Tag Archives: aapl

Google Inks Driverless Car Pact With Fiat Chrysler

Alphabet ’s ( GOOGL ) Google and Fiat Chrysler Automobiles ( FCAU ) have inked a deal to collaborate, with Fiat Chrysler putting Google’s self-driving car technology into 100 of its Pacifica minivans, the companies announced Tuesday afternoon. The Google Self-Driving Car Project and FCA called it a first-of-its-kind collaboration  that will expand Google’s existing self-driving test program. This marks the first time that Google has worked directly with an automaker to integrate its self-driving system, including its sensors and software, into a passenger vehicle, the companies said. The Chrysler Pacifica Hybrid minivans will be used later this year for Google’s self-driving testing, more than doubling Google’s current fleet of self-driving test vehicles, according to the press release. The said both companies will co-locate part of their engineering teams at a facility in southeastern Michigan to accelerate the design, testing and manufacturing of the self-driving Chrysler Pacifica.   The agreement, reportedly non-exclusive, had been expected. Speculation over a Google-Fiat Chrysler deal  had surfaced late last month. Google had earlier been in negotiations with General Motors ( GM ), but those talks reportedly stalled. GM has invested in Lyft as part of an alliance that involves autonomous efforts with the ride-hailing service. Other companies in the autonomous car race include Tesla Motors ( TSLA ), Apple ( AAPL ), Toyota ( TM ) and Ford ( F ). Apple has yet to confirm any car plans, though its intentions are seen as an open secret. In April, the company hired Chris Porritt, who had been Tesla’s vice president of vehicle engineering. He will work on Titan, Apple’s car project, say reports. A German newspaper last month said a potential Apple partner is Magna Steyr, the world’s largest contract automaker.

Fitbit Q1 Earnings Preview: What You Need To Know

Fitbit ( FIT ) is due for a health checkup late Wednesday and the prognosis for its first-quarter earnings report is looking favorable. But investors got the jitters on the eve of the company’s Q1 report. Fitbit stock fell 6.5% to 17.18 in heavy volume on the stock market today . Fitbit stock has tumbled more than 40% this year as competition has risen and the pace of growth has slowed. Analysts polled by Thomson Reuters expect the maker of wearable fitness devices to earn 2 cents a share excluding items on sales of $443.1 million. On a year-over-year basis, sales would be up 32% if it meets the consensus forecast. That would be down from 92% growth in Q4, 168% in Q3 and 253% in Q2. Fitbit made its IPO last June, pricing shares at 20. For the current quarter, Wall Street is modeling for Fitbit to earn 26 cents a share, up 24%, on sales of $532.8 million, up 33%. Pacific Crest Securities analyst Brad Erickson on Monday reiterated his sector weight, or hold, rating on Fitbit stock. Erickson expects a “beat-and-raise” quarter from Fitbit, but is cautious based on “longer-term views of poor category user trends, a lack of sensor differentiation and a more limited total addressable market.” In the near term, demand appears relatively healthy for the Fitbit Blaze smart fitness watch and the Alta activity tracker, he said. Fitbit also has stocked the retail channel with Charge HR devices for Mother’s Day sales, he said in a research report. Piper Jaffray analyst Erinn Murphy maintained her neutral rating on Fitbit with a price target of 16. “While data points during the quarter have been positive, with strong Amazon ( AMZN ) trends for the newly launched Alta and Blaze models, we remain on the sidelines behind the second-half weighted earnings (we estimate 70% of earnings lie in 2H) and given the tougher product launch comparisons in 2H,” she said in a report Monday. Mizuho Securities analyst Betty Chen kept her buy rating and price target of 20 on Fitbit stock in a report Monday. “Our recent survey highlights increases in Fitbit ownership as well as planned purchase intent at higher average selling prices,” she said. “Moreover, data indicates increased upgrade intent and attachment rate, with 21% of Fitbit device buyers purchasing at least one additional wristband in the last three months. We believe this bodes well for Fitbit’s long-term growth and margin profile.” Last week, diversified rival Garmin ( GRMN ) said its sales of wearable fitness devices rose 9% year over year in Q1, to $142.4 million, but profit margins declined because of intense competition in the category. Garmin also makes GPS navigation devices for automotive, aviation, marine and outdoor markets. In addition to Fitbit and Garmin, other companies competing in the health-and-fitness wearables sector include Apple ( AAPL ), Jawbone, Microsoft ( MSFT ) and Under Armour ( UA ). RELATED: Fitbit Bolsters China Prospects With E-Commerce Deal

Apple’s Big Losses: Would Tesla Acquisition Stop The Bleeding?

Loading the player… Apple ( AAPL ) is looking to end eight straight sessions of losses in the stock market today . It’s been the stock’s worst losing streak in nearly two decades, sparked by the tech giant’s weak quarterly results, including its first-ever decline in iPhone sales. In those eight days, the stock lost nearly 13% of its value. And in the last 12 sessions, Apple has dropped 16.5%. Apple shares are rising 1.5% in above-average volume Tuesday. In Monday’s session, the stock came within 40 cents of its August low in intraday trade before paring its losses. Apple is now 28% below its 52-week high. Apple CEO Tim Cook appeared on CNBC’s “Mad Money” Monday evening to try to stop the bleeding. Cook briefly talked about the company’s acquisitive nature. But the company has not made a big acquisition in a while. Some experts say Apple should buy Tesla Motors ( TSLA ), as it continues to invest more in its top-secret car project, dubbed Project Titan. Tesla Motors reports quarterly results after the close on Wednesday. Analysts expect the luxury electric car maker’s per-share loss to widen to 57 cents, amid production and Gigafactory investments. Revenue is projected to jump 45% to nearly $1.6 billion. That marks a third straight quarter of faster top-line growth as it ramps up production of the Model X crossover. Tesla is dropping 2.3% in above-average trade and is nearing its 50-day and 200-day lines. Tesla is back below a 239.98 buy point it initially cleared several weeks ago, and is trading 17% below its 52-week high. Meanwhile, Alphabet ( GOOGL )-owned Google and Fiat Chrysler ( FCAU ) are planning several dozen self-driving prototypes in the first phase of a joint effort to create autonomous cars, according to Bloomberg, following similar reports last week. Alphabet is trading below its 200-day line in the wake of a disappointing earnings reports. Alphabet is 12% below its February high, falling fractionally Tuesday. Fiat Chrysler, which reported U.S. April sales on Tuesday, slid 2.4% intraday.