Month: February 2020

TOKYO/SEOUL (Reuters) – Shares of Asian companies in Tesla Inc’s battery supply chain surged on Tuesday after Panasonic Corp’s report on the first profit at its battery venture with Tesla boosted investor confidence in the U.S. electric vehicle (EV) maker. Panasonic’s first quarterly profit from its $1.6 billion investment in Tesla’s so-called Gigafactory in Nevada gives another vindication for Tesla founder Elon Musk’s bet on EVs against established automaking heavyweights including General Motors Co. “But now there is more viability about the sector thanks to Tesla’s strong sales and Europe’s tougher emissions regulations,” he said. …read more […]

(Bloomberg) — For a few tumultuous years, Tesla Inc. gave the bulls reason to believe and bears reason to doubt. Sure, Elon Musk was pulling off what legacy automakers tried and failed to do — make electric cars cool — but he was presiding over an inexperienced enterprise, and the old guard would catch up.As Tesla observers try to understand how and why the stock has tripled in a little more than three months, analysts and Musk’s own rivals are second-guessing the notion that the Model 3 maker will be caught anytime soon.“There’s a recognition that Tesla is in a …read more […]

Alphabet Inc’s new Chief Executive Sundar Pichai unveiled sales figures that investors have long demanded, but shares fell 5% as Google’s advertising business and the new data about YouTube and Google Cloud broadly disappointed. Pichai had sought to counter slowing revenue growth in the company’s main advertising business by pointing to the Silicon Valley firm’s younger units. …read more […]

(Bloomberg) — China’s stocks fluctuated after plunging on Monday, while most Asian equities rose with U.S. futures as investors gauged efforts to contain the coronavirus and awaited potential responses from policy makers.In a wild start to trading Tuesday, Chinese equities tumbled more than 2%, then recouped all that loss within minutes. South Korean and Hong Kong shares outperformed in Asia, with Japanese and Australian benchmarks seeing more modest gains. Oil recovered a slice of recent losses, and traded back above $50 per barrel. U.S. Treasury yields also edged up, while the dollar was flat.China earlier set the daily yuan fixing …read more […]

“Today I’m introducing legislation to force PG&E to become a publicly owned utility,” California State Senator Scott Wiener said on Monday, adding it was time for a new approach at the utility company. …read more […]

(Bloomberg Opinion) — China’s Luckin Coffee Inc. hasn’t been having much luck lately. The last thing a retail business in the middle of a breakneck expansion needs is a deadly virus that keeps consumers off the streets and away from malls. What could be more damaging? Perhaps an attack by short-sellers branding your business a fraud.Shares in Nasdaq-listed Luckin Coffee plummeted 11% Friday after Carson Block’s Muddy Waters Capital tweeted that it has a short on the stock, citing an unattributed 89-page report it had received that alleged the chain has accounting issues and a broken business model. It could …read more […]