Saudi Arabia has shut down half of its oil production after drones attacked the world's largest oil processing facility in the kingdom.Marketsread more
Yemen's Houthi rebels have claimed responsibility for the attacks, which created a huge fire at a processor essential to global energy supplies.Politicsread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Trailers have become a cult phenomenon. Even short teasers that reveal little about the plot of the upcoming film are headline-worthy. Blogs and forums have become devoted...Entertainmentread more
Thanks to the performance of Beyond Meat, investors who focus on venture-backed tech IPOs have done well this year despite some notable disappointments.Technologyread more
Software company Intuit, maker of tax helper TurboTax, is in its eleventh year of stock gains and up 36% this year.Investingread more
CNBC did a deep dive through the most recent Wall Street research to find stocks with upside potential.Marketsread more
Jefferies made waves on Tuesday predicting a big decline for Tesla shares and starting coverage of the company with an underperform rating.
But due to an apparent calculation error, the firm was forced to change its price target for the electric car maker even lower.
"This note corrects the PT from $280 to $240 due to an error in the DCF [discounted cash flow] share count - No other change," analyst Philippe Houchois wrote in the revised report entitled "Erratum: Tesla and the Permanent Revolution."
The corrected $240 price target for Tesla shares represents 36 percent downside from Tuesday's close versus the 25 percent downside for the first $280 price forecast.
A review of the first Jefferies report revealed the analyst used 139.6 million for the number of outstanding shares for Tesla in his valuation analysis on page 40 versus the 165.2 million shares outstanding number in the corrected note.
Apparently, it was just mistyped as the first report had the accurate 165.2 million shares outstanding number on the cover page.
Tesla reported shares outstanding of 165.2 million in its June quarter financial results.
Discounted cash flow is a widely used method to value companies. It looks at how much money a company will make in the future and what those cash flows are worth today, according to the time value of money concept.
The time value of money says any money today is worth more than the same amount in the future due to the potential for investment gains.
Houchois did not immediately respond to a request for comment for this story.