canada’s economy given it’s global knock-on effects. Reduced tourism from China and lower commodity prices will also impact Canada’s growth.EconomyA new survey showed that Canadians are growing increasingly confident of getting a job with better pay were they to leave their current workplace, another indication of the health of the nation’s labor market as the unemployment rate sits at historic lows and wages climb near the fastest pace since the recession.The housing market in major Canadian cities continued to tighten as home sales fell and prices rose in January. A combination of steady population growth, low unemployment and cheap borrowing costs have brought buyers into the market but shrinking supply is damping transactions and driving bids for homes higher in places like Toronto.Up next, economists will be watching manufacturing sales figures on Feb. 18, inflation data due Feb. 19 and retail sales expected on Feb. 21. The stock market is closed on Monday for a holiday in Ontario and some other provinces.TrendingInCanada1\. Former Mississauga Mayor Hazel McCallion, also known as “Hurricane Hazel” turned 99 with NHL’s Maple Leafs team celebrating her birthday. She was in office for 12 terms before stepping back in 2014.2\. An extreme cold warning alert was issued for the city of Toronto Friday as temperatures dip below 30 degrees Celsius (that’s -22 degrees Farenheit).\--With assistance from Shelly Hagan.To contact the reporter on this story: Divya Balji in Toronto at email@example.comTo contact the editors responsible for this story: Kyung Bok Cho at firstname.lastname@example.org, Jacqueline Thorpe, Danielle BochoveFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Billionaire Ray Dalio's Bridgewater Associates, Viking Global Investors, and Granite Point Capital were among prominent hedge funds placing new bets on electric carmaker Tesla Inc in the fourth quarter, positioning them to gain from its nearly 100% rally over the first six weeks of the year. The positions were revealed in 13F filings with the U.S. Securities and Exchange Commission released on Thursday and Friday, which are one of the few public ways of tracking what hedge fund managers are selling and buying. If each hedge fund had held on to its stake, Bridgewater's purchase of nearly 45,000 shares would be worth approximately $36 million (£27 million), while Viking's purchase of nearly 52,000 shares would be would be worth slightly more than $42 million.
(Bloomberg) -- Roku Inc. shares fell on Friday, erasing an initial rally that came in the wake of its better-than-expected fourth-quarter results.Analysts were broadly positive on the quarter, the latest to show strong momentum at the video-streaming platform as consumers cut the cord on traditional cable services and move toward services like Netflix or Disney+However, the adjusted loss per share beat expectations by a smaller degree than is typical for the company. In addition, some firms expressed concern over the stock’s valuation following a recent surge, and said the Ebitda guidance looked light.Shares fell 7.8% after earlier spiking as much as 8.7%. The stock remains down more than 20% from a record close, though it has risen more than 30% off a September low, and it remains up more than 300% from the start of 2019.Here’s what analysts are saying about the results:Macquarie Research, Tim NollenThe outlook “is a bit below our admittedly bullish estimates,” given more investment costs and “a more measured international roll-out” than expected.Expects a full-year loss of $1.33 a share, compared with a prior view of a loss of 38 cents a share.Outperform, $170 price target.Loop Capital Markets, Alan Gould“While the company has executed well, it still faces substantial potential competition.” It is “difficult to justify the $18 billion enterprise value.”Sell, $80 price target.SunTrust Robinson Humphrey, Matthew ThorntonActive account additions “were well ahead of consensus,” which is likely due in part to Disney+. However, the Ebitda outlook “is well below consensus,” and competing platforms could pressure Roku’s margins.“Roku continues to execute and is well-placed in the secular shift to internet TV.”Hold, $160 price target.Rosenblatt Securities, Mark ZgutowiczThis was a “generally stellar quarter,” and the outlook underscores Roku’s “widening scale and market leverage.”Sees signs of “meaningful” international growth ahead.Buy, price target raised to $190 from $159.RBC Capital Markets, Mark MahaneyThe company’s platform business “looks like a sustainable 50% grower.” Fundamentals were “solid” in the quarter, with only a “very modest” deceleration in growth from “robust levels.”Outperform, price target $170 from $160.Stephens, Kyle EvansThe outlook was “in line or above consensus where it mattered most -- revenue and gross margin in its Platform segment.”A “heavy” launch cycle for streaming video on demand services in 2020 and 2021 “is likely to drive [average revenue per user] higher for the foreseeable future.”“Investors wanting exposure to connected T.V. will continue to bid Roku upward.”Overweight, $155 price target.Susquehanna Financial Group, Shyam PatilThe report and outlook “continue to highlight Roku’s strong momentum.” Active accounts rose more than expected, and “engagement growth was also strong.”Positive, price target raised to $170 from $150.Guggenheim, Michael Morris“Roku holds an attractive position within an expanding global steaming market and ultimately has the potential for a higher valuation.”Buy, $150 price target.What Bloomberg Intelligence Says:Roku is “still well-positioned to benefit from the secular shift away from traditional pay-TV, as the company reinforced its position as the No. 1 TV streaming platform in the U.S.”\- Analyst Amine Bensaid\- Click here for the research(Updates with afternoon trading, adds Macquarie comments)To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Scott Schnipper, Steven FrommFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Yahoo Finance is maintaining a working list companies that have been affected by the outbreak, and are expected to feel the effects through the first half of the year.
China’s electric vehicle manufacturers posted significant losses last month, as steep cuts in government subsidies continued to weigh on the sector. But a top executive at the country’s largest EV maker BYD says, Chinese carmakers need to “build more competitive cars” to reduce their reliance on government policies.
(Bloomberg) -- Elon Musk dreams big dreams. Tesla Inc. taps Wall Street for funds to turn them into reality. Banks pocket millions in fees. And rather than punish the company for diluting its shareholders, the market applauds.The virtuous circle has enabled Tesla to raise about $14 billion over the last decade, supporting the electric-car maker through countless ups and downs. News of the latest offering -- which priced at $767 a share, according to a regulatory filing -- boosted Tesla’s market capitalization to almost $146 billion, behind only Toyota Motor Corp. among the world’s most valuable auto manufacturers.While Tesla watchers have seen this movie before, the latest script was full of twists and turns. Musk, 48, said during an earnings call two weeks ago that it didn’t make sense for the company to raise capital again. The maker of the Model 3 sedan has been spending money sensibly, he said, without holding back expenditures that would inhibit progress.But the ascent Tesla’s stock has been on in recent months evidently changed the chief executive officer’s mind. Tesla will use the $2 billion proceeds from the offering to shore up its balance sheet and help fund Musk’s seemingly endless aspirations.After Musk and Chief Financial Officer Zach Kirkhorn demurred weeks ago when asked how much spending Tesla had planned for this year, the company disclosed Thursday that its budget will be as much as $3.5 billion, more than double last year’s.Chinese banks are footing much of the bill for the factory Musk just opened near Shanghai, but he’s also already planning to build his next one near Berlin and teasing the possibility of another one going up in Texas.Tesla is no longer a tiny niche player that makes cool-but-expensive cars only in high-cost California, but getting to this point required taking on about $12.5 billion of debt, double the amount of cash and equivalents it had at year end.“Musk had previously assured investors that he did not plan to raise additional capital,” Gene Munster, managing partner of Loup Ventures, said in a report. “However, while Elon backpedaling on his promises is a common criticism of Tesla, the company’s balance sheet is a much more common (and valid) criticism.”Tesla shares rose as much as 0.7% to $809.50 as of 10 a.m. Friday in New York. The stock rose 4.8% Thursday after the offering was announced, running counter to the usual beating companies take when they issue new shares.The stock has more than tripled since the company released the first of two positive quarterly earnings reports. Musk has accelerated the production schedule for the Model Y, the crossover SUV that he sees becoming the company’s new top seller.But the Model Y isn’t expected to contribute significantly to deliveries in the first few months of the year, and Kirkhorn has cautioned that first-quarter sales probably will slow down because of seasonality. Production in China also was temporarily halted due to the coronavirus, and ramping up output of Model 3s there and Model Ys in California is expected to pinch profit margins.Tesla managed to time its latest offering before any of those risks weighed on the stock ahead of its next earnings report.With all that Musk has planned -- eventually rolling out the Semi, Roadster and Cybertruck models and recommitting to a foundering rooftop-solar business -- some investors and analysts think the company should try to raise enough money so that it’s really done needing to seek more from now on.While the amount the company has taken in during the last decade is significant, it’s not unprecedented. Netflix Inc. raised about $15 billion in the same span, almost entirely from debt offerings, according to data compiled by Bloomberg.“We have long wanted Tesla to raise a large amount of cash via stock issuance due to its lofty valuation and then perhaps never need to raise capital again,” David Whiston, a Morningstar Inc. analyst, said in a note. “We’d like to see more consistency between the company’s actions and the words of CEO Elon Musk.”\--With assistance from Brandon Kochkodin and Drew Singer.To contact the reporters on this story: Dana Hull in San Francisco at email@example.com;Gabrielle Coppola in Detroit at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Melinda GrenierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.