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The Autonomous Car

The Autonomous Car

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This basket consists of stocks expected to benefit from self-driving cars.

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  • Tesla cuts contractors from California, Nevada factories - CNBC
    Reuters

    Tesla cuts contractors from California, Nevada factories - CNBC

    The electric carmaker is axing contractors at both its vehicle assembly plant in Fremont, California, and at its Gigafactory outside of Reno, Nevada, according to the CNBC report https://cnb.cx/2UZf5EH. "It is with my deepest regret that I must inform you that the Tesla factory shutdown has been extended due to the COVID-19 pandemic, and as a result, Tesla has requested to end all contract assignments effective immediately," Balance Staffing, a workforce management company, said in a memo sighted by CNBC.

  • Tesla cuts contractors from California, Nevada factories: CNBC
    Reuters

    Tesla cuts contractors from California, Nevada factories: CNBC

    The electric carmaker is axing contractors at both its vehicle assembly plant in Fremont, California, and at its Gigafactory outside of Reno, Nevada, according to the CNBC report https://cnb.cx/2UZf5EH. "It is with my deepest regret that I must inform you that the Tesla factory shutdown has been extended due to the COVID-19 pandemic, and as a result, Tesla has requested to end all contract assignments effective immediately," Balance Staffing, a workforce management company, said in a memo sighted by CNBC.

  • Apple Acquires AI Startup to Better Understand Natural Language
    Bloomberg

    Apple Acquires AI Startup to Better Understand Natural Language

    (Bloomberg) -- Apple Inc. acquired Voysis, an artificial intelligence startup that developed a platform for digital voice assistants to better understand people’s natural language.Dublin, Ireland-based Voysis focused on improving digital assistants inside online shopping apps, so the software could respond more accurately to voice commands from users. A now-removed company webpage said the technology could narrow product search results by processing shopping phrases such as “I need a new LED TV” and “My budget is $1,000.” Voysis provided this AI to other companies to incorporate it into their own apps and voice assistants.Read more about the startup here: Synthesizing Realistic Human Speech Just Got a Lot EasierAn Apple spokesman said the company “buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”Voysis’s system taps into Wavenets, an AI-based method for creating more human-like computer speech that was first developed by Google’s DeepMind in 2016. Voysis co-founder Peter Cahill said in 2018 that his company managed to shrink its system to the point where, once the AI is trained, the software uses as little as 25 megabytes of memory -- about the same size as four Apple Music songs. That made it much easier to run on smartphones without an internet connection.Apple could use the acquired know-how improve Siri’s understanding of natural language or to offer the Voysis platform to thousands of developers that already integrate with the Apple digital assistant. Apple has been the top buyer of AI startups in recent years and has a portfolio that already includes former startups including Turi, Xnor.ai, and Laserlike.Read more: Big Tech Swallows Most of the Hot AI StartupsVoysis was founded in 2012 and sold its services to several companies. It also had offices in Edinburgh and Boston and got $8 million in venture funding from Polaris Partners in 2017.The acquisition is the second Apple deal disclosed this week. The Cupertino, California-based tech giant also bought Dark Sky, a popular weather app for iPhones and iPads.For 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.

  • Sky News

    Coronavirus: Google data shows how people's movements have changed since outbreak

    Visits to shops, museums and cafes in the UK have fallen by 85% since the coronavirus outbreak, according to data shared by Google. The technology firm's anonymised data of people's locations provides an insight into how the public are moving around during the pandemic. The information comes from products such as Google Maps, the company said.

  • Bloomberg

    Google Joins With U.K. Researchers to Track Coronavirus Cases

    (Bloomberg) -- Google is working with researchers in Europe to track the spread of the coronavirus using troves of location data gathered from smartphones.The search engine giant is collaborating with academics from the University of Southampton in the U.K., who in turn are working with the European Centre for Disease Prevention and Control, according to several people involved in the project.The location data, which Google collects from location-enabled apps such as Google Maps, has been shared with the researchers in an aggregated and anonymized format. It can’t be used to track an individual person; rather, it shows broad patterns of movement across entire countries over periods of time, according to the people.The data is helping researchers analyze the relationship between travel patterns and transmission rates of the virus within different countries, according to the people, while also providing insight into the effectiveness of lock downs in European countries.“We are looking at inner-city movement across the EU and what it means for controlling Covid-19,” said Nick Ruktanonchai, an infectious disease epidemiologist and lecturer at the University of Southampton. “With the location data, we are testing different scenarios and simulating what might happen if countries don’t end their lock downs in a coordinated way. It’s about buying time. We want to make sure a big second epidemic doesn’t happen months down the line.”Ruktanonchai’s description was confirmed by three others familiar with the project, who requested anonymity.A spokesman for Google pointed to a blog post the company published on Friday, which stated that it was “collaborating with select epidemiologists working on Covid-19 with updates to an existing aggregate, anonymized dataset that can be used to better understand and forecast the pandemic.”The European Centre for Disease Prevention and Control didn’t respond to a request for comment.The researchers are also working with telecommunications giant Vodafone Group Plc, Ruktanonchai said, and have combined data from Vodafone’s mobile phone networks with the Google location data in an effort to create more accurate models of movement patterns in Europe.A spokesman for Vodafone Group confirmed that the company was working with Southampton researchers on a project to monitor how the coronavirus might develop in different scenarios.In recent weeks, more than a dozen countries -- including the U.S., U.K., Italy, Germany, Austria, Spain, South Korea, Iran and Taiwan -- have turned to mobile phone location data as a method of monitoring people’s movements during the coronavirus pandemic.Two of the U.K.’s largest telecommunications companies – British Telecom and Telefonica UK Ltd – have said that they have provided anonymized location data to the government to support policy planning during the coronavirus crisis. In Austria and Italy, authorities are using location data provided by Telekom Austria and Vodafone to keep tabs on whether people are following restrictions on movement.The data has proved useful in determining whether lock down measures have been successful. However, privacy experts have raised concerns about its use. On Thursday, a coalition of more than 100 human-rights groups issued a joint statement that called on governments not to “disregard rights such as privacy and freedom of expression in the name of tackling a public health crisis.”The work being done in the U.K. not only offers an insight into current movement patterns but also enables the researchers to try and predict future scenarios. “We’re looking at what happens if all countries coordinate lock downs” or end their lock downs at different times, said Andy Tatem, director of the University of Southampton’s WorldPop project, which is leading the research.If countries in Europe don’t coordinate, Tatem said, it could lead to a resurgence of the virus.Teams at Alphabet Inc.’s Google have been working for weeks to find ways to use the company’s large stores of data to assist governments and organizations to manage their response to the coronavirus outbreak, according to two people familiar with those efforts.On Friday, Google announced that it would begin publishing “mobility reports” that show movement trends in 131 countries during the coronavirus pandemic. Google said the reports would document trends across different categories of places such as retail and recreation, groceries and pharmacies, parks, transit stations, workplaces and residential.For 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.

  • Reuters - UK Focus

    US STOCKS-Wall Street falls as coronavirus cuts into U.S. payrolls

    Wall Street's main indexes fell on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, leaving little doubt that the economy is in a recession. The survey considered data only until mid-March, before widespread U.S. lockdowns put more people out of work. While relatively flat volatility indexes suggested that investors getting used to market swings, Mike Turvey, TD Ameritrade's institutional senior trading strategist sees institutional investors taking a shorter term view with many still very cautious ahead of the weekend market close.

  • Investing.com

    3 Things Under the Radar This Week

    By Geoffrey Smith, Yasin Ebrahim and Kim Khan

  • The Zacks Analyst Blog Highlights: Amazon, Microsoft, Alphabet and Alibaba
    Zacks

    The Zacks Analyst Blog Highlights: Amazon, Microsoft, Alphabet and Alibaba

    The Zacks Analyst Blog Highlights: Amazon, Microsoft, Alphabet and Alibaba

  • ETFs to Ride High on Tesla's Robust Q1 Delivery Numbers
    Zacks

    ETFs to Ride High on Tesla's Robust Q1 Delivery Numbers

    The solid deliveries data has put the spotlight on ETFs having substantial allocation to the luxury carmaker.

  • GBP/USD Weekly Price Forecast – British Pound Pulls Back for the Week
    FX Empire

    GBP/USD Weekly Price Forecast – British Pound Pulls Back for the Week

    The British pound continues to see a lot of resistance in the 1.25 region, an area that is a large, round, psychologically significant figure and of course the 61.8% Fibonacci retracement.

  • GBP/USD Price Forecast – British Pound Falls Into the Weekend
    FX Empire

    GBP/USD Price Forecast – British Pound Falls Into the Weekend

    The British pound fell into the weekend, showing signs of overall weakness. After all, the jobs number was horrible in the United States, losing over 700,000 jobs, getting people to run for shelter.

  • GBP/JPY Price Forecast – British Pound Pulls Back Slightly Against Japanese Yen
    FX Empire

    GBP/JPY Price Forecast – British Pound Pulls Back Slightly Against Japanese Yen

    The British pound initially tried to rally against the Japanese yen on Friday but has pulled back just a bit as we continue to see consolidation. At this point, the market is likely to have to make some type of significant move.

  • ‘Cash for Clunkers’ Overseer Backs Ford’s Pitch for a Sequel
    Bloomberg

    ‘Cash for Clunkers’ Overseer Backs Ford’s Pitch for a Sequel

    (Bloomberg) -- A federal program to issue rebates to consumers toward new vehicles could provide a much-needed jolt to the U.S. auto industry that’s seen plants idled and showrooms emptied by the coronavirus, according to the Obama administration official who oversaw the program known as “cash for clunkers.”Ray LaHood oversaw the program officially named Cars Allowance Rebate System as U.S. Transportation Secretary in 2009. In an interview, he backed a Ford Motor Co. executive’s suggestion that a sequel to the program could be helpful if the industry, lawmakers and the Trump administration agree that auto demand needs a boost once the virus begins to abate.“It was a lifeline to the car dealers whose showrooms were looking pretty bleak without any customers, and I think if you talk to anybody in the automobile industry it was the beginning of the lifeline for the automobile industry from the Obama administration,” LaHood said Thursday. “If they can model something differently to suit the current-day situation, I’m for that.”Carmakers, suppliers and dealers have grown increasingly nervous about their near-term prospects as the virus has ground the industry to a halt and spurred discussion about possible need for government support. New vehicles sold at the slowest pace in a decade in March as government directives closed broad swaths of the economy to thwart the spread of the virus. Nearly every U.S. auto factory has been idled and executives will be hard pressed to restart them until consumers begin to buy cars again.AutoNation Inc, the largest U.S. dealership chain, said Friday that new- and used-car sales plunged 50% in the last two weeks of March and prompted the company to put 7,000 employees on unpaid leave. The retailer slashed executive pay, halving compensation for its chairman and chief executive officer. It also froze hiring and will cut advertising and other capital expenditures.Ford has begun internal deliberations about potential forms of government stimulus, including a clunkers-style program that the industry may need, and those talks are expected to soon involve the federal government, Mark LaNeve, the automaker’s U.S. sales chief, said Thursday.“We think some level of stimulus somewhere on the other side of this would help not only the auto industry and our dealers, which are a huge part of our overall economy, but will help the customers as well,” LaNeve said by phone. “We’re in discussions about what would be the most appropriate.”The 2009 program gave consumers a federal rebate of up to $4,500 toward trading in an older, less fuel-efficient car. LaHood said the program not only provided a much-needed boost to the auto industry but put cleaner cars on the road and scrapped gas guzzlers.Consumers quickly exhausted the initial $1 billion in funds allocated by Congress, which provided $2 billion more. That $3 billion triggered more than $13 billion in auto purchases in just a few months, Morgan Stanley analyst Adam Jonas wrote in a March 13 report in which he called such a rebate program a potentially powerful tool to stimulate the sector.So far though, policymakers haven’t openly discussed specific forms of industry aid. Automakers have so far urged lawmakers and the Trump administration to pursue broad means of economic support, stopping short of calling for aid specific to the auto sector.U.S. Representative Debbie Dingell, a Michigan Democrat whose district is home to Ford’s headquarters, said a vehicle scrappage or purchase incentive has been discussed as a possible form of relief for the industry, but consensus hasn’t been reached yet in Washington.“It’s out there as an idea along with many other ideas,” Dingell said. “We’re working with the entire ecosystem of automakers, workers, their unions, suppliers, dealers and consumers.”(Adds biggest U.S. dealership chain announcing unpaid leave for employees in fifth paragraph)For 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.

  • Facebook (FB) Launches Messenger for Windows and Mac Desktop
    Zacks

    Facebook (FB) Launches Messenger for Windows and Mac Desktop

    Facebook (FB) releases Messenger App For Windows and MacOS as usage of desktop browser increases 100% amid coronavirus-induced lockdown.

  • Tech Players Fight Fake News as Coronavirus Fears Escalate
    Zacks

    Tech Players Fight Fake News as Coronavirus Fears Escalate

    The move is aimed at countering manipulated content and getting a grip over misinformation being circulated related to the pandemic.

  • Tesla Vehicle Deliveries Beat Estimates, Spark Stock Rally
    Bloomberg

    Tesla Vehicle Deliveries Beat Estimates, Spark Stock Rally

    (Bloomberg) -- Tesla Inc. reported early-year deliveries fell less than expected from record levels reached late last year, sending shares climbing as much as 13%.Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total, released Thursday, beat analysts’ average estimate for about 78,100. The carmaker’s stock traded up 10% to $500.03 as of 9:48 a.m. Friday in New York.“I’m shocked they did so well,” Gene Munster, managing partner of venture capital firm Loup Ventures, said by phone. “I don’t know how they did it. They had every excuse in the world to put out a bad number.”Musk, 48, tried to salvage as much business as possible last month by introducing “touchless” deliveries at a time when authorities around the globe are urging would-be car buyers to shelter in place. While Tesla managed to deliver more vehicles than the year-ago quarter, the improvement was small considering the company added a new product -- the Model Y -- and opened an assembly plant in China.Tesla didn’t give an update on whether it still expects to deliver at least 500,000 vehicles this year.Analysts anticipate Tesla will sustain a significant blow along with all other automakers from the spread of the viral illness known as Covid-19. With a global recession increasingly likely, consumers are expected to be less interested in making big-ticket purchases like new vehicles even once they’re able to leave their homes.Model YThe vehicles delivered in the quarter include the first Model Y crossovers that started reaching customers in mid March. Musk has predicted it will be a big seller, potentially eclipsing the combined volume of all other vehicles in Tesla’s lineup: the Model 3, S and X.Tesla didn’t say how many vehicles it built during the quarter at its plant near Shanghai, which started production late last year. While the company suspended output when measures to contain the coronavirus forced plant closures across China, government authorities bent over backward to help the company reopen quickly.“The production number was very good, especially with what was going on in China,” Ben Kallo, an analyst at Robert W. Baird, said of the 102,672 vehicles Tesla built in the quarter. He isn’t bothered by the company neglecting to update its 2020 forecast. “It shows they don’t have visibility in this environment. Saying nothing is better than saying something at this point.”‘Small Victory’Tesla’s lone U.S. assembly plant in Fremont, California, stopped production on March 23 after days of back-and-forth with city and county officials. San Francisco Bay area health authorities have since extended “stay-at-home” orders to at least May 3.Tesla delivered over 14,000 fewer cars than it produced in the quarter, meaning the automaker built inventory.Musk warned back in July -- long before the coronavirus outbreak -- that the first quarter of this year would be “tough.” Tesla’s vehicles are no longer eligible for federal tax credits in the U.S., and buyers also are getting less-generous support from the Netherlands, a market that contributed to record fourth-quarter deliveries.“I view it as a small victory during a dark time,” said Dan Ives, a Wedbush Securities analyst who rates Tesla a hold. “The devil is in the details and the big question is around 2Q cash burn given this unprecedented, treacherous environment.”(Updates with share trading early Friday from first paragraph.)For 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.

  • Alphabet A Stock Falls 3%
    Investing.com

    Alphabet A Stock Falls 3%

    Investing.com - Alphabet A (NASDAQ:GOOGL) Stock fell by 3.01% to trade at $1,084.23 by 13:40 (17:40 GMT) on Friday on the NASDAQ exchange.

  • Ford CEO Hackett's salary fell to $17.4 million in 2019
    Reuters

    Ford CEO Hackett's salary fell to $17.4 million in 2019

    The ratio of Hackett's annual compensation to the median of the annual compensation of all employees was 157 to 1, Ford said. Executive Chairman William Ford received a total salary of $16.8 million in 2019, up from $13.8 million in 2018. Government orders for social distancing and businesses to shut in the face of the coronavirus pandemic has stalled demand across the auto industry and sent companies scrambling to cut costs and beef up liquidity.

  • Europe's north-south lockdown divide revealed by Google data
    Reuters

    Europe's north-south lockdown divide revealed by Google data

    Italy and Spain, the two European countries hardest hit by the new coronavirus, have enforced the most drastic lockdowns to curb the pandemic but one country, Sweden, stands out for allowing life to go on much as before, Google data show. An analysis https://www.google.com/covid19/mobility of smartphone location data by the U.S. search engine giant showed that visits to shops, parks or railway stations fell steeply in most European countries between Feb. 16 and March 29 as governments sought to slow the explosive spread of the COVID-19 disease. In Italy and Spain, which have imposed near-total lockdowns on public life, retail and recreational trips were down by 94%.

  • Google data shines light on whether coronavirus lockdowns worldwide are working
    Reuters

    Google data shines light on whether coronavirus lockdowns worldwide are working

    Alphabet Inc's Google has published charts showing how the coronavirus has brought hard-hit Italy to a standstill, led to runs on grocery stores around the world and prompted a stark drop in going-out between Mardi Gras and St. Patrick's Day. The analysis of location data from billions of Google users' phones is the largest public dataset available to help health authorities assess if people are abiding with shelter-in-place and similar orders issued across the world to rein in the virus. The company released reports for 131 countries with charts that compare traffic from Feb. 16 to March 29 to retail and recreational venues, train and bus stations, grocery stores and workplaces with a five-week period earlier this year.

  • Tesla Analysts Look Beyond Strong Deliveries to Advocate Caution
    Bloomberg

    Tesla Analysts Look Beyond Strong Deliveries to Advocate Caution

    (Bloomberg) -- Tesla Inc. shares soared in pre-market trading after the electric vehicle maker’s first-quarter delivery numbers impressed investors.Yet, even though the better-than-expected results suggested demand for Tesla cars remained strong, both bullish and bearish analysts warned that the company will not escape unscathed as the novel coronavirus pandemic brings demand for autos across the world to an abrupt halt.The company did not provide any update to its full-year delivery guidance, or on profitability or liquidity, something that the market had hoped to see amid the extreme uncertainties brought on by the Covid-19 crisis.“The company also did not break out any quantitative metrics around China or Model Y production and sales, which will likely disappoint both bulls, who see these as massive growth opportunities, and bears who are skeptical of demand in the other regions and demand for the Model 3,” Cowen analyst Jeffrey Osborne said.Tesla shares jumped 16% in pre-market trading to $528.Here’s a round-up of the analyst comments on the delivery figures.Bernstein, Toni Sacconaghi“Fist-quarter deliveries reaffirm strong market demand for Teslas.”“88,000 units was only 10,000 shy of our pre-Covid 19 forecast for the quarter, suggesting underlying demand was at least tracking in-line – and likely ahead – of our expectations, and grew 40% year over year, despite headwinds such as the expiration of U.S. and Dutch EV incentives.”“Tesla’s multiple is predicated on its growth profile, and strong first-quarter deliveries despite the shock of coronavirus – is clearly positive/reassuring.”Wedbush, Dan Ives“With the second half of March seeing a screeching halt in demand across the globe given the current pandemic, the big question for investors going forward is around the demand trajectory for 2Q/rest of the year and cash burn.”“It appears China production and demand are starting to rebound and should be a key growth driver over the coming quarters, although clear challenges remain in the months ahead as Tesla navigates this treacherous consumer landscape and spending environment abound.”“While cash burn will be heightened in the near term due to this anomalous global situation, we believe the longer-term trends remain very healthy and $20 of annual earnings power down the road is achievable.”Rates neutral, with a price target of $425.RBC, Joseph Spak“We don’t dismiss that Covid-19 and the ‘shutdown’ impacted Tesla deliveries, but we’ve heard some very low forecasts over the past week (in the 60,000 range) that have significantly, and in our view, unrealistically, lowered expectations.”“We hesitate to even really call this a ‘beat.”’Rates underperform.Cowen, Jeffrey Osborne“Deliveries came in better than our expectations, reflecting a stronger end of quarter push than our Covid-19 adjusted estimates, but production utilization was quite low in the quarter compared to stated capacity levels - even factoring in stated shutdowns.”“Free cash flow in first quarter likely not as bad as we feared, but second-quarter setup still looks rough, and we still expect a U-shaped recovery in 2H of 2020.”Rates underperform, price target $285.Needham, Rajvindra Gill“Despite the strong numbers, we remain cautious on Tesla’s deliveries for the remainder of 2020, as automotive demand has largely collapsed in North America and Europe due to the impact of Covid-19.”“It is unclear when the Fremont factory will be back online, significantly hampering Tesla’s production capacity.”“In the long-term, we continue to expect margin pressure from declining sales of higher-margin Model S & X vehicles, a lower mix within Model 3, and competitive pressures from other automakers as they launch their electric vehicles over the next few years.”Rates underperform.For 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.

  • Investing.com

    Stocks - Wall Street Selling Gains Steam

    By Geoffrey Smith

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