Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Tesla shares rose for the first time in seven days even after more Wall Street analysts joined the growing list of brokerages concerned with the company's financial health.
The latest downward revision came from Loup Ventures co-founder Gene Munster, who wrote that Tesla will likely fall short of delivery expectations this year as the trade war between the U.S. and China worsens. Munster lowered his 2019 delivery estimates by about 10% to 310,000 vehicles versus guidance in a range between 360,000 and 400,000.
"First, we are now factoring in that Tesla deliveries will be impacted by tariffs entering China," Munster wrote. "Second, non-tariff factors that will impact China demand include Chinese consumers boycotting Tesla and Chinese officials adding complexity to the delivery process."
Munster added that his estimate cut included a reduction in expected China deliveries to 40,000 vehicles from 70,000 vehicles. The new number implies that China would account for 13% of deliveries in 2019 versus a prior forecast of 25%.
But despite the gloomy outlook, Tesla shares rose about 2% on Thursday. As of Wednesday's close, Tesla had declined by 17% since May 14, a $6.88 billion drop in the company's market value about equivalent to the size of Macy's or TripAdvisor. The share price had declined by more than 50% from its 52-week high by Wednesday's close.
Munster wasn't alone in his more sober outlook. In a private call with Morgan Stanley clients on Wednesday, analyst and longtime Tesla bull Adam Jonas cast doubts on the electric car marker and recent speculation that it would be bailed out by a larger tech company.
"Tesla is not really seen as a growth story," Jonas said on the call, which CNBC heard in a recording. Today, "It seems like a distressed credit and restructuring story."
Jonas went on to say that neither Amazon nor Apple — rumored to once have made a bid for the Palo Alto carmaker — would want to acquire the company.
Those big tech giants "may not want to exposure themselves to the unlimited liability of being involved in owning a business where occasionally a car catches on fire, takes down a building, or accidentally kills a pedestrian or passenger," Jonas said. "The roads are very dangerous. There's a lot of stored energy in a vehicle. And the regulatory environment [around autonomous cars] has not had time to cure yet."
The sharp drop in the company's equity value began last week after an e-mail surfaced in which CEO Elon Musk directed employees to cut spending and promised to personally review expenses.
— CNBC's Lora Kolodny contributed to this report.