Category: Stock Market News

Tesla Inc.’s price target was lifted to $411 per share from $368 on Monday by Baird, whose analysts advised against shorting shares of the company ahead of the Model 3 production ramp. Reiterating an outperform rating on the electric-car maker, senior research analyst Ben Kallo had this to say: “In our our opinion, TSLA is not a good short headed into the Model 3 ramp as we continue to believe upcoming catalysts will drive shares higher, and TSLA remains a top pick for 2017.” He said they expect “strong demand” for Tesla’s mass-market Model 3, whose production ramp up is expected this fall, and that stock performance following its introduction could mirror that of which was seen for the Model S. “Importantly, a positive reception to the Model 3 from early customers could significantly increase the value of the Tesla Brand and further accelerate demand,” said Kallo. Tesla shares closed up 0.7% on Friday to $357.87.

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The neo-Nazi website Daily Stormer has been kicked off by its web hosting company, GoDaddy Inc. announced in a tweet Sunday night. GoDaddy , the world’s largest internet domain registrar with 17 million customers, said: “We informed The Daily Stormer that they have 24 hours to move the domain to another provider, as they have violated our terms of service.” The move apparently came in response to a Daily Stormer article demeaning Heather Heyer, a counter-protester killed when an alleged white supremacist drove into a crowd in Charlottesville, Va., on Saturday, injuring 19 others.

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At least 17 people were killed Sunday night in an attack by suspected Islamic extremists on a restaurant in Ouagadougou, the capital of Burkina Faso. Communication Minister Remi Dandjinou said another eight people were wounded in the attack on a Turkish restaurant. He said the victims were from various nationalities, and included at least one French citizen, according to the Associated Press. Gunshots were reported in the area hours after the initial attack. In 2016, an attack at a cafe in the West African country’s capital killed 30 people.

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One or more cars reportedly plowed into a crowd of people near the site of Saturday’s broken-up nationalist rally in Charlottesville, Va. An NBC reporter said six ambulances had arrived on the scene and later departed. Broadcast reports indicated six to nine people, or more, were victims of the crash. There were “multiple injuries,” according to the local Daily Progress newspaper. A vehicle appeared to have struck a group of counterdemonstrators, according to a report by MSNBC, which hastened to note that it could not be determined whether the incident was in any manner intentional. The car that initially plowed into the group departed the scene, with one or more police cars later in pursuit, according to an MSNBC correspondent on the scene.

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President Donald Trump said he would not rule out the use of military force in Venezuela in response to a growing crisis in the South American country led by Nicholas Maduro, according to news reports late Friday. Trump told reporters in Bedminster, N.J., that “We have many options for Venezuela, including a possible military option if necessary.” Trump’s remarks to reporters followed a meeting with U.S. Ambassador to the United Nations Nikki Haley and Secretary of State Rex Tillerson. Trump also said he plans to talk with Chinese President Xi Jinping later in the evening concerning North Korea.

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Dan Loeb, founder and chief executive of hedge fund Third Point, has liquidated his stake in Snap Inc. as of June 30, according to filings released Friday. Loeb owned 2.25 million shares of Snap as of March 31, 2017, but did not own any shares of the stock as of June, according to his 13-F filing. In the meantime, he did buy more shares of Snap competitor Facebook Inc. , increasing his stake to 3.5 million shares from 3 million shares between the two quarters. Shares of Snap were down 14% in after hours trade Friday, a day after it missed second-quarter earnings expectations. Loeb also bought a 4.5 million share stake in Alibaba and boosted his Bank of America Corp. investment to 15 million shares from 13.5 million shares, among other changes.

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Jay Clayton, Chairman of the Securities and Exchange Commission, announced Friday that James Doty, the incumbent head of the Public Company Accounting Oversight Board, the audit industry regulator, would continue in his role as the SEC starts the process to look for his successor and new Board members. Doty’s term had expired last October. The Sarbanes-Oxley Act of 2002, which established the independent industry regulator, provides for a five member Board – two of whom must be certified public accountants, and three of whom must not be to serve staggered five-year terms. At this time one of the five PCAOB Board seats is vacant, two are held by members whose terms have expired, and one is held by a member whose term will expire in two months. Doty, a former SEC general counsel took the PCAOB chairman role in 2011. In the SEC’s press release, Clayton praised Doty for the “dedication, intensity, enthusiasm, and motivation” he brought to the PCAOB and for the “critical role in the development and success of the organization during his tenure.”

The PCAOB’s Doty said in a statement, “I remain deeply committed to the important mission of the PCAOB and the staff who carry out that mission every day. I am pleased that Chairman Clayton has asked me to continue to serve as Chairman as the SEC commences its process.”

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Intuitive Surgical Inc. announced Friday afternoon that it plans a 3-for-1 stock split as the company’s shares near $1,000 apiece. The company, which sells the da Vinci line of surgical robot products, will ask shareholders to approve the split at its annual meeting on Sept. 22. If the move is approved, investors who hold the stock as of Sept. 29 would receive two additional shares for every one they own ahead of the open of trading on Oct. 6. Intuitive Surgical shares have gained 48.6% so far this year, as the S&P 500 index has gained 8.9%, and closed Friday at $942.25; the stock gained about 0.3% in late trading after the split was announced Friday.

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Snap Inc. spent $348 million to acquire two companies this past quarter as it pushed into the location-mapping field. Snap bought Zenly, a social mapping app, for $213 million in cash in May and $135 million in cash for Placed, an ad-tech company that offline purchases, according to the company’s 10-Q filing released Friday. Management said on the earnings call that the Placed acquisition would be reflected in next quarter’s earnings. According to the filing, Snap also acquired part of a business from a “social advertising software company” for $62 million in June and bought all outstanding shares of a “company that operates a cloud hosted platform for building content online,” but it did not name the companies. Shares of Snap were sinking 13% Friday, a day after the company missed second-quarter earnings expectations. The stock is on track to close at a record low Friday.

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Tesla Inc. set the terms for its first-ever pure bond deal Friday, pricing it at a yield of 5.25% and increasing the size to $1.8 billion from a previous $1.5 billion, The Wall Street Journal reported. Demand was strong enough to support an increase in the size of the deal, the paper said.

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