Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Tesla's electric car sales will suffer due to increased competition from other luxury automakers, according to Goldman Sachs.
The firm resumed coverage of Tesla with a sell rating, predicting the competition will cut into the company's share of the electric car market.
"We see the medium-to-longer term industry backdrop as challenging for Tesla's products; this follows from an increasing number of EV launches from both traditional OEMs and other start-up competitors — at a time when the company's product cadence hits a gap," analyst David Tamberrino said in a note to clients Tuesday. "We believe the company will see pressure to its lead in EVs as competition catches up."
Tesla shares were down 4.2 percent Tuesday.
Tamberrino gave a $210 six-month price target for Tesla shares, representing 30 percent downside to Friday's closing price.
The analyst noted the significant number of electric vehicle launches from large automakers — including Audi, BMW, Jaguar and Porsche — expected over the next several years.
"With regional mandates and tightening CO2 standards, both traditional and new entrants are expected to launch several EVs in the coming years — with a large crescendo in the early-to-mid 2020s," he said. "Altogether, we remain bearish on the company's ability to execute, achieve its targeted production ramp/margins, and sustain FCF [free cash flow] generation."
Asked for comment, a Tesla spokesman referred to statements made by executives, including CEO and co-founder Elon Musk, during the second quarter conference call.
Last month, Goldman Sachs suspended its coverage on Tesla shares after the bank said it was acting as a financial advisor "in connection with a matter that is fundamental" to the carmaker. That was after Musk created a firestorm by tweeting that he was considering taking the company private. He has since said the company will remain publicly traded.