Micele |
26 februari 2019 20:32 |
Wall Street lacht ermee, zeker geen postivieve invloed op de beurs (eigenlijk integendeel), vandaag $299-302. Niets aan de hand.
(de Consumer reports herziening had meer invloed, maar nu staat de koers terug op $300)
Citaat:
Wall Street keeps the faith on Tesla despite Musk, SEC tiff
https://www.marketwatch.com/story/wa...iff-2019-02-26
Wall Street was quick to criticize Tesla Inc.’s Chief Executive Elon Musk over his latest squabble with regulators, but stopped short of penalizing the company on Tuesday.
Tesla stock fell in early trading Tuesday, but turned higher by midday less than 24 hours after the Securities and Exchange Commission asked a judge to hold Musk in contempt over a tweet about the Silicon Valley car maker’s production goals.
It traded as low as $288.77, its lowest intraday in a little less than a month.
The SEC took issue with Musk’s tweet last week saying that Tesla would make “around 500k” vehicles in 2019, clarifying a few hours later that would be an annualized production rate at the end of the year of “probably around 500k” and deliveries for the year would still hover around 400,000.
Tesla’s new general counsel resigned shortly after the tweet. Musk has until March 11 to tell the court why he shouldn’t be held in contempt. He doubled down on SEC criticism earlier Tuesday, tweeting that “something is broken with SEC oversight.”
“A healthy disregard for the rules is what makes Elon, Elon,” Gene Munster and Doug Clinton of venture-capital firm Loup Ventures said in a blog post.
Crucially, the SEC does not seek to set aside the earlier settlement related to Musk’s going-private tweets, including a “worst-case scenario” where regulators would seek to bar Musk from serving as CEO, analysts at JPMorgan said in a note Tuesday.
If that were to be the case, Tesla shares “could approach but perhaps not breach 52-week lows,” trading in the mid-$200s, the analysts said. Tesla is in better footing financially, with better-than-expected free cash flow and “substantially improved liquidity,” they said. Moreover, Tesla itself has not been charged, they said, keeping their rating on Tesla’s stock as their equivalent of sell.
Another “boxing match with the SEC is the last thing investors wanted to see,” being yet another distraction as the company works to ramp up Model 3 production and threads the needle to profitability, analysts at Wedbush said.
The action will be a near-term overhang for the shares and a “wild card that could potentially bring this tornado of uncertainty back,” but more pressing concerns remain demand for Model 3 in Europe and the ramping up of production in China, they said, keeping their rating on Tesla at the equivalent of buy.
Analysts at Macquarie also kept their bullish view on Tesla intact, rating the stock their equivalent of a buy, saying they do not think there may be “material risk” of Musk stepping down as CEO. “Volatility from non-fundamental issues continues to frustrate the stock,” but that has improved from last year and demand from Europe and China “can carry forecasts for at least the next two quarters (barring logistics issues),” they said.
As part of last year’s settlement, Musk and Tesla agreed to have oversight over the CEO’s tweets that could contain material information to Tesla’s shareholders.
At the very least, the judge is likely to require Tesla to show proof of oversight of Musk’s social-media posts and that it remains in compliance with the settlement, Garrett Nelson, an analyst with CFRA, said in a note.
“We are skeptical that (Tesla) can prove oversight,” and Musk is “likely to be subject to additional penalties which could include any number of measures -- additional fines, social media restrictions or worse,” he said. CFRA also kept the equivalent of a neutral rating on Tesla.
“Musk’s unwillingness to follow the rules is part of what you have to be willing to accept as an investor in Tesla,” Loup Ventures said.
Shares of Tesla have lost about 16% in the last 12 months, contrasting with gains around 0.6% for the S&P 500 index.
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