Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Tesla is a "hope stock" with little chance of success in the car-manufacturing industry, a fund manager told CNBC on Tuesday.
"Are we living in the real world?" Tesla is just another one of those hope stocks," Peter Toogood, chief investment officer at The Embark Group, said on CNBC's "Squawk Box Europe."
Tesla's share price took a nosedive Monday after the company's Chief Executive Elon Musk abruptly halted plans to take the firm private.
Musk had shocked investors on August 7 by announcing his aim to remove Tesla from the stock market at $420 per share. The firm's shares have shed almost 16 percent off their value since.
Days after that initial announcement, Musk said that Saudi Arabia's sovereign wealth fund had approached him "multiple times" about taking the firm off the public market, lifting hopes that Tesla could raise some much-needed cash to help its drive toward profitability. Such hopes of a Saudi deal have waned since Musk's U-turn on taking Tesla private.
Despite Toogood's bearish thoughts on Tesla's auto manufacturing abilities, the analyst said there was "hope" for the firm in its self-driving technology.
"The only bit that has got hope is the autonomous driving," Toogood said, adding, "(but) the idea to compete on a platform basis with cars; it's losing money every time it sells one."
The investment manager said that the lack of a network for servicing Tesla cars was also a point of concern. Some international customers, for instance, have bemoaned repair waiting times, as parts need to be shipped from overseas.
"He's losing money every time he sells a car today, and he can't service them," Toogood said. "Ask Norway, they can't actually get the car serviced because there's no network to service them. It's just not real."
Norway is considered an electric vehicle-friendly country due to subsidies aimed at improving affordability and an overall target of going all-electric by 2025.
"Tesla continues to be a transformational company, especially on Model 3 production and demand," Daniel Ives, chief strategy officer and head of technology research at GBH Insights, told CNBC in an email Tuesday.
"However, this last month has been a nightmare for Tesla bulls and the Street continues to put the company in the investor penalty box, given all the uncertainty surrounding the name in the near-term with the going-private fiasco front and center. At this point there are more questions than answers on Tesla."
Tesla's stock price target was cut by a number of brokers on Monday and Tuesday, including CFRA, Independent Research and Canaccord Genuity.
Musk is the largest investor in Tesla, owning almost a fifth of the company's shares. Market observers have expressed worries over his leadership, citing the executive's presence on Twitter, involvement in public issues and general disdain for the media as causes for concern.