Midday movers: Uber, Spotify and more

Norway union to join Tesla (TSLA) blockade

Fellesforbundet, Norways largest private sector labour union revealed Wednesday that, starting this month, the union will start blocking transit shipments of Tesla (NASDAQ: TSLA) cars meant for the Swedish market. The act is part of a growing Nordic movement to support striking mechanics in Sweden.

IF Metall, the leading Swedish union, initiated industrial... More

Deutche Bank releases their top auto picks for 2024

Deutsche Bank recently unveiled its top selections in the automotive sector for 2024, reflecting a mixed year with positive strides and persistent challenges. Despite the positive momentum in volume recovery and encouraging trends in EV adoption, the industry faced hurdles such as the enduring impact of a lengthy UAW strike and fluctuating EV adoption rates due to pricing uncertainties and tax credit fluctuations.

The analysts at Deutsche Bank are cautious about the upcoming year, citing uncertainties in the economic outlook for both Europe and the US. They anticipate a scenario where global automotive volumes either plateau or decline, offering... More

Elon Musk suggests Cybertruck impact may not be felt until 2025

Elon Musk, the CEO of Tesla, detailed his projections regarding the impact of the Tesla (NASDAQ: TSLA) Cybertruck on the company's financial outlook.

After four years since its initial unveiling, Tesla managed to begin deliveries of the Cybertruck last week, albeit in limited quantities.

With just a few units delivered, Tesla continues to strive towards optimizing its production methods for the Cybertruck. Achieving... More

Citi Out Positive on Apple (AAPL)

Citi analyst Atif Malik reiterated a Buy rating and $230.00 price target on Apple (NASDAQ: AAPL)

The analyst comments "Hon Hai released Nov revenue before the market open on Dec 5 with +18% Y/Y growth, mainly contributed by the Smart Consumer Electronics... More

BofA notes 'promising' signs for Apple (AAPL) as App Store revenue rises

Apple (NASDAQ: AAPL) App Store revenue increased 11.3% year-on-year in F1Q24, according to BofA analyst Wamsi Mohan in a note Tuesday.

Apple shares are up around 2% at the time of writing, trading above the $193 per share mark.

"As per SensorTower... More

Coinbase (COIN) price target raised at Needham & Company as bitcoin cycle still in early innings

Needham & Company raised its price target for Coinbase (NASDAQ: COIN) to $160 from $120 per share in a note Tuesday, maintaining a Buy rating on the stock.

Analyst John Todaro said that retail crypto metrics indicate the gains are still in their early innings.... More

China releases safety guidelines for autonomous public vehicles

China released safety protocols on Tuesday governing the deployment of self-driving vehicles in public transportation, marking another step in readiness for the growing integration of autonomous cars.

The guidelines cover self-driving vehicles designated for transporting passengers, such as taxis, and those involved in freight transportation, as highlighted by the Ministry of Transport's official statement.

They specifically address... More

GM’s Cruise faces $1.5M fine for 'misleading' commission over vehicle accident

The Cruise robotaxi division of General Motors (NYSE: GM) is facing potential fines totaling $1.5 million, as well as further penalties, or not revealing specifics of an October 2 accident.

In this incident, a pedestrian was dragged by a robotaxi for 20 feet after being hit by another vehicle, a California agency said.

Separately, GM's CEO Mary Barra mentioned on Monday that the company's external examination of Cruise's safety measures... More

Tesla (TSLA) faces union opposition in Denmark

The largest union in Denmark has pledged its backing to Swedish mechanics engaged in a strike against Tesla.

Members of the Danish 3F union, including harbor workers and drivers, intend to halt the unloading of vehicles bound for Sweden at Danish ports and cease transporting them to Sweden for approximately two weeks. This move aims to impede Tesla from bypassing a blockade in Sweden that has persisted... More

Who should buy Renault?

Purchasing Renault at its 10 billion market cap would essentially pay for itself. With the company boasting 7 billion in net cash and a Nissan stake valued at 6.6 billion, these assets alone exceed what any potential buyer would require to justify the current market price.

Comparatively, both Stellantis (NYSE: STLA) and Volkswagen hold reserves far exceeding the value of Renault on their balance sheets. In fact, Renault itself possesses enough financial power to buy itself and transition into a private entity. This situation highlights two critical concerns: firstly, the underestimation of long-term risks in the automotive... More

Spotify (SPOT) PT Raised to $220 at JPMorgan

JPMorgan analyst Doug Anmuth raised the price target on Spotify (NYSE: SPOT) to $220.00 (from $205.00) while maintaining a Overweight rating.

The analyst comments "Spotify announced today that it is reducing headcount by 17% (~1,550 employees), the third wave of reductions this year (~600 employees in January & ~200 in June). We believe the reductions are broad-based across the company, including areas such as engineering, business units, and G&A roles. To account for related severance and additional real estate... More

Spotify (SPOT) Mentioned Positively at Evercore

Evercore ISI analyst Mark Mahaney reiterated an Outperform rating and $200.00 price target on Spotify (NYSE: SPOT)

The analyst comments "Our View: In something of a surprise, Spotify announced this morning a 17% RIF (Reduction in Force), impacting approximately 1,500 of its employees. This is now the 3rd significant cost action Spotify has taken in the... More

Roth/MKM Comments on Alaska Air Group (ALK) and Hawaiian Holdings (HA)

Roth/MKM Comments on Alaska Air Group (NYSE: ALK) and Hawaiian Holdings (NASDAQ: HA).

The analyst comments "While the transaction initially appears less problematic in some ways relative to the pending Spirit/JetBlue combination, as the deal... More

Keybanc Comments on Virgin Galactic Holdings (SPCE)

Keybanc Comments on Virgin Galactic Holdings (NYSE: SPCE)

The analyst Michael Leshock comments "Following a Financial Times interview with Richard Branson published on Sunday in which he ruled out further investment in SPCE, shares are down >15% today as of the time of this writing.... More

Mizuho upgrades GM to Buy following cost cuts and a production reset

Mizuho upgraded General Motors (NYSE: GM) to a Buy rating (From Neutral) and raised their 12-month price target on the stock to $42.00 (From $38.00) as sentiment on the Detroit automaker is at a low point given a weak consumer, 25% UAW wage hikes, Cruise and EV... More