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☆ Tesla could follow a 4-part path to 35% stock upside after shaking off earnings worries, BofA says
▼ + stars: | 2024-04-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Tesla stock could surge 35% after its first-quarter earnings results, according to Bank of America. The bank upgraded Tesla stock to "Buy" and detailed a 4-part plan that could boost the stock. "The tide in news flow appears to suggest the risk to the stock is skewing more positively," BofA said. AdvertisementPositive catalysts are starting to build for Tesla after it announced a dismal first-quarter earnings report, according to Bank of America. Bank of America analyst John Murphy upgraded Tesla stock to "Buy" from "Neutral" and reiterated his $220 price target, representing potential upside of 35% from current levels.

Persons: BofA, —, Tesla, John Murphy, Murphy Organizations: Bank of America, Service, Tesla, Investors

☆ Bank of America upgrades Tesla, says first-quarter report opens door for strong gains ahead
▼ + stars: | 2024-04-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Bank of America thinks Tesla's first-quarter results mark the start of a big turnaround. Analyst John Murphy upgraded the electric vehicle maker to buy from neutral. He also reiterated his price target of $220, which implies upside of 52% from Tuesday's close. The upgrade comes as Tesla reported weaker-than-expected earnings and revenue for the first quarter. TSLA 1D mountain TSLA pops BofA's Murphy noted that the quarterly numbers "essentially knocked out the recent negative catalysts with facts or reasonable explanations."

Persons: Tesla's, John Murphy, Tesla, Elon Musk, BofA's Murphy, Price, Murphy Organizations: of America Locations: Tuesday's

☆ Tesla earnings are coming up. Here's what traders are looking for in the report
▼ + stars: | 2024-04-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Tesla is due to report earnings after the bell Tuesday, with Wall Street looking for any sign of a reprieve from this year's struggles. Here's the company's setup heading into the report, what analysts expect and which product updates analysts and investors are going to focus on. Big earnings drop expected For the first quarter, analysts polled by LSEG expect Tesla to report earnings of 51 cents per share, which represents a 39.8% year-over-year decline in earnings. Wells Fargo's Colin Langan maintained his underweight rating and cut his price target to $120 a share, citing poor fundamentals. Deutsche Bank's Emmanuel Rosner downgraded the stock to hold from buy and slashed his price target to $123 a share.

Persons: Tesla, Tom Narayan, Itay Michaeli, Wells Fargo's Colin Langan, Deutsche Bank's Emmanuel Rosner, Rosner, Morgan Stanley's Adam Jonas, Jonas, Elon Musk, Musk, America's John Murphy, Murphy, Deutsche Bank's Rosner, Levy Organizations: Management, RBC, LSEG, Citi, Deutsche, EV, Reuters, America's, Barclays, Tesla

☆ Earnings this week will be dominated by Big Tech. What analysts expect
▼ + stars: | 2024-04-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

Big technology earnings this week could offer a much-needed catalyst for a market under pressure. Last week, the S & P 500 and Nasdaq Composite notched their longest daily losing streaks since October 2022, with the broad index posting its worst week since March 2022. Big Tech's performance this week could set the tone for the rest of earnings season and revive the market momentum. Tesla Tesla launches the reporting period for the "Magnificent Seven" stocks, with results due out after the bell Tuesday. Meta Platforms Meta Platforms ' results are due out after the bell Wednesday.

Persons: Tesla, Elon Musk, John Murphy, Longtime Deutsche Bank Tesla, Emmanuel Rosner, Brent Thill, Bernstein, Mark Shmulik, Doug Anmuth, Justin Post, Goldman Sachs, Eric Sheridan, Jefferies, Bernstein's, Wells Fargo's Michael Turrin, Piper Sandler's Brent Bracelin, Kash Rangan, Brad Zelnick, OpenAI, Satya Nadella Organizations: Federal Reserve, Nasdaq, Tesla Tesla, Bank of America, Barclays, Longtime Deutsche Bank, Microsoft, Deutsche, NVIDIA Locations: China

☆ Tesla shares slide to 15-month low ahead of earnings, as Wall Street frets over price cuts, layoffs
▼ + stars: | 2024-04-22 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla shares fell for a seventh straight day, reaching their lowest since January 2023, as further price cuts over the weekend added to mounting concerns heading into the company's first-quarter earnings report Tuesday. Tesla also lowered the price of its premium driver assistance system by one-third. The price cut follows a monthlong free trial that Tesla pushed out to customers throughout North America starting in late March. "Since late 2023, sentiment on Tesla (TSLA) has deteriorated," John Murphy, an analyst at Bank of America, wrote in a note on Monday. WATCH: Tesla stock hits 52-week low ahead of earnings

Persons: Elon Musk, Tesla, John Murphy, Murphy, Joseph Spak, Spak, — CNBC's Michael Bloom Organizations: New York Times, Jazz, Lincoln Center, North America, National, Traffic Safety Administration, CNBC, Bank of America, Reuters, UBS, EV, Traders, S3 Partners, Apple Locations: New York City, U.S, China, Europe

☆ Tech's earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
▼ + stars: | 2024-04-22 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

Justin Sullivan | Getty ImagesAs tech's behemoths get set to report earnings this week, they do so facing a mountain of drama. Tesla kicks off tech earnings season after the close of trading on Tuesday, with shares of the electric vehicle maker trading at their lowest since January 2023. When it comes to AI, Meta debuted its assistant — Meta AI — on WhatsApp, Instagram, Facebook and Messenger last week. Loren Elliott | Bloomberg | Getty ImagesOn a busy Thursday for tech earnings, Alphabet is likely to capture the most attention. On Thursday, Alphabet CEO Sundar Pichai announced a consolidation of the company's AI teams, including responsible AI and related research teams, under the Google DeepMind umbrella.

Persons: Sundar Pichai, Justin Sullivan, tech's behemoths, Tesla, Microsoft's, Lip, CNBC's, we've, Brandon Bell, Drew Baglino, Rohan Patel, Musk, John Murphy, Meta, Mark Zuckerberg, Wall, OpenAI's ChatGPT, Joe Biden, Republican Donald Trump, Loren Elliott, Ruth Porat, Thomas Kurian's, livestreamed, Pichai, that's, Satya Nadella, Sam Altman, Altman, OpenAI, chatbot, MSFT Organizations: Inc, Government, Society, Google, Big Tech, Nvidia, BakerAvenue Wealth Management, Tech, Meta, Microsoft, Getty, Elon Musk's EV, Bank of America, Reality Labs, Facebook, Republican, Bloomberg, CNBC, Google Cloud, Union, Apple, Guggenheim Locations: Stanford , California, Austin , Texas, New York, Sunnyvale , California, Sunnyvale, Seattle, San Francisco , California, OpenAI, Mistral, U.S

☆ Biden says it’s ‘vital’ US Steel remain American owned and operated
▼ + stars: | 2024-03-14 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” Biden said in a statement. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN. After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.

Persons: Joe Biden, it’s, ” Biden, ”, Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t Organizations: CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce Locations: American, China, Pittsburgh, Washington, United States

☆ Here’s what analysts are expecting from Tesla earnings
▼ + stars: | 2024-01-24 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Analysts are largely cautious on Tesla — and the broader autos industry — ahead of the electric vehicle company's earnings on Wednesday. TSLA 1Y mountain Tesla shares over the past year. "There is continually growing evidence that the global EV market is in an unfavorable balance of supply (growing) vs. demand (slowing)." The analyst rates Tesla stock a buy with a $260 price target. Higher units likely require more price cuts," analyst Joseph Spak forecasted about Tesla's earnings in a Jan. 15 note.

Persons: Tesla, outsized, John Murphy, Murphy, Wells, Colin Langan, Langan, Morgan Stanley Morgan Stanley, Adam Jonas, Jonas, Emmanuel Rosner, Rosner, Joseph Spak Organizations: Tesla, Bank of America, Deutsche Bank Deutsche Bank Research, UBS UBS, UBS Locations: China, Tuesday's, Downside, Wells Fargo, Europe

☆ Race to finish Indo-Pacific trade deals hit snags ahead of APEC summit
▼ + stars: | 2023-11-09 | by ( David Lawder | ) www.reuters.com time to read: +5 min

A sign advertising the upcoming APEC (Asia-Pacific Economic Cooperation) Summit in see as the city prepares to host leaders from the Asia-Pacific region in San Francisco, California November 8, 2023. Instead it promised cooperation on supply chains and clean energy along with higher standards for labor, environment and regulatory practices and digital trade. Negotiations on digital trade standards -- once seen as a marquee feature of the IPEF trade pillar -- are largely frozen as the Biden administration has suspended discussions on key rules after reversing longstanding U.S. positions on e-commerce. By adopting these fringe views on digital trade, USTR really brings the main substance on digital trade to a halt," said John Murphy, senior vice president for international policy for the U.S. Chamber of Commerce. One of the sources familiar with the talks said that early enthusiasm on the IPEF trade pillar -- which excludes India -- has given way to frustration over the difficulty and complexity of issues involved.

Persons: Carlos Barria, Biden, Joe Biden, IPEF, Wendy Cutler, Cutler, Trump, USTR, John Murphy, David Lawder, Sharon Singleton Organizations: APEC, Economic Cooperation, REUTERS, FRANCISCO, Pacific, Prosperity, Asia Pacific Economic Cooperation, Asia Society Policy Center, Commerce Department, U.S . Trade, Big Tech, U.S . Chamber of Commerce, Thomson Locations: Asia, Pacific, San Francisco , California, San Francisco, U.S, China, Washington, IPEF, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, United States, TPP

☆ US drops digital trade demands at WTO to allow room for stronger tech regulation
▼ + stars: | 2023-10-25 | by ( David Lawder | ) www.reuters.com time to read: +4 min

U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - U.S. Trade Representative Katherine Tai has dropped longstanding U.S. digital trade demands in World Trade Organization talks in order to give Congress room to regulate big tech firms, her office said on Wednesday. USTR spokesman Sam Michel said many countries were examining their approaches to data and source code, and how trade rules can affect them. "We need to make clear that digital rules favoring Big Tech monopolies are a non-starter for the U.S. in any trade agreement, including IPEF,” she said. "These digital trade rules prevent countries around the world from using regulation to lock out American companies and their workers from their markets," said John Murphy, the Chamber's senior vice president for international policy.

Persons: Katherine Tai, Brendan McDermid, Trump, Biden, Ron Wyden, ", Wyden, Sam Michel, Michel, Elizabeth Warren of Massachusetts, Tai, ”, USTR, John Murphy, David Lawder, Diane Craft Organizations: Trade, REUTERS, Rights, . Trade, Trade Organization, U.S, Reuters, Prosperity, WIN, Oregon Democrat, Senate Finance Committee, Congress, Intel, Democratic, Big Tech, . Chamber, Commerce, Thomson Locations: New York City, U.S, Geneva, CHINA, China, Australia, Japan, Korea, Oregon, United States, Mexico, Canada

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. "The damage from the strikes will last long after UAW members return to work," University of Michigan professor Erik Gordon said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike. An agreement remains elusive so far and shares of automakers and suppliers have fallen since the strike began on Sept. 15.

Persons: Luke Sharrett, Erik Gordon, Gordon, Lear, John Murphy, Aptiv, Mikael Bratt, Raechel Thankam, Shivansh, Marie, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, REUTERS, Detroit Three, University of Michigan, Workers, Delta Air Lines, Detroit . Paints, PPG Industries, railroader Union, Analysts, General Motors, Ford Motor, Trucking, Magna International, Global Research, Anderson Economic Group, Reuters, EV, Auto, Marie Mannes, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Detroit, French, Forvia, Bengaluru, Stockholm

FORT LAUDERDALE, Fla. (AP) — Florida prosecutors have charged rapper YNW Melly with witness tampering ahead of his retrial on double murder charges even as his attorneys accused them of conspiring to hide evidence that the lead detective may have lied in a related investigation. Prosecutors charged Melly this week with making sure a key witness didn't testify at his first murder trial, which ended in July with a hung jury that voted 9-3 for conviction. Jury selection in the retrial of the 24-year-old rapper is set to start next week with opening statements anticipated in early November. Boutros said Moretti told Gorel that if anyone asked, “You need to say you were here when I served the search warrant.” She said Gorel didn't reply. She said Moretti told investigators he was joking — something she said wasn't true.

Persons: YNW, Prosecutors, James Benjamin, Daniel Aaronson, Harold Pryor “, Pryor, Kristine Bradley, John Murphy, Christopher “ YNW Juvy ” Thomas, Anthony “ YNW, ” Williams, Thomas, Williams, Bortlen ” Henry, ”, Benjamin, Aaronson, Bradley, Mark Moretti, Moretti, Michelle Boutros, Boutros, Melly's, Jamie King, King, Adam Gorel, Gorel, Moretti's Organizations: Prosecutors, Bloods, Associated Press, Broward, “ Young, Miramar Police Department, Miramar Police Locations: FORT LAUDERDALE, Fla, Florida, Broward County

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

☆ Tesla's sales in China have tumbled and its slumping economy may not be to blame, Bank of America says
▼ + stars: | 2023-08-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Tesla sales in China have slumped – and it's faltering economy may not be the reason why, according to Bank of America. That's because demand for Tesla rival BYD rose 4%, while Tesla deliveries dropped 31% month-over-month in July. It suggests demand for Teslas in China is waning in the face of local competition. In a recent note, the bank highlighted Tesla Model 3 and Model Y deliveries in China dropped by 31% month-over-month in July, while its largest EV competitor in China, BYD Auto, grew 4% month-over-month. Tesla has repeatedly dropped prices of its vehicles over the past year, in a bid to undercut rivals and boost market share.

Persons: BYD, TSLA, John Murphy, Tesla, Murphy Organizations: Bank of America, Service, EV, BYD, Beijing Locations: China, Wall, Silicon, BYD

☆ 'Long path to profitability:' What analysts are saying about Rivian's second-quarter numbers
▼ + stars: | 2023-08-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

RIVN YTD mountain RIvian in 2023 But while analysts noted Rivian is on the right track, they still see headwinds that can keep the stock price at bay. However, his price target implies 3% downside from Tuesday's close. He raised his price target to $23 from $18, but that still implies downside of 7.3% over the next 12 months. JPMorgan's Ryan Brinkman is also neutral on Rivian stock, albeit with a $19 per share price target. The analyst reiterated a buy rating on Rivian stock with a $40 per share price target, equating to about 61% upside from Tuesday's close.

Persons: Rivian, Morgan Stanley's Adam Jonas, Jonas, Goldman Sachs, Mark Delaney, Delaney, JPMorgan's Ryan Brinkman, Brinkman, Bank of America's John Murphy, RIVN, Murphy, Michael Bloom Organizations: Bank of America's Locations: North America

☆ New data shows Tesla could have a China problem, Bank of America says
▼ + stars: | 2023-08-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Tesla may be losing the consumer demand battle in China, according to Bank of America. The electric vehicle maker experienced several months of strong demand in China after it lowered prices on the Model 3 and Model Y last December. However, the brand saw its deliveries in China tumble 31% month over month in July, suggesting that the initial uptick was temporary, according to analyst John Murphy. The price cuts have created a negative price spiral, according to the analyst. Other automakers followed Tesla's lead and announced their own price cuts or incentives, including BYD and Xpeng.

Persons: John Murphy, Murphy, Tesla's, — CNBC's Michael Bloom Organizations: Bank of America Locations: China, 1H

☆ US Senate Democrats push 'Buy America' bills ahead of tough 2024 elections
▼ + stars: | 2023-07-28 | by ( Moira Warburton | ) www.reuters.com time to read: +4 min

WASHINGTON, July 28 (Reuters) - Facing uphill re-election battles in 2024, vulnerable Senate Democrats are pushing legislation that promotes "Buy America" policies, attempting to bolster their party on a brand of economic populism they hope will keep them in the majority. The Senate Commerce Committee on Thursday advanced a bill from Democratic Senator Tammy Baldwin and Republican Senator J.D. "There's definitely momentum," Senator Gary Peters, a Democrat from Michigan and chair of the Senate Democrats' campaign committee, citing the COVID-19 pandemic as a galvanizing force. Buy America policies are "mom-and-apple pie issues with American voters" that have "virtually universal support," Scott Paul, president of the Alliance for American Manufacturing, said. Buy America bills often run in to opposition from corporate-minded lawmakers and pro-business associations.

Persons: Tammy Baldwin, J.D, Vance, Sherrod Brown's, Baldwin, Gary Peters, Donald Trump, Scott Paul, there's, Nick Iacovella, Trump's, Iacovella, Brown, Trump, Joe Biden, John Murphy, Moira Warburton, Matthew Lewis Organizations: Democratic, U.S, Navy, Democrat, Senate Democrats, Alliance for American Manufacturing, Coalition for, Voters, Brown, Trump, U.S . Chamber of Commerce, Reuters, Thomson Locations: United States, Michigan, Ohio , Wisconsin, Pennsylvania, China, America, Ohio, Baldwin, Wisconsin, Bush, Trump, Washington

☆ Traders are wondering if now is the time for a summer market correction
▼ + stars: | 2023-07-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

After a string of up days, the old market leadership of technology and consumer discretionary is looking tired, and that is probably a good thing. Since 1950, August is the third-worst month for the S & P 500, while September is the worst month. That is "historically extreme," Todd Sohn from Strategas told me, though it is consistent with coming off major market lows. A torrid two-month rally has lifted the S & P Technology Sector (XLK) by 16%, but tech has mostly been for sale in the last few days. Still, for investors in the S & P 500, McClellan says no one should be surprised to see a summer correction in the next month or so.

Persons: Tom McClellan, Nate Geraci, Schwab, Todd Sohn, Strategas, John Murphy, Banks, Murphy, UnitedHealth, Johnson, Abbott, Ed Yardeni, McClellan Organizations: The, Growth, P Technology, Microsoft, Apple, Nasdaq, NVIDIA, Meta, Technology, Health Care

☆ Analysts take Tesla results in stride, but margin concerns remain
▼ + stars: | 2023-07-20 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Wall Street is holding onto its outlook on Tesla after it delivered a solid earnings report that nevertheless showed weaker margins after the company's aggressive price cuts. The electric vehicle maker reported revenue of $24.93 billion, beating the consensus estimate of $24.47 billion, according to Refinitiv. "We believe this was a solid 2Q report with Tesla taking market share and slightly exceeding our automotive non-GAAP margin estimate (and beating in Energy/Services)," Delaney said Wednesday. "However, we believe there could continue to be margin headwinds in the intermediate term if Tesla lowers prices to support higher volumes." "Ultimately, the weaker gross margin highlighted the impact of TSLA's aggressive price cutting and, at 9.6%, its operating margin is now approaching the level of incumbent original equipment manufacturers (OEMs)," he added.

Persons: That's, Elon Musk, Tesla, Goldman Sachs, Mark Delaney, Tesla's, Delaney, Bank of America's John Murphy, Murphy, Morgan Stanley's Adam Jonas, Jonas, — CNBC's Michael Bloom, Lora Kolodny Organizations: Wall Street, Tesla, Energy, Services, Bank of America's

☆ Auto industry braces for contentious contract talks as UAW formally kicks off bargaining
▼ + stars: | 2023-07-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Rebecca Cook | ReutersDETROIT — United Auto Workers President Shawn Fain promised union members he'd do things differently during contract talks with the Detroit automakers this year. Playing hard ball"We're in the process of changing the culture of this union from a reactionary, defensive union, to an aggressive and offensive-minded union," Fain said last month during a Facebook livestream. The deals cover roughly 150,000 UAW members who work for the automakers. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019. "The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers," Fain said earlier this year.

Persons: Shawn Fain, Rebecca Cook, he'd, Fain, Gary Jones, Bill Ford, Ford Fain, —, Jim Farley, Chuck Browning, We've, … We're, Joe Biden, John Murphy, Stellantis, Reuters Stellantis, What's, Michael Wayland, BofA's Murphy, Steve Fecht Organizations: Reuters DETROIT — United Auto Workers, Detroit, UAW, Motors, Ford Motor, Ford, Headquarters, Facebook, " Bank of America Securities, General Motors, BofA Securities, GM, Fiat Chrysler, Fiat Chrysler Automobiles, FCA Sterling Heights Assembly, Reuters, United Auto, United Auto Workers, Hamtramck Assembly, CNBC, Center for Automotive Research, Deere, Co, Caterpillar, Ultium Cells, LG Energy, Tech Center Locations: Detroit, Illinois, Stellantis, Sterling Heights , Michigan, Hamtramck, Lordstown , Ohio, Warren , Michigan

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ GM raised guidance, but its stock fell. Why Wall Street isn't buying in
▼ + stars: | 2023-04-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally. Wall Street analysts say eroding pricing power, labor concerns and challenges in producing electric vehicles, will make it harder for GM to perform at the profitability levels it has been. Record-high vehicle profits and prices, achieved during historically low vehicle inventory levels and resilient consumer demand, are starting to normalize. GM CFO Paul Jacobson said Tuesday that the company expects flat pricing compared to last year. He said consumers paid an average of $50,263 per vehicle in the U.S. during the quarter, off 1% from a year earlier.

☆ Coca-Cola’s CFO Expects to Slow Price Hikes as Inflation Cools
▼ + stars: | 2023-04-26 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Coca-Cola is using lessons learned over the past few years with the pandemic to keep up with and pivot based on consumer preferences. Photo: Gene J. Puskar/Associated PressAfter increasing prices last year and into 2023 to offset the impact of inflation, Coca-Cola Co. is expecting to slow price hikes later this year. The Atlanta-based beverage giant anticipates that inflationary pressures will moderate this year, particularly in the second half of 2023, and that means it will institute fewer price increases. “Our approach to pricing, whether it’s in inflationary times or not, is to make sure that we keep pace with inflation,” said President and Chief Financial Officer John Murphy . “Our pricing in 2022 and even in some markets in the early part of 2023 reflects that.”

Bank of America says General Motors remains a leader in the auto industry, despite many investors remaining pessimistic on the stock. Meanwhile, Bank of America has a buy rating on the auto giant. General Motors recently unveiled the last new gas-powered Buick car , as the brand prepares to move to an all-electric domestic lineup by 2030. The company is bullish that lower-carbon electric vehicles are the future for the auto industry. GM 1Y mountain General Motors stock —CNBC's Michael Bloom contributed to this report.

☆ Bank of America lists its top stock picks for the second quarter
▼ + stars: | 2023-04-05 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

With the start of the second quarter, Bank of America has a new list of short-term ideas for investors seeking clarity amid ongoing market volatility. The bank expects its Medicare Advantage plans to comprise two-thirds of the company's revenue growth for this year. The bank assigned a $650 price target on UnitedHealth, suggesting the stock could gain more than 31% from Tuesday's close. The bank expects even more gains for the stock, with its 12-month price target of $115 per share implying 11% upside from Tuesday's close of $103.58. Analysts at the bank aren't as bullish on CarMax Bank of America expects CarMax shares to shed 37% to its $40 per share price target.

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