Elon Musk asks Twitter fans to vote on new Tesla Gigafactory in Texas - CNBC

Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX) and Tesla Inc., speaks during an event at the SpaceX launch facility in Cameron County, Texas, U.S., on Saturday, Sept. 28, 2019. Musk gave space fans an update Saturday evening on the status of "Starship," the next-generation vehicle his SpaceX plans to use to eventually take humans to Mars. Photographer: Bronte Wittpenn/Bloomberg via Getty Images

Bronte Wittpenn | Bloomberg | Getty Images

"Giga Texas?" That was the question Tesla CEO Elon Musk posed to his followers on Twitter late Tuesday, asking them if they would like a new Gigafactory in Texas.

By 9 a.m. London time on Wednesday, over 131,000 people had voted with 79.2% of voters choosing the "Hell yeah" option, and the remainder voting for "nope."

Gigafactory is the name Musk has given to Tesla's production plants. Currently there are two in the U.S. and one in Shanghai, China. Musk announced last year that Tesla's first European factory would be built around Berlin, Germany.

On the company's fourth-quarter earnings call last week, Musk explained the need to ramp up battery production to meet the demand for Tesla's cars.

"We got to scale battery production to crazy levels that people cannot even fathom today. That's the real problem," he said.

That's where these additional factories can help. Musk did not give any further details on his Twitter feed.

Tesla's shares have seen a meteoric rise recently. In the past five days, shares of the electric carmaker are up over 38% and have more than doubled since the start of the year.

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2020-02-05 09:55:00Z
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Major US airlines add Hong Kong to China flight suspensions - Yahoo News

The coronavirus outbreak has hit air travel, with dozens of carriers suspending flights to mainland China to help stop the spread of the disease (AFP Photo/Brendan Smialowski)

United and American Airlines on Wednesday both announced plans to temporarily suspend flights to Hong Kong following the outbreak of a deadly new coronavirus.

United said it would halt flights to the international financial hub from Saturday until February 20, citing a sharp drop in passengers.

American Airlines said it had already suspended flights through to February 20.

Both carriers had previously said they were halting flights to mainland China where the outbreak of the new coronavirus began late last year and has since killed nearly 500 people and infected more than 24,000.

Dozens of major airlines have stopped flying to the Chinese mainland in a bid to slow the spread of the virus, which has been detected among a small number of people in more than 20 countries.

The inclusion of Hong Kong in the flight ban comes as the city struggles with its own outbreak, with 18 people testing positive for the disease, including one who died.

On Tuesday, health officials in Hong Kong warned there was now growing evidence of local transmissions -- cases where people have become infected without travelling to China.

Hong Kong has one of the world's busiest airports and is a major transit point for China.

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2020-02-05 09:01:34Z
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Macy’s closing Cincinnati headquarters, 125 stores - Dayton Daily News

Macy’s is closing its national headquarters in Cincinnati, shifting from a dual headquarters with New York City to a single corporate hub, and shutting down 125 stores nationwide.

The publicly-traded department store chain announced Tuesday several sweeping changes would be coming to the retailer as it navigates a retail environment in upheaval.

FOX19 NOW reports that the move will mean 500 jobs lost but some of those jobs will move to Mason and Springdale.

JUST IN: New restaurant coming to Troy this spring

Macy’s said in a statement that it plans to close about 125 of its “least productive” stores over the next three years, including about 30 stores that are in the process of closure now.

The specific stores were not named. Macy’s also will continue its “growth treatment” to the remaining store portfolio, including upgrading an additional 100 stores this year, which includes boosts like renovations, new tech, and local marketing.

Macy’s has stores anchoring the Dayton Mall and the Mall at Fairfield Commons.

MORE: 5 things to know about the grand opening of local Macy’s outlet store

Besides New York City becoming the sole corporate headquarters, the company will also close its Tempe, Arizona, customer contact center and consolidate customer service work at its Mason and Clearwater, Florida sites.

The company also will close its San Francisco and Lorain offices.

The company states on its website that it has about 130,000 employees and is in 43 states, and had $24.971 billion in sales for fiscal year 2018.

Jeff Gennette, chairman and chief executive, stated he was confident the strategy announced Tuesday will allow Macy’s to stabilize margin in 2020 and set the foundation for sustainable, profitable growth.

“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” he said.

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2020-02-05 05:20:23Z
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Tesla Stock Performance Outshines Bitcoin After Latest Rally - Motley Fool

The past year has been a good time to own Bitcoin. Yet it's been even better to be a Tesla (NASDAQ:TSLA) investor.

Bitcoin's price has surged by more than 165% over the past 12 months. The popular cryptocurrency has seen its price boosted in recent months as investors have sought a "chaos hedge." This is a term used to describe an asset that rises in value during periods of great fear and uncertainty -- such as that which has been brought about by trade wars between the U.S. and China and heightened military conflict in the Middle East -- and can be used to offset losses on other assets that decline in value during these volatile periods.

The recent outbreak of coronavirus, which has sickened more than 20,000 people around the world and resulted in the deaths of over 400 people, has only served to increase fear and uncertainty among investors. Bitcoin's price has unsurprisingly risen sharply in recent weeks against this backdrop, and the cryptocurrency's ascent could certainly continue in the coming days and months.

Yet even Bitcoin's torrid gains have been surpassed by those of Tesla's stock. The electric vehicle maker's shares have surged by a staggering 116% so far in 2020  and a total of 187% over the past year. 

Image source: Getty Images.

A host of powerful factors have combined to propel Tesla's stock price to dizzying heights in recent days.

A series of analyst price target increases helped to kick Tesla's share gains into high gear. On Jan. 21, New Street analyst Pierre Ferragu boosted his target price to $800 from $530, citing Tesla's "technological dominance" and the "strong sustained demand" for its vehicles. The next day, Wedbush analyst Daniel Ives jacked up his price target by nearly 50%, based in part on his growing bullishness on Tesla's growth opportunity in China.

Tesla's gains accelerated following its blockbuster fourth-quarter results, which saw the hard-charging company's revenue and earnings per share come in nicely above Wall Street's expectations.

The stock's rise steepened after analysts at investment firm ARK Invest laid out an incredibly bullish forecast for Tesla's shares. "Based on our updated expectations for electric vehicle (EV) cost declines and demand, as well as our estimates for the potential profitability of robotaxis, our 2024 expected value per share for TSLA is $7,000," the firm said. Tesla's stock was trading for less than $700 at the time.

That brings us to today. Tesla's stock finished the trading day up another 13.7%, to $887.06 per share, after rising more than 20% earlier in the day. This latest jump in Tesla's stock price came after major shareholder Ron Baron said the automaker's revenue could rise to as much as $1 trillion within a decade -- up from $24.4 billion today -- during an interview with CNBC.

Volatility cuts both ways 

While it has no doubt been quite a ride for Bitcoin and Tesla owners over the past year, investors should brace themselves for a possible sharp pullback in both assets' prices.

Bitcoin's price is notoriously volatile. And while the cryptocurrency could certainly continue to ascend to new heights -- particularly with the "halvening" only months away -- it could also just as easily see its price turn sharply to the downside.

As for Tesla, many people are understandably rooting for its success. Electric vehicles can be part of the solution to the threat posed by climate change -- something we'll all likely be thinking about a lot more in the coming years.

But while the bulls will have you believe that there's nothing but upside ahead for Tesla, the stock may have gotten ahead of itself in recent days. That's because, in addition to the bullish catalysts mentioned previously, it's likely that a massive short-squeeze -- forced buying by short sellers who have suffered sizable losses -- is also contributing to Tesla's recent gains. So it's possible that Tesla's stock could pullback violently once this buying pressure abates.

As such, Bitcoin and Tesla investors should brace for sharp moves to both the upside and downside in the days ahead.

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2020-02-05 00:05:00Z
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Why the Dow is rallying more than 400 points in middle of a global health crisis - CNN

It's an abrupt turnaround for markets. Stocks had sold off sharply last week amid worries about the economic impact of the virus. But stocks began to retrace their sharp losses on Monday.

The Dow (INDU) was up 450 points or 1.6% in late morning trading. The S&P 500 (SPX) rose 1.5%, while the Nasdaq Composite (COMP) was up 1.7%.

And the rally isn't just confined to US markets: global equities are all in the green, and even Chinese markets, which recorded their worst day in years Monday, bounced back.

But the global coronavirus is still not over. So what's behind the excitement?

Chinese stimulus

The People's Bank of China stepped in this week by injecting billions of yuan to prop up the stock market.

And there might be more: China has helped its markets out in times of trouble before. Back in 2015, when the country's stock bubble burst, authorities lent billions to brokerage firms to encourage stock buying.

The historical evidence that China is willing to help its markets and economy soothed investors around the world.

"The underlying market hope is clear: central banks will save us, not just from the business cycle, and not just from climate change, but now from global pandemic too," wrote Michael Every, senior Asia-Pacific strategist at Rabobank.

China is the world's second-largest economy and is considered the engine for the global economic growth. With a central bank willing to lend a hand, the repercussions from the outbreak could be much more manageable.

Containment

The coronavirus has now infected more than 20,000 people and claimed more than 400 lives, but the rate of new infections appears to have slowed down.

"Public health activities and awareness are key drivers," said Bespoke Investment Group Co-Founder Justin Walters.

Quarantine measures and travel restrictions -- imposed by both governments and companies -- seem to be doing the trick.

Solid economic fundamentals

While the outbreak has been raging, economic fundamentals have remained solid for the United States.

On Monday, the Institute of Supply Management's manufacturing PMI beat expectations and showed the first expansion for the sector since July.

US factory orders for December also beat expectations on Tuesday, rising 1.8%, compared with the consensus estimate of 1.2%.

Friday's jobs report is expected to be yet another strong showing for America's labor market, including an unemployment rate around the 50-year low of 3.5%.

With an unemployment rate this low and wages ticking higher, American consumers, who are the backbone of the economy, are strong.

On top of all this, a solid earnings season for American companies also provides a positive backdrop for the market.

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2020-02-04 16:22:00Z
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Dow Jones Today, Stocks Jump As China, Chip Stocks Rally; Tesla Gets A Trillion-Dollar Forecast - Investor's Business Daily

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1. Dow Jones Today, Stocks Jump As China, Chip Stocks Rally; Tesla Gets A Trillion-Dollar Forecast  Investor's Business Daily
2. Wall Street jumps 1% at open as China stimulus calms investor nerves  Investing.com
3. Dow rallies 350 points as stock market extends coronavirus rebound  MarketWatch
4. Dow Jones Futures: Stock Market Rally Soars, But Is Tesla Overheated? Google Stock Falls On Revenue; Apple Supplier Due  Investor's Business Daily
5. Dow surges a second day as manufacturing data, strong earnings offset coronavirus fears  The Washington Post
6. View full coverage on Google News

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2020-02-04 14:49:00Z
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Tesla Stock Jumped 20%. It Makes No Sense. - Barron's

Tesla shows off the storage space in one of its cars. Photograph by Jordan Strauss/Getty Images for Tesla

Tesla shares rose almost 20% Monday, hitting another all-time high. The question is why? The move, frankly, baffled investment pros.

Few dispute things are looking up for the electric vehicle pioneer, but few understand the magnitude and persistence of the rally. The pros, however, offered a few idea when asked. And some even guessed what could be next for shares.

But first a run down of recent numbers. They are incredible. Monday was the largest percentage increase in Tesla (ticker: TSLA) stock since May 9, 2013, when shares rose 24.4%. The shares are up more than 86% year to date and up almost 150% over the past 12 months, crushing comparable gains of the S&P 500 and Dow Jones Industrial Average.

Tesla shares are up 336% from their $178 52-week low. The rally off the June 3, 2018 low has created about $109 billion in shareholder value. That is more than the market capitalization of General Electric (GE). Just incredible.

(Oh, by the way, Tesla stock opened up 13%, at about $883 a share on Tuesday morning. )

Now for the 20% move. On Monday, one analyst at a smaller brokerage firm suggested Tesla shares could hit $7,000 by 2024 Monday. It is a bold call, but it isn’t the reason shares rocketed higher. Wall Street has influence, but not that much influence.

Analysts, for the most part, have been chasing Tesla’s rally, just like investors. Wall Street’s consensus price target for Tesla stock has gone from about $300 a share to $500 a share over the past three months. It is a large move, but it lags behind far behind even the year-to-date gain in Tesla stock.

The biggest fundamental news anyone could point to Monday was an earnings report from Tesla battery partner Panasonic (6752.Japan). Management talked about profits from a North American battery facility and improving utilization. Profits on batteries for Panasonic, even while Tesla—the user of the batteries—is profitable, is a sign battery costs are falling. It is good news. But whether it is 20% worth of good news is still debatable. After all, that works out to about $25 billion in Tesla market value.

That leads to the inevitable short-squeeze explanation for the violent stock rally. Tesla shares are more heavily shorted than average, meaning lots of bearish investors have borrowed stock and sold it, betting on price declines. If the price falls, they can buy shares back at a lower price, replace the borrowed stock, and pocket the price difference.

The shorts, in the case of Tesla, are getting slaughtered. Short interest data provider S3 Analytics notes bears have been covering short bets lately, but Tesla remains one of the most heavily shorted stocks in the market. The shorts lost more $2.5 billion on Monday alone. Year-to-date losses exceed $8 billion.

The biggest risk traders see is the parabolic move in Tesla’s share price. Traders prefer stable, consistent gains. And when stocks get far away from their moving averages, traders start to worry. Stocks, of course, go up and down. And moving averages are levels where stocks often pause when rallying off lows, or dropping from highs. Tesla’s 50-day moving average is about $450 a share. It is unusual when a stock is more than 70% higher than its 50-day moving average. That makes traders nervous.

There is a saying in the stock market that the market will cause the most pain for most investors most of the time. It is a useful rule of thumb. It means you never can tell what the stock market will do over a short period.

In the case of Tesla, investors were sure the rally couldn’t continue. So, of course, that’s just what happened.

Write to Al Root at allen.root@dowjones.com

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2020-02-04 14:38:00Z
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