Month: September 2020

(Bloomberg) — Tesla Inc. plans to ship cars made at its Shanghai Gigafactory to other markets in Asia and Europe, according to people familiar with the matter.China-built Tesla Model 3s intended for delivery outside the country will likely start mass production in the fourth quarter, the people said, asking not to be identified because the details are private. They said the markets targeted include Singapore, Australia, New Zealand, as well as Europe, where customers currently have to wait for a Tesla to be delivered from the U.S. Shipments could start as soon as the end of this year, or early …read more […]

Dave & Buster’s Entertainment reported lower-than-expected 2Q revenues. Its top-line plunged 85% to $50.8 million year-on-year and missed analysts’ expectations of $80.9 million. Shares of the restaurant and entertainment business operator fell 1.8% in the extended trading session on Thursday.Dave & Buster’s (PLAY) reported a net loss of $1.24 per share compared with the year-ago quarter’s earnings per share of $0.90. However, the quarterly loss was smaller than the Street consensus of $1.39. Dave & Buster’s 2Q performance reflects the negative impact of COVID-19 pandemic-led restrictions on store openings, the company said.Looking ahead, the company is optimistic about its business …read more […]

Chewy saw its 2Q revenues soar 47% to $1.70 billion year-over-year, as the pet product retailer managed to attract demand during the pandemic. The company’s quarterly sales surpassed analysts’ expectations of $1.64 billion.Despite upbeat 2Q performance, shares of Chewy fell 2.7% in the extended trading session on Thursday. According to a CNBC report, investors were unimpressed with the company’s lower-than-expected net sales per active customer data. Net sales per active customer amounted to $356 in the reported quarter while analysts were expecting $365. (See CHWY stock analysis on TipRanks).Chewy (CHWY) posted an adjusted EPS of $0.01, which compared favorably with …read more […]

(Bloomberg Opinion) — Thanks to Brexit and a dearth of racy, homegrown tech companies, the U.K. stock market has gone pretty much nowhere over the past five years. By comparison, an investor who bought an S&P 500 Index fund and reinvested dividends would have almost doubled their money.(2)Happily, there’s a British company whose stock market performance has done miles better than that, outstripping even Amazon.com Inc. and Tesla Inc. Remarkably, the core of this business is unashamedly analogue, not digital.I’m talking about Games Workshop Group Plc, the Nottingham-based manufacturer of tabletop, post-apocalyptic fantasy game Warhammer 40,000. Surprisingly high quarterly sales …read more […]

Netflix, amid a backlash over the sexualized portrayal of children in recently released drama “Cuties,” is encouraging critics to watch the movie — which it says makes a statement about pressures young girls face in conforming to societal role models of female sexuality. The movie, which is rated “TV-MA” for language, centers on Amy, an […] …read more […]

Tesla shares peaked just after the stock split, and the initial breakdown is underway. I don’t foresee a bottom until prices drop below $75.00 in 2021. …read more […]

(Bloomberg) — ByteDance Ltd., the Chinese owner of video-sharing app TikTok, is planning to make Singapore its beachhead for the rest of Asia as part of its global expansion, according to people familiar with the matter.The Beijing-based company is looking to spend several billion dollars and add hundreds of jobs over the next three years in the city-state, where it has applied for a license to operate a digital bank, said the people, who asked not to be identified because of confidentiality. The investment would come at a crucial time as the technology firm is forced to sell TikTok operations …read more […]

(Bloomberg Opinion) — An explosion that destroyed a 46,000-year-old sacred Aboriginal site on a Rio Tinto Group iron-ore mine in May has now ripped through the top ranks of the company.Chief Executive Officer Jean-Sebastien Jacques, iron-ore boss Chris Salisbury, and corporate-relations executive Simone Niven will all leave the company, Rio Tinto announced Friday.It’s an overdue sign that the board is finally getting to grips with the issue, after seemingly thinking they had solved it with a review and the scrapping of bonuses last month. The company had to “move on” if the three executives didn’t have the confidence of “critical …read more […]

(Bloomberg) — Turkey has a new plan to coax gold to its financial system after previous efforts barely made a dent in a so-called under-the-mattress stash valued at about 40% of gross domestic product.The Turkish Treasury and the Istanbul Gold Refinery will let selected jewelers collect gold from citizens and deposit it at state banks. A major difference under the new regulations is that customers would be able to withdraw physical gold, according to Aysen Esen, the refiner’s chief executive officer.Previous attempts to get gold into the system have largely failed. Some 100 tons have been pulled into lenders’ gold …read more […]

Subordinate voting shares to begin trading on the New York Stock ExchangeMONTREAL, Sept. 10, 2020 /CNW Telbec/ – Lightspeed POS Inc. …read more […]

(Bloomberg) — President Donald Trump said he won’t extend his Sept. 15 deadline for ByteDance Ltd. to sell the U.S. operations of its popular TikTok video-sharing app.“We’ll either close up TikTok in this country for security reasons, or it will be sold,” Trump told reporters Thursday before boarding the presidential aircraft for a campaign trip to Michigan. “There will be no extension of the TikTok deadline.”Administration officials had been considering whether to give more time to TikTok’s Chinese owner to arrange a sale of the app’s U.S. operations to an American buyer, though a decision hadn’t yet been presented to …read more […]

(Bloomberg Opinion) — Mukesh Ambani has joined the league of world’s richest with the help of a simple formula: assembling admirers for $2 businesses. First he got Facebook Inc. and Google to back his fledgling digital ambitions, and now he may be trying to entice Amazon.com Inc. into his retail venture, already India’s largest.In four years, the Indian billionaire has amassed roughly 400 million customers for his mobile data business. What does Ambani eke out from each of them? Less than $2 a month. The chump change didn’t deter Facebook and Google’s parent, Alphabet Inc. Together with marquee private …read more […]

KOMO News Radio in Seattle reported the issue involved the vertical tail fin on the 787, citing federal records, and could affect 680 airplanes. Asked about the latest issue, the Federal Aviation Administration reiterated on Thursday it “is investigating manufacturing flaws affecting certain Boeing 787 jetliners” but had made no decisions whether to issue new airworthiness directives. Boeing said in a statement the newly reported “issue was found in late 2019” and had been addressed in production. …read more […]

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The leaders of some of Corporate America’s largest companies urged Mayor Bill de Blasio to take “immediate action” to address New York City’s deteriorating quality-of-life issues. …read more […]