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Kamis, 03 Oktober 2019

Tesla's stock plunges as Wall Street gives thumbs-down to record quarter of deliveries - Yahoo Canada Finance

Investors unimpressed by the record number of cars Tesla’s (TSLA) produced last quarter sent its stock reeling, which shed over 5% on Thursday as Wall Street questioned the car maker’s valuation and ability to turn a profit.

On Wednesday, Tesla said that it produced and delivered nearly 97,000 cars in the third quarter, its best ever and higher than the comparable year-ago period. The results were bolstered by strong production of Tesla’s flagship Model 3, which spiked 43% year over year.

However, the results fell short of some of Wall Street’s more rosy estimates, and the 100,000 mark CEO Elon Musk reportedly told employees was a real possibility. Although the company has boosted overseas deliveries and incentivized sales, Tesla remains dogged by doubts about its cash flow and ability to sustain production.

Analysts at Bank of America pointed out that “although total Model 3 deliveries increased materially” at a year-over-year rate of 43%, that gain was “much less pronounced on a sequential basis, up just 2.5% from 2Q:19.”

FILE - In this March 14, 2019, file photo the Tesla Model Y is unveiled at Tesla's design studio in Hawthorne, Calif. A Delaware judge is weighing whether to dismiss Tesla shareholders' complaints over a compensation plan that could net CEO Elon Musk more than $50 billion over the next decade. (AP Photo/Jae C. Hong, File)

Warning that “many challenges remain ahead” for Tesla as it burns through cash and misses estimates, the bank added that “this could reflect the still slow production ramp ... but potentially less robust demand (following a traditional spike-and-burnout pattern with new model launches).”

Tesla’s failure to explicitly reiterate earlier guidance for delivering between 360,000 and 400,000 vehicles this year suggests fourth quarter deliveries and production may also fall short of hopes, BofA said. The bank rates Tesla’s stock as an Underperform, with a price target of $225.

The shares, traded on the Nasdaq, shed nearly $17 from Wednesday’s close to trade around $226.

Javier David is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

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October 03, 2019 at 10:33PM

Las Vegas shooting victims win settlement of up to $800M with MGM Resorts - Global News

Attorneys for victims of the deadliest mass shooting in modern U.S. history say they’ve reached a settlement of at least $735 million with MGM Resorts.

The amount of the settlement with MGM Resorts International depends on the number of plaintiffs who take part, according to a statement from Las Vegas law firm Eglet Adams, which represents nearly 2,500 victims and made the announcement just days after the second anniversary of the massacre.

Hundreds of lawsuits have been filed against the owner of the Mandalay Bay resort where the gunman opened fire into an outdoor concert on Oct. 1, 2017. The casino giant also owns the venue where 58 people died and hundreds were injured.

“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process,” said Jim Murren, chairman and CEO of MGM Resorts. “This agreement with the plaintiffs’ counsel is a major step, and one that we hoped for a long time would be possible.”

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An independent administrator will be appointed by a court to dole out money from the settlement fund, attorneys and MGM said. They expect to wrap up the process by late next year.

MGM’s insurers will fund a minimum of $735 million. Depending on the number of victims who participate, the company will contribute more, up to $800 million, according to the victims’ attorneys.

“Today’s agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October,” Robert Eglet, a lead plaintiffs’ counsel, said in the statement. “While nothing will be able to bring back the lives lost or undo the horrors so many suffered on that day, this settlement will provide fair compensation for thousands of victims and their families.”

He said the deal “represents good corporate citizenship” by MGM Resorts.

The statement comes as another attorney for victims planned a news conference on “extremely important developments” Thursday in San Diego.

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October 03, 2019 at 10:40PM

A green fast track to jobs - Canada News - Castanet.net

Photo: The Canadian Press

New research says job growth from clean energy will dramatically outpace that from fossil fuels over the next decade – as long as future Canadian governments maintain or increase attempts to fight climate change.

"The clean-energy sector is a good-news story that no one's talking about," said Merran Smith of Clean Energy Canada, a think tank based at Simon Fraser University in British Columbia. "There is nothing to fear about moving forward on climate action."

Earlier this year, the group released research that found Canada's clean-energy sector – which encompasses renewable energy and energy conservation – had already produced 300,000 jobs by 2017.

Further study made public Wednesday projects job growth in the sector to significantly outperform most other parts of the economy.

Using recognized economic modelling tools, it suggests that direct jobs from clean energy will grow at a rate of 3.4 per cent a year between 2020 and 2030. That's nearly four times the Canadian average.

The same models suggest fossil fuel industries will slowly lose jobs over that time.

Smith said the data shows clean energy employment could reach nearly 560,000 by the end of the next decade. That's 160,000 new jobs, more than enough to make up for the 50,000 jobs which fossil fuels are expected to shed.

The study also forecasts money flowing into clean energy will grow 2.9 per cent a year. Fossil fuel investment is expected to shrink.

Fossil fuels will be bigger than clean energy for years to come. But what the research shows, Smith said, is that new jobs and growth will come from the latter.

"The fast lane is clean energy," she said. "This is where we're seeing job growth."

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October 03, 2019 at 08:30PM

September home sales up 22% in September, Toronto Real Estate Board says - CBC.ca

The Toronto Real Estate Board says home sales in the Greater Toronto Area in September were up 22 per cent compared with a year ago as the cost of buying a house also pushed higher.

The board says there were 7,825 sales through its MLS System last month compared with 6,414 sales reported in September 2018.

On a month-over-month basis, sales in September were virtually the same as August.

The MLS home price index composite benchmark was up by 5.2 per cent on a year-over-year basis in September.

Meanwhile, the average selling price for all home types combined was $843,115, up 5.8 per cent compared with a year ago.

The number of new listings in September was down 1.9 per cent compared with a year ago at 15,611.

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October 03, 2019 at 07:13PM

Gold prices shoot higher after ISM Service Sector drops sharply in September - Kitco News

(Kitco News) -Recession fears are once again gripping financial markets and pushing gold prices higher as sentiment within the U.S. service sector fell more than expected, according to the latest data from the Institute for Supply Management (ISM).

Thursday, the ISM said its nonmanufacturing index showed a reading of 52.6% for September, down from August’s reading of 56.4%. The data was much weaker than expected as consensus forecasts were calling for a reading of 55.1%.

According to reports this is the lowest reading in three years.

Readings above 50% in such diffusion indexes are seen as a sign of economic growth, and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.

Ahead of the report, the gold market was holding its own above $1,500 an ounce, recovering from a 2% selloff at the start of the week. The latest economic data has added to gold’s gains. December gold futures last traded at $1,518.80 an ounce, up 0.72% on the day.

Economists and analysts warned that disappointing service sector data could boost recession fears as this is the largest component of the U.S. economy.

The nonmanufacturing data comes just two days after the ISM said that its manufacturing index fell even further into contraction territory, also missing economist expectations.

“The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy,” said Anthony Nieves, chair of the ISM Non-Manufacturing Business Survey Committee.

Looking at the components of the report, the Business Activity Index dropped to a reading of 55.2%, down from August’s level of 61.5%.

The labor market also lost some momentum in September, with the Employment Index falling to 50.4%, down from August’s level of 53.1%. This indicator is closely watched by economists as it is used as a predictor for Friday’s nonfarm employment report.

Some economists have noted that the miss in the ISM employment data points to downside risk to Friday’s employment report.

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October 03, 2019 at 09:04PM

Dow Jones, Nasdaq Boosted By This Key Growth Sector; Is The Right Time To Buy Tesla Stock - Investor's Business Daily

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Dow Jones, Nasdaq Boosted By This Key Growth Sector; Is The Right Time To Buy Tesla Stock Investor's Business Daily
US stocks sink following weak services sector report ABC News
US stocks sink as US manufacturing shrinks again amid trade war NEWS.com.au
Dow Jones Futures: Stock Market Rally Reeling As Apple, Boeing Fizzle; Tesla Deliveries Disappoint, E-Trade Goes To Zero Fees Investor's Business Daily
Stocks: S&P Slumps as Weak Manufacturing Data Stuns Traders Investing.com
View full coverage on Google News

https://www.investors.com/market-trend/stock-market-today/dow-jones-nasdaq-get-boost-from-growth-sector-right-time-to-buy-tesla-stock/

2019-10-03 18:22:30Z
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Toronto home sales surge 22% in September - BNNBloomberg.ca

The Toronto housing market continued to rebound in September, with prices rising the most in 21 months, bringing the cost of a typical home close to the record high set in 2017.

The benchmark price across all types of homes rose 5.2 per cent from a year earlier to $805,500, the highest annual rate of growth since December 2017. That’s about $10,000 short of the record set more than two years ago when soaring prices prompted a series of government policy changes to cool the market. Prices were driven higher by a decline in supply, with active listings down 14 per cent to 17,254.

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Sales in the Toronto region jumped 22 per cent to 7,825 units from the same period last year, the Toronto Real Estate Board said Thursday. All housing segments saw double-digit gains, led by a 29 per cent sales jump for detached homes. Sales were well below the record set in September 2016 of more than 9,800, and on a seasonally-adjusted basis, sales fell 0.3 per cent from August.

The average price of a home in Toronto rose 5.8 per cent to $843,115, the highest price this year, though well below the peak of almost $921,000 set in April 2017.

Demand for homes in Canada’s biggest city continues to grow amid lower interest rates and a crunch in supply thanks to strong immigration flows. Buyers have also adjusted to stricter mortgage-lending rules put in place to cool the market. Sales in Vancouver rebounded 46 per cent last month after a policy-driven slump, though prices continue to dip.

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October 03, 2019 at 06:35PM