|Bid||834.20 x 0|
|Ask||834.50 x 0|
|Day's Range||831.00 - 844.30|
|52 Week Range||691.70 - 1,264.00|
|Beta (5Y Monthly)||1.33|
|PE Ratio (TTM)||6.75|
|Earnings Date||May 07, 2020 - May 11, 2020|
|Forward Dividend & Yield||30.00 (3.83%)|
|Ex-Dividend Date||Mar. 30, 2020|
|1y Target Est||1,450.90|
Panasonic (PCRFY) seems to be a good value pick, as it has decent revenue metrics to back up its earnings, and is seeing solid earnings estimate revisions as well.
(Bloomberg) -- Tesla Inc.’s Nevada gigafactory is reducing on-site staff by 75% in the coming days to help slow the spread of the coronavirus, according to the county where the plant is located.Storey County said local companies regularly tell it about the measures they are taking to adhere to guidelines aimed at combating the outbreak. The gigafactory produces battery packs and electric motors with partner Panasonic Corp.Panasonic said its half of the factory has been idle since a few days after Nevada ordered the closing of non-essential businesses on or about March 17. Tesla representatives in China didn’t immediately respond to calls seeking comment.Two Tesla employees have tested positive for the coronavirus, according to an internal email this week, which didn’t specify which office they worked in. Last week, Chief Executive Officer Elon Musk capitulated to pressure from police and county health officials to suspend production at Tesla’s lone U.S. car-assembly plant in California.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BEIJING/TOKYO (Reuters) - U.S. electric carmaker Tesla Inc plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday. The move comes after its Japanese battery partner Panasonic Corp said it would scale down operations at the Nevada factory this week before closing it for 14 days. The factory produces electric motors and battery packs for Tesla's popular Model 3 sedans.
Panasonic Corp said on Saturday it will temporarily suspend production at its battery joint venture with U.S. electric carmaker Tesla Inc in Nevada because of the coronavirus outbreak. The Japanese electronics company, which supplies battery cells for Tesla's electric vehicles, will scale down operations at so-called Gigafactory 1 early next week before closing it for 14 days, Panasonic said in an emailed statement. A Panasonic spokeswoman declined to comment on how the suspension would affect Tesla, which produces battery packs using Panasonic cells at the Nevada plant.
Panasonic is pulling its 3,500 employees from the massive Nevada factory it operates with partner Tesla over concerns about the spread of COVID-19. The company said Friday it will ramp down operations early next week and then close for 14 days. The move only affects Panasonic employees.
Tesla (TSLA) and Panasonic's decision to cease their solar cell partnership for Gigafactory 2 comes as another setback to the already strained relationship between the two firms.
TOKYO/LOS ANGELES (Reuters) - Panasonic Corp said it would exit solar cell production at Tesla Inc's New York plant, the latest sign of strain in a partnership where Panasonic's status as the U.S. electric vehicle (EV) maker's exclusive battery supplier is ending. The move increases uncertainty over Tesla's solar business which is already under scrutiny, having been drastically scaled back since the U.S. firm bought it for $2.6 billion in 2016. Tesla has informed New York that Panasonic's withdrawal "has no bearing on Tesla's current operations", the state said in a statement.
The latest surge was partly fuelled by Panasonic Corp saying on Monday its automotive battery venture with Tesla was in the black for the first time. "Investors are now starting to believe that Tesla can make mass-volume electric vehicles, and automakers, battery makers and suppliers can make money from EVs," said Cho Hyun-ryul, analyst at Samsung Securities. Short interest in Tesla stood at 13.8% as of Jan. 30, according to Refinitiv data.
U.S. stocks climbed on Monday as gains in Amazon and Nike as well as a surprise rebound in U.S. factory activity helped markets attempt a recovery from steep weekly losses due to concerns about the coronavirus epidemic. ISM data showed the manufacturing sector expanded in January after five straight months of contraction, indicating that a prolonged slump in business investment has probably bottomed out.
TOKYO/SAN FRANCISCO (Reuters) - Tesla Inc's stock surged 20% on Monday in its largest one-day gain since 2013, fuelled by a quarterly profit at Panasonic's battery business with the U.S. car maker and an investor report predicting its shares would rise more than ten-fold by 2024. Shares of Tesla have rallied by over 30% since the car maker run by Chief Executive Elon Musk posted its second consecutive quarterly profit last Wednesday, which was viewed as a milestone for the company competing against established heavyweights including General Motors Co and BMW . The stock is up over 300% since early June, helped by Tesla's better-than-expected financial results and ramped up production at its new car factory in Shanghai.
Toyota Motor Corp and Panasonic Corp have agreed to set up a joint venture that will begin developing electric vehicle (EV) batteries from April, as the Japanese companies gear up for an expected surge in demand. The new company, called Prime Planet Energy and Solutions, will develop prismatic - or square-shaped - batteries that will be available to any automaker, the two companies said in a statement on Monday. It will begin operations on April 1 with more than 5,000 employees, with Toyota owning 51% and Panasonic holding the remainder, the pair said.
(Bloomberg) -- HP Inc. was awarded $439 million in damages against Quanta Storage Inc. and its U.S. subsidiary after a federal judge tripled a jury’s 2019 award for damages caused by a widespread scheme to inflate the price of optical disk drives.In October, a Houston jury ordered Quanta to pay HP $176 million in damages. U.S. District Judge David Hittner said Friday that Quanta hadn’t shown any reason why the jury’s findings should be set aside. He tripled the damages award, as authorized under antitrust law, to $528 million before deducting the $89 million in settlements paid by the other companies HP accused of participating in the price-fixing scheme.Other disk-drive makers like Hitachi-LG, Sony and Panasonic settled with HP over the past decade. Only Taiwan-based Quanta chose to go to trial.Andrew Lusby, an attorney for Quanta, said Friday the company was not commenting at this time on the tripled damages. The company had argued to Hittner that tripling damages would violate constitutional prohibitions on excessive punitive damages. But the judge rejected that argument, pointing out that antitrust law allows for tripling awards as compensatory rather than punitive damages.“HP hopes this judgment sends a powerful message to suppliers all over the world that there are significant consequences when you violate US antitrust laws,” Alex B. Roberts, HP’s lawyer, said in an email after Hittner ruled.The case is Hewlett-Packard Co. v Quanta Storage, 4:18-762, U.S. District Court, Southern District of Texas (Houston).To contact the reporter on this story: Laurel Calkins in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Anthony LinFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Tesla losing a big partner. Panasonic said Wednesday it's withdrawing from its deal with Tesla to produce solar cells at a plant in Buffalo, New York. The Japanese electronics company said it'll stop production in May and exit the factory by September. Panasonic employs about 380 of the more than 1500 workers at the plant. It said Tesla hopes to hire many of those workers for its operations in Buffalo. The Wall Street Journal reports Tesla told New York officials it'll keep producing solar panels there. The move is another sign of Tesla's fraying relationship with its Japanese partner. Panasonic status as the electric vehicle maker's exclusive automotive battery supplier is ending, and Tesla is set to diversify its battery supplies with other Asian companies. Panasonic said it'll keep producing batteries with Tesla at its joint venture plant in Nevada. Panasonic's exit from the Buffalo factory also increases uncertainty over Tesla's solar business. It had initially planned to sell the cells it makes there to Tesla for the so-called Solar Roof that resembles regular roof tiles. But it ships most of those cells to overseas customers because demand from Tesla has been low. Tesla has been scaling back its solar business since it bought it three years ago. Tesla shares lost ground at the open Wednesday despite the bounce in the broader market.