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February 10, 2016
12:42 EDTTSLATesla volatility increases into Q4 and outlook
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12:38 EDTTSLATesla 'quietly" eliminates Model S 85 series in the UK, Engadget says
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12:12 EDTGMJudge blocks motion to reconsider GM ignition switch deal, Reuters reports
A U.S. judge rejected a motion to review his approval of a settlement fund to resolve over 1,000 lawsuits over deaths and injuries allegedly related to an ignition switch defect that prompted General Motors to recall 2.6M vehicles, Reuters reports. The request, filed by Georgia attorney Lance Cooper, claimed that Robert Hilliard, a lawyer leading federal litigation over the switch, mishandled the cases and negotiated a multimillion dollar settlement mainly to benefit his own clients as opposed to all plaintiffs, the report says. Reference Link
11:05 EDTTSLAStocks with call strike movement; ETE TSLA
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11:03 EDTTSLATesla building up team for 'Tesla Energy' division, Electrek reports
Tesla is building up a team for its "Tesla Energy" division, having assembled a team of outside hires and even transferred many key employees from its core business to lead the initiative, Electrek reports. The move shows how Tesla views its energy division as an essential part of its business moving forward, the report says. Reference Link
09:38 EDTAAPLActive equity options trading on open; FB NFLX INTC DIS AAPL BAC CSCO JNJ SCTY
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07:39 EDTVLKAYVW to recall 680,000 brand cars in U.S. with Takata airbags, Reuters says
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07:22 EDTVLKAYVW says large engines unit not for sale, Reuters says
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06:32 EDTTSLATesla volatility increases into Q4 and outlook
Tesla February weekly call option implied volatility is at 192, February is at 121, March is at 81; compared to its 52-week range of 30 to 68, suggesting large near term price movement into the expected release of Q4 results today.
05:41 EDTDDAIFDaimler: Dividend proposal, expected earnings for FY16 'unchanged'
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05:40 EDTDDAIFDaimler recalls 840,000 vehicles in the U.S. as precautionary measure
The US National Highway Traffic Safety Administration notified Daimler (DDAIF) that it has been informed that certain airbag models from the manufacturer Takata (TKTDY), which are also installed in Mercedes-Benz cars and Daimler vans, are potentially defective. On the basis of available information on the components, Daimler AG has decided to recall approximately 705,000 Mercedes-Benz cars and about 136,000 Daimler vans in the United States. The expense for this precautionary recall is estimated at a total of about EUR$340M. The estimated costs will be recognized as a provision in financial year 2015. Therefore net profit will decrease to EUR$8.7B and Group EBIT to EUR$13.2B. EBIT from ongoing business remains unchanged at EUR$13.8B. Daimler AG points out that both the dividend proposal and the employees' profit participation for the successful year 2015 as well as the earnings expected for financial year 2016 remain unchanged. At the Annual Shareholders' Meeting on April 6, 2016, the Board of Management and the Supervisory Board will propose the distribution of a dividend of EUR$3.25 per share. Daimler AG continues to assume that it will slightly increase Group EBIT from the ongoing business in 2016.
05:13 EDTAAPLApple implied volatility of 31 at lower end of index mean range
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February 9, 2016
19:18 EDTTSLAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Limelight Networks (LLNW), up 20%... Akamai Technologies (AKAM), up 15.7%... Marketo (MKTO), up 9.9%... Paycom Software (PAYC), up 13.8%... A10 Networks (ATEN), up 7.3%... Prospect Capital (PSEC), up 8.6%... Nuance Communications (NUAN), up 6.5%... Panera Bread (PNRA), up 2.8%. ALSO HIGHER: Empire District Electric (EDE), up 14.8% after Algonquin Power will acquire the company for $34.00 per share. DOWN AFTER EARNINGS: SolarCity (SCTY), down 32.6%... LeapFrog (LF), down 2%... Orion Energy Systems (OESX), down 23.8%... Seattle Genetics (SGEN), down 3.6%... Sangamo Biosciences (SGMO), down 7.1%... Disney (DIS), down 3.4%... Demandware (DWRE), down 2.6%. ALSO LOWER: Sunrun (RUN) is down 6.9%, Solaredge Technologies (SEDG) is down 6.6%, SunEdison (SUNE) is down 5.9%, Canadian Solar (CSIQ) is down 2.9%, SunPower (SPWR) is down 2.9%, and Tesla (TSLA) is down 2.2% following SolarCity's fourth quarter results.
17:53 EDTTSLASolar stocks drop after SolarCity reports Q4 results
Solar stocks followed SolarCity (SCTY) down after the company reported its fourth quarter results and gave guidance for the first quarter and fiscal 2016. WHAT'S NEW: SolarCity reported Q4 earnings per share of ($2.37) against analyst expectations of ($2.59), and Q4 revenue of $115M, against consensus estimates of $105.62M. The company reported Q4 installations up 54% to 272 mega watts. Q4 commercial installations were up 82% to 51 MW while residential installations were up 49% to 221 MW. Operating Lease and Solar Energy Incentive revenue was up 53% to $75M in Q4. SolarCity sees Q1 adjusted EPS ($2.65)-($2.55), against analyst expectations of ($2.36). The company sees Q1 installations up 18% year-over-year to 180 MW. This represents a higher-than-usual seasonal slowdown due to decision to end Nevada operations and renewed focus on cash conversion cycle, particularly in longer lead-time commercial projects. The company also continues to target 1.25 gigawatts installed in FY16. The company noted that the ITC extension provides growth tailwinds. WHAT'S NOTABLE: In the earnings press release, management noted, "We closed out a strong 2015 with installations growing 73% to a record 870 MW and costs falling to new lows, though we fell short of our installation goals more than once. We are not happy with these results, and recognize our need to revamp our guidance methodology to avoid any potential shortfalls going forward. Notably, residential has consistently performed above our expectations over the last year, and we missed guidance largely on commercial installations. While we had expected the introduction in mid-2015 of a new guidance methodology that incorporated only commercial projects that were already under construction to minimize risk, clearly this wasn't sufficient. With larger projects, particularly ground-mount, this methodology still leaves sufficient time for delays to push construction past deadlines. Going forward, we plan on removing from guidance any large projects with construction deadlines late in the quarter." PRICE ACTION: Shares of SolarCity plunged 32.5% in after-hours trading to $17.79. OTHERS TO WATCH: Sunrun (RUN) is down 7%, Solaredge Technologies (SEDG) is down 8.2%, SunEdison (SUNE) is down 5.9%, Canadian Solar (CSIQ) is down 4.3%, SunPower (SPWR) is down 5.9% following SolarCity's Q4 results. Elon Musk's other publicly traded company, Tesla (TSLA), is also down after-hours by 3.1%.
16:09 EDTGM, TSLA, AAPLOptions Update; February 9, 2016
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15:18 EDTTSLATesla volatility elevated into Q4 and outlook
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15:02 EDTAAPLEarnings Watch: Akamai to report as client losses, Google competition looms
Akamai (AKAM) is expected to report fourth quarter earnings after the close on Tuesday, February 9, with a conference call scheduled for 4:30 pm ET. Akamai is a provider of cloud computing services and content delivery networks. EXPECTATIONS: Analysts are looking for earnings per share of 62c on revenue of $568.72M. EPS consensus ranges 58c-64c on a revenue range of $559.0M-$576.23M, according to First Call. During the company's last earnings conference call, Akamai forecast Q4 EPS of 60c-64c on revenue of $557M-$577M, and also noted expectations for declining revenue from its large media clients. LAST QUARTER: On October 27, Akamai reported third quarter EPS of 62c against expectations for 58c, and revenue of $551M versus estimates of $550.29M. NEWS: On November 2, Akamai announced the acquisition of cybersecurity firm Bloxx, which it said would enhance its cloud security offerings. On November 19, the company announced a collaboration with Google (GOOG, GOOGL) to reduce hosting and traffic costs for Akamai customers who also use Google's cloud platform. In early December, Google quietly began rolling out its own cloud content delivery network. STREET RESEARCH: Akamai saw no less than five analyst downgrades following its last earnings report, with JPMorgan, Canaccord, Cowen, Craig-Hallum, and FBR all negative on the company in the wake of its disappointing guidance and lower traffic growth from its three largest customers. On November 20, Goldman Sachs downgraded Akamai to Sell and lowered its price target to $52 from $62, with the research firm highlighting reduced orders from large clients as well as an industry focus on cutting download sizes. On November 24, JMP Securities said its checks with content delivery network experts revealed that "very few" of Akamai's clients other than its largest customers can build their own CDN systems. The firm reiterated its Outperform rating and $85 target on the shares, saying Akamai is well-positioned for the growing opportunity in over-the-top streaming and the convergence of cloud security and CDN. On December 9, JPMorgan said Apple's (AAPL) suspension of its TV streaming plans removes a catalyst for Akamai's media business recovery, leading the research firm to struggle to see a near-term driver of sustainable volume improvement. Following reports of Google planning its own content delivery network, JPMorgan and Craig-Hallum cut their outlooks on Akamai on December 14, saying the news could mark a first step toward Google competing for some of Akamai's business. PRICE ACTION: Shares of Akamai have slipped 2.4% to $40.00 ahead of Tuesday's results.
14:59 EDTGMGM recalls 473K vehicles for brake pedal issue, AP reports
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14:35 EDTTSLAEarnings Watch: Tesla slips to 52-week low as short interest rises
Tesla Motors (TSLA) is scheduled to report fourth quarter earnings after the market close on Wednesday, January 10, with a conference call scheduled for 5:30 pm EDT. Tesla designs, manufactures and sells electric vehicles, including its flagship Model S sedan and its newly introduced Model X sport utility vehicle. EXPECTATIONS: Analysts are looking for earnings per share of 8c on revenue of $1.79B, according to First Call. The consensus range for EPS is (58c)-45c on revenue of $1.62B-$1.92B. With its last earnings report, Tesla guided to production of 15,000-17,000 vehicles, and delivery of 17,000-19,000 vehicles in Q4. On January 3, Tesla reported 17,400 total vehicle deliveries for Q4, consisting of 17,192 Model S vehicles and 208 Model X vehicles. The company noted that 507 Model X vehicles were produced during the quarter, with the remainder to be delivered in early Q1. "Model X deliveries are in-line with the very early stages of our Model X production ramp as we prioritize quality above all else. That ramp has been increasing exponentially, with the daily production rate in the last week of the year tracking to production of 238 Model X vehicles per week," Tesla said. LAST QUARTER: On November 3, Tesla reported Q3 losses per share of (58c), against estimates for a (50c) per share loss. The company reported non-GAAP revenue of $1.24B, versus the consensus forecast of $1.26B. The company reported 11,603 vehicles delivered in Q3, adding that it exceeded plan by producing 13,091 vehicles, including its first Model X vehicles. In its quarterly letter to investors, Tesla stated: "During the next several quarters, operating leverage should improve with revenue and gross profit both growing faster than operating expenses. Operating expenses should increase slightly in Q4, but reflect a further decline in Model X development expenses, offset by increased costs related to expanding our global sales capability and developing Model 3. We are on track to unveil Model 3 in late March 2016." NEWS: In early January, Tesla announced the release of software that expanded Autopilot functionality and introduced the first iteration of "Summon," which allows owners to call their vehicles to them. Later in the month, The Wall Street Journal reported that Tesla filed suit against Germany-based Hoerbiger Automotive after it allegedly failed to produce an acceptable "falcon wing" door for the Model X vehicle and forced Tesla to select a new supplier. On February 1, the Detroit News reported that Tesla has applied for a dealership license in Michigan despite Governor Rick Snyder's ban on direct car sales. The carmaker first submitted applications in November and submitted follow-up information in "recent weeks," the report added. STREET RESEARCH: On February 1, Morgan Stanley analyst Adam Jones cut his price target on Tesla to $333 from $450, arguing that the carmaker is facing a slow production ramp for the Model X as well as the Model 3. Jones said the latter, the company's planned "mass market" model, may launch in late 2018, missing the company's internal target by at least one year. Given his assumption of lower volumes, the analyst revised his 2020 forecast for complete vehicle deliveries to less than half of Tesla's own 500,000 target. For 2016, the analyst cut his total delivery forecast 2% to roughly 70,000 units, including a revision of Model X expectations to 15,000 from 18,500. The analyst kept an Overweight rating on the shares, explaining that while Tesla remains a high risk name that burns plenty of cash to fuel its ambitious plans, it may still be the best positioned company in the ongoing "Auto 2.0" transition. The next day, Pacific Crest analyst Brad Erickson told investors that his latest channel checks with U.S. sales centers indicated that Tesla Model X orders are still lagging expectations. The analyst lowered his estimates for the electric carmaker through 2020, citing "incremental skepticism" of both unit volume production and profitability, along with "persistently mixed feedback on demand." Erickson, who recommends investors continue to avoid shares of Tesla, keeps a Sector Weight rating on the name. On February 9, Barclays analyst Brian Johnson said he believes the slow ramp up of the Model X could lead Tesla's Q1 guidance on deliveries and gross margin to disappoint investors, while also underscoring the risks in the years ahead to the company's "aggressive growth ambitions." While Johnson acknowledged the opportunity for the stock to rebound in the near-term given the elevated short interest, he kept an Underweight rating on Tesla shares and cut his price target to $165 from $180. Also this week, Credit Suisse analyst Dan Galves said he sees macro worries, negative sentiment on auto stocks, and declining oil prices as understandable reasons why Tesla shares have sold off recently. However, he also thinks the concerns on Model X production, which he notes have been the subject of several recent bearish comments from other analysts, as overdone and presenting a buying opportunity ahead of the company's earnings report. The ramp-up of the Model X has been slower than expected, and behind the company's initial plans, Galves acknowledged, but he added this is not due to fundamental issues. Galves kept an Outperform rating and $325 price target on Tesla shares. SHORT INTEREST: Short interest in Tesla has risen to 29.1M shares, or 29.8% of its float, according to Bloomberg data. PRICE ACTION: Over the last three months, Tesla shares have declined about 34%. In afternoon trading Tuesday, Tesla's stock sat near $149 per share after hitting a 52-week low of $141.05 earlier in the session.
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