Chinese vice commerce minister said Monday that Beijing would like the U.S. to cancel "inappropriate" actions against Chinese companies.China Economyread more
Sixteen Asia Pacific countries have been negotiating the Regional Comprehensive Economic Partnership since 2013, with India's reluctance to open up its markets a major...Asia Economyread more
The secretary of State said he was traveling to Saudi Arabia and the United Arab Emirates to make sure that the U.S. is "strategically aligned" with its allies.Politicsread more
Experts say Facebook's cryptocurrency project Libra has been a catalyst for the price of bitcoin going higher.Technologyread more
Goldman Sachs helped state firm 1MDB to raise $6.5 billion in 2012 and 2013, and collected higher-than-typical fees of $600 million for the deals.Financeread more
Value investing has become increasingly irrelevant thanks to central banks and technology, according to AB Bernstein.Investingread more
Indonesian Trade Minister Enggartiasto Lukita said all 16 countries negotiating a mega Asia-Pacific trade agreement should remain in the framework.World Economyread more
Stocks in Asia Pacific traded mixed on Monday afternoon, while oil prices continued to rise as tensions between the U.S. and Iran lingered after the latter shot down an...Asia Marketsread more
His comments come after a series of rapid escalations between Washington and Tehran.World Politicsread more
The U.S. is provoking Iran and growing risks of miscalculation could lead to a "world war," according to Malaysia's Prime Minister Mahathir Mohamad.World Politicsread more
Trump's comments come after he called off strikes against the Islamic Republic this week over concerns that a military response would kill scores of people.Politicsread more
"I want to be clear: There is not a demand problem," Musk said at the company's annual meeting with shareholders on Tuesday evening. "Sales have far exceeded production and production has been pretty good so we're actually doing well."
Tesla shares had jumped 4% in premarket trading Wednesday, before turning negative. By Wednesday's close, the stock was down 3.6%
Musk also said "it won't be long" before the company has an electric car with a range of 400 miles.
In a note to investors after the meeting, Cowen questioned Musk's confidence, saying "basic microeconomic theory would suggest that goods or services that don't have a demand problem don't see their prices lowered by half a dozen times in 4-5 months." Cowen has an underperform rating and a $140 price target on Tesla shares.
Baird, on the other hand, said "the narrative is overly negative," adding that "bear arguments will be disproven in the coming weeks and months." Baird has a $340 price target and an outpeform rating on the stock. The firm said there have been "several signs of steady demand over the past few weeks," a point Musk emphasized during the presentation. Musk said 90% of Tesla's orders are coming "from non-reservation holders, so these are new customers," he said.
Tesla's stock is down nearly 35% for the year as of Tuesday's close of $217.10 a share but the stock has slowly come back after hitting a low of $179 a share last week.
A key metric for Tesla sales bounced back last month, as the company's Model 3 vehicle saw deliveries higher than expected in May. Overall, Tesla increased total U.S. sales in the month of May by 73% from a year earlier, according to data from Motor Intelligence.
"We continue to see the shares in a tug of war between skeptics and extreme believers, where we have fallen into the skeptical camp for several years," Cowen said.