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SAN FRANCISCO, Jan 18 (Reuters) - Attorneys for Tesla Inc (TSLA.O) and for investors will make opening arguments in a San Francisco court on Wednesday in a case to decide whether CEO Elon Musk's 2018 tweet that funding was "secured" to take the company private damaged shareholders. The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself may testify. Tesla investor Glen Littleton is seeking "billions" in damages on behalf of shareholders who traded the company's stock in the days after Musk posted his plan to take the company private on Twitter in August 2018. While shareholders sue hundreds of companies and their executives for alleged securities fraud every year, very few of those cases make it to trial. Reporting by Jody Godoy in San Francisco Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Airlines remain bullish on travel demand despite mounting economic worries
▼ + stars: | 2023-01-18 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

CHICAGO, Jan 18 (Reuters) - U.S. airlines posting strong financial results remain upbeat about travel demand, even as economists and analysts say the risk of an economic recession has gone up. If anything, they say, the relationship between passenger revenue and broader economy is returning to pre-pandemic trend. United estimates domestic passenger revenue used to account for about 0.5% of the country's GDP. It expects the trend to be restored this year, resulting in 15% higher revenue for the industry this year. "Demand remains strong, pricing is likely to remain favorable due to industry capacity constraints," said Cowen analyst Helane Becker.

But the days of the Tesla flip are numbered - a potential threat to new car prices that are already getting cut. The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297. The overall used car market posted a 4% drop during that period, according to Edmunds data. The used Teslas were in dealer inventory for 50 days on average in November, compared with 38 days for all used cars. He ordered a new one - but has just bought a used Tesla at a discount.

☆ Meta is building virtual world open to app makers, CEO tells antitrust court
▼ + stars: | 2022-12-20 | by ( Katie Paul | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +5 min

[1/5] Meta Platforms Chief Executive Mark Zuckerberg leaves federal court after attending the Facebook parent company's defense of its acquisition of virtual reality app developer Within Inc., in San Jose, California, U.S. December 20, 2022. REUTERS/Laure AndrillonSAN JOSE, Calif., Dec 20 (Reuters) - Meta Platforms Inc (META.O) boss Mark Zuckerberg defended his acquisition of a virtual reality fitness app to an antitrust judge on Tuesday, arguing that his company was helping to build a nascent virtual reality industry, not dominate it. On fitness apps, he said, "it's less important that we own the experiences than that they exist." Platform companies have built "the key apps, what they call the killer apps," Zuckerberg said, "but they're not the only apps available." Within developed Supernatural, a VR app it advertises as a "complete fitness service" with choreographed workouts.

☆ Washington state court blocks Albertsons special dividend
▼ + stars: | 2022-12-16 | by ( Mike Scarcella | ) www.reuters.com time to read: 1 min

Dec 16 (Reuters) - Washington's state supreme court on Friday blocked Albertsons Companies Inc (ACI.N) from paying a special dividend ahead of its acquisition by Kroger Co (K.N), a court order showed. The court extended a block put in place by a lower court, and said the block would remain in place until a further order of the court. Reporting By Mike Scarcella in Washington, DC; writing by Peter Henderson; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Investors have questioned the wisdom of that decision as Meta's core advertising business has struggled this year, more than halving its stock price. In his remarks to employees, Zuckerberg played down how much the company was spending in Reality Labs, the unit responsible for its metaverse investments. About 20% of Meta's budget was going to Reality Labs. About 40% of Reality Labs' budget went toward virtual reality, while about 10% was spent on futuristic social platforms such as the virtual world it calls Horizon. Chief Technology Officer Andrew Bosworth, who runs Reality Labs, said AR glasses need to be more useful than mobile phones to appeal to potential customers and meet a higher bar for attractiveness.

"He's probably going to spend more time on Twitter than any Tesla investor feels comfortable about." Sales of Musk's own Tesla shares - totaling $20 billion since he disclosed his Twitter stake - have added to the pressure. "I think he's finally reached a point where he's really challenging himself. 'MINIMAL TIME'The Tesla board has expressed concerns about Musk's commitment to SpaceX and several smaller companies. So I think Tesla would continue to do very well even if I was kidnapped by aliens or went back to my home planet maybe."

☆ Albertsons $4 bln dividend kept on hold by Washington court
▼ + stars: | 2022-11-11 | by ( Mike Scarcella | ) www.reuters.com time to read: +2 min

[1/2] A customer leaves an Albertsons grocery store, as Kroger agrees to buy rival Albertsons in a deal to combine the two supermarket chains, in Riverside, California, U.S., October 14, 2022. Lawyers for Albertsons and Washington state, which sued over the dividend, agreed at a hearing on Thursday to allow the temporary hold to run at least until Schubert's hearing. Schubert said in court that he believes the state faces an "uphill" legal fight to block the dividend. He said he was not aware of a case in which a court granted an injunction in a similar dispute. A lawyer for Washington state, Eric Newman, said on Thursday that the court was moving too quickly.

In a 250-page proposed decision, regulators outlined reforms to the so-called "net energy metering", a state policy that issues credits to solar energy customers for generating excess electricity and feeding it back to the grid. The proposal will not affect current home solar owners and will maintain their current compensation, the California Public Utilities Commission (CPUC) said. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Sunnova Energy International Inc (NOVA.N), closed 20% to 27% higher on Thursday. "This has been an overhang for rooftop solar stocks that would be alleviated if passed similar to today's proposal," said Morningstar analyst Brett Castelli. "The CPUC's new proposed decision would really hurt.

☆ California's incentive proposal for rooftop solar targets low-income households
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

OAKLAND, Nov 10 (Reuters) - California regulators on Thursday made a new proposal for incentivizing rooftop solar systems, a contentious matter as the state tries to expand renewable energy and respond to critics who want more equitable distribution of incentives. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Solaredge Technologies Inc (SEDG.O), were up between 12% and 26% in afternoon trading. The new policy proposals outlined by the California Public Utilities Commission (CPUC) include an additional $900 million to support battery and solar systems, mostly for low-income customers. The proposal will not affect current home solar owners and will maintain their current compensation, the CPUC said. Reporting by Peter Henderson, Nichola Groom and Ruhi Soni; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk tells Twitter advertisers he wants to stop fake accounts, pursue truth
▼ + stars: | 2022-11-09 | by ( Sheila Dang | ) www.reuters.com time to read: +4 min

[1/3] Elon Musk's photo is seen through a Twitter logo in this illustration taken October 28, 2022. Days after Twitter rattled users and advertisers by cutting half its staff, over 100,000 listeners tuned in to hear Musk speak on Twitter's Spaces feature. In the week since Musk took over, GM, General Mills and Mondelez International Inc (MDLZ.O) have pulled ads off Twitter, concerned Musk could loosen content moderation rules. He told advertisers Twitter would move aggressively to suspend accounts that "engaged in trickery" or deception. Musk said in a tweet on Wednesday that he "killed" a new "official" label for Twitter accounts, on the same day that it began rolling out.

☆ EXCLUSIVE Nvidia offers new advanced chip for China that meets U.S. export controls
▼ + stars: | 2022-11-08 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +3 min

OAKLAND, Calif., Nov 7 (Reuters) - U.S. chip maker Nvidia Corp (NVDA.O) said on Monday it is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China's hands. In late August, Nvidia and Advanced Micro Devices Inc AMD.O both said that their advanced chips, including Nvidia's data center chip A100, were added to the export control list by the Commerce Department. The Nvidia A800 can be used in place of the A100, and both are GPUs, or graphics processing units. "The Nvidia A800 GPU, which went into production in Q3, is another alternative product to the Nvidia A100 GPU for customers in China. At least two Chinese websites by major server makers offer the A800 chip in their products.

☆ Exclusive: Nvidia offers new advanced chip for China that meets U.S. export controls
▼ + stars: | 2022-11-08 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +3 min

OAKLAND, Calif., Nov 7 (Reuters) - U.S. chip maker Nvidia Corp (NVDA.O) is offering a new advanced chip in China that meets recent export control rules aimed at keeping cutting-edge technology out of China's hands, the company confirmed on Monday. In late August, Nvidia and Advanced Micro Devices Inc AMD.O both said that their advanced chips, including Nvidia's data center chip A100, were added to the export control list by the U.S. Commerce Department. The Nvidia A800 can be used in place of the A100 and both are GPUs, or graphics processing units. "The Nvidia A800 GPU, which went into production in Q3, is another alternative product to the Nvidia A100 GPU for customers in China. At least two Chinese websites by major server makers offer the A800 chip in their products.

☆ Tesla's California EV market share slips as rivals step up
▼ + stars: | 2022-11-03 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +2 min

[1/2] Tesla vehicles are shown at a sales and service center in Vista, California, U.S., June 3, 2022. REUTERS/Mike BlakeSAN FRANCISCO, Nov 3 (Reuters) - Tesla's (TSLA.O) dominant market share of the electric vehicle market in California slipped again this year, according to Reuters' calculations based on government data from January to September, as rivals up their game. Tesla controlled 73% of the battery electric market in California from January to September, the lowest level since 2018, according to new vehicle registration data from the California Energy Commission. "We are reaching a saturation point for Tesla market share in California," said Ed Kim, president of AutoPacific. He expected rivals to continue to take away market share, while also expecting Tesla sales would still grow.

☆ Boeing investors seek clarity, realistic goals after a series of setbacks
▼ + stars: | 2022-11-02 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

The Virginia-based planemaker is trying to emerge from overlapping crises: the pandemic and the grounding of the 737 Max, its best-selling model, after fatal crashes. Boeing last month predicted it would deliver 375 MAX planes this year, lower than a July target of "low 400s." Boeing expects to gradually ramp up the rate to five airplanes per month. REGULATORY HURDLESBoeing is also expected to provide an update on the certification of MAX 7 and MAX 10 planes. The Dallas-based carrier expects no 737 Max 7 deliveries this year and has converted 17 orders for next year to the 737 Max 8.

☆ TuSimple fires CEO over ties to Chinese firm; exec denies wrongdoing
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Shares of TuSimple Holdings Inc (TSP.O) nearly halved on Monday after the self-driving truck startup said it had removed Chief Executive Xiaodi Hou in connection with the company's ties to a China-backed firm. TuSimple said in a securities filing that an investigation by its board showed some of its employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China. "It is so unfair to let politics get in the way of the dream we were pursuing together," he said. San Diego, California-based TuSimple has named Ersin Yumer, the vice president of operations, as its interim CEO. The company also said that it had not been able to determine the value of confidential information shared with Hydron.

☆ TuSimple's Hou says he was removed as chair, CEO 'without cause'
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

Oct 31 (Reuters) - The former chief executive of self-driving technology company TuSimple (TSP.O), Xiaodi Hou, on Monday confirmed he had been removed as chairman and CEO by the company's board, adding in a WeChat post the move was "without cause." Hou's ouster came after The Wall Street Journal reported the company was being investigated by the FBI, U.S. Securities and Exchange Commission (SEC) and Committee on Foreign Investment about its relationship with China-backed Hydron Inc.Hou described the board's process as "questionable at best," denied any wrongdoing, and said he did not intend to sell shares in the company. Reporting By Kevin Krolicki; editing by Peter Henderson and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

[1/3] Facebook's new rebrand logo Meta is seen on smartphone in this illustration picture taken October 28, 2021. Executives announced plans to consolidate offices and said Meta would keep headcount flat through the end of 2023. Meta also forecast that its full-year 2023 total expenses would be $96 billion to $101 billion, significantly higher than a revised estimate for 2022 total expenses of $85 billion to $87 billion. It also forecast that operating losses associated with the Reality Labs unit responsible for its metaverse investments would grow in 2023 and pledged to "pace" investments after that. Chief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit.

Although iPhone sales were not as strong as some analysts had targeted, they were still a record for the September quarter. Minutes before Apple reported, Amazon.com AMZN.O added to tech sector misery, predicting a holiday profit slump that sent its shares down 20%. Apple's iPhone sales for the company's fiscal fourth quarter rose to $42.6 billion, when Wall Street expected sales of $43.21 billion, according to Refinitiv IBES. The company reported sales of iPads were $7.2 billion, compared with the average estimate of $7.94 billion. In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion.

[1/2] The logo of Apple company is seen outside an Apple store in Bordeaux, France, March 22, 2019. Although iPhone sales were not as strong as some analysts had targeted, they were still a record for the September quarter. Maestri said iPhone sales set a record for the September quarter, improving 10% over the prior year's quarter and exceeding the company's forecast. In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion. That is a gain from the prior quarter, when Apple logged sales of $14.6 billion.

☆ U.S. government to test Pfizer's Paxlovid for long COVID
▼ + stars: | 2022-10-27 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +2 min

According to details of the study, posted on Clinicaltrials.gov, the randomized, placebo-controlled trial will test Pfizer's treatment or a placebo in 1,700 volunteers aged 18 and older. The trial will investigate a leading theory of the cause of long COVID, which holds that fragments of the virus persist in the tissues of some individuals, causing prolonged symptoms. Patients in several case studies have reported improvements in their symptoms after taking Pfizer's antiviral treatment, and several physicians have called for the drug to be studied in a large, scientifically rigorous study in patients with long COVID. Estimates of long COVID prevalence range from 5 to 50% of people who have had a COVID-19 infection. It affects people who have had both mild and severe COVID-19, including children, and can be severe enough to keep people out of work.

[1/3] Facebook's new rebrand logo Meta is seen on smartphone in this illustration picture taken October 28, 2021. The disappointing results knocked about $40 billion off its stock market value in extended trade, with shares down 13%. Reuters Graphics Reuters GraphicsMore worrying was the company's estimate that fourth-quarter revenue would be in the range of $30 billion to $32.5 billion, under analysts' estimates of $32.2 billion. Meta also forecast that its full-year 2023 total expenses would be in the range of $96 billion to $101 billion, up from a revised estimate for 2022 total expenses of $85 billion to $87 billion. Total costs for the third quarter came in above estimates at $22.1 billion, compared with $18.6 billion the year prior.

REUTERS/Dado Ruvic/IllustrationOct 26 (Reuters) - Facebook parent Meta Platforms Inc (META.O) on Wednesday forecast a weak holiday quarter and significantly more losses from Metaverse investments next year, sending shares down 14%. Meta expects in 2023 to employ about the same number of employees as it did at the end of September. It also posted user growth figures roughly in line with expectations, including a year-over-year increase of monthly active users on flagship app Facebook. Total costs for the third quarter came in above estimates at $22.1 billion, compared with $18.6 billion the year prior. "Given revenues were down at a time when costs have grown significantly, modest user growth and impressions simply isn't going to bail you out."

Oct 25 (Reuters) - Microsoft Corp (MSFT.O) posted its slowest quarterly revenue growth in five years on Tuesday as the tough macroeconomic conditions hit PC sales and slowed cloud growth, which had supercharged the earnings for years. "The PC market was worse than we expected in Q1," Brett Iversen, head of Microsoft's investor relations, told Reuters. Windows OEM business, which includes the operating software Microsoft sells to PC makers, dropped 15% year-on-year. Microsoft's broader Intelligent Cloud division posted a 20% rise in revenue to $20.33 billion, almost in line with estimates of $20.37 billion, according to Refinitiv. Net income fell to $17.56 billion, or $2.35 per share, during the quarter ended Sept. 30, from $20.51 billion, or $2.71 per share, a year earlier.

☆ Snap's slowing ad growth sends inflation fears through tech sector
▼ + stars: | 2022-10-20 | by ( Sheila Dang | ) www.reuters.com time to read: +4 min

Social media stocks collapseIn a letter to investors, Snap said inflation caused some advertisers to reduce their marketing budgets. Wall Street had forecast 7% growth, said Brad Erickson, an analyst at RBC Capital Markets, in a note after the results. Revenue for the third quarter ended Sept. 30 was $1.13 billion, an increase of 6% from the prior-year quarter. Snap said advertising revenue has historically followed the growth and engagement of its user base, and "we remain optimistic about our long-term opportunity." Adjusted earnings per share was 8 cents during the third quarter, beating analyst expectations of breakeven.

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