Tag Archives: tsla

After Hours: SolarCity, Gap Crash, Stamps.com, MaxLinear Rise

SolarCity ( SCTY ), Gap ( GPS ), Stamps.com ( STMP ) and  MaxLinear ( MXL ) were among those reporting quarterly earnings or preliminary figures after the close on Monday. SolarCity SolarCity’s per-share loss deepened to $2.56, worse than an expected loss of $2.32. GAAP revenue surged to around $123 million, topping estimates for $109.8 million. But the residential solar-energy systems installer expects a second-quarter loss that was far worse than investors expected. SolarCity cut its full-year installation forecast to 1.0-1.1 gigawatts from 1.25 gigawatts and said first-quarter bookings were weak Shares tumbled 14% in late trading after closing up 3.1% on the stock market today . The company in a Q1 review cut its full-year installation forecast to 1.0-1.1 gigawatts from 1.25 gigawatts and said first-quarter bookings were weak. The company, whose chairman is Tesla ( TSLA ) CEO Elon Musk, also said regulatory decisions, pending or resolved, hindered potential decisions on purchases. Gap Gap expects first-quarter EPS of 31 to 32 cents, below analysts’ consensus for 33 cents after saying that sales fell 6% to $3.44 billion, well below Wall Street’s $3.54 billion target. April same-store sales fell 7%. The struggling apparel retail also said it’s evaluating its Banana Republic and Old Navy chains, mainly outside the U.S. Gap shares plunged 11% in extended trading after closing up 0.7% at 21.81. Gap will report full Q1 results on May 19. Stamps.com Stamps.com earned $1.72 a share in its Q1, up 139% vs. a year earlier. Revenue rose 86% to $81.8 million. Wall Street had expected EPS of $1.06 on revenue of $65.61 million. Stamps.com now sees full-year EPS of $6-6.50 and revenue of $310 million-$330 million. Analysts had forecast EPS $5.28 and revenue of $301.8 million. Stamps.com stock leapt 17% in late trading. Shares closed up 4.7% to 88.34, trying to break a 2-month downtrend since hitting a record high of 123.75 on May 4. MaxLinear MaxLinear ( MXL ) stock rose late Monday after the wireless chipmaker reported strong first quarter earnings growth and said it will buy the wireless infrastructure backhaul business of Broadcom ( AVGO ) for $80 million. On April 28, MaxLinear announced that it had bought assets related to Microsemi’s ( MSCC ) wireless business, which was previously part of PMC-Sierra, for $21 million plus some assumed liability. MaxLinear’s Q1 EPS minus one-time items shot up to 45 cents vs. 9 cents a share in the same quarter a year ago, beating analyst estimates by 2 cents. Revenue grew 190% to $102.7 million, edging views for $102.2 million, partly on strong early ramp sale of its high-speed optical interconnect products. MaxLinear shares rose 3% late.  

Tesla Analysts Hike Price Targets, But Production Ambitions Weigh

Shares of Tesla Motors ( TSLA ) were down at a seven-week low Thursday morning after the electric car maker’s late-Wednesday Q1 earnings report, despite getting at least two price-target hikes from analysts. Tesla  reported in-line revenue and a slightly smaller loss than expected for Q1, but the main topic of discussion on the conference call with analysts was the upcoming launch of the Model 3 economy sedan and Tesla’s announcement that it’s moving its 500,000-vehicle production target up by two years, to 2018. The latter led to significant hikes in spending guidance for the back half of this year. Tesla, though, has had production issues with its main product, the Model S, and with its new Model X SUV. Tesla CEO Elon Musk, speaking on the company’s earnings conference call late Wednesday, said the target date for volume production of the Model 3 is July 1, but at the same time he admitted that it’s an “impossible date,” given how many components have to be lined up for production to start. IBD Take: What to make of Tesla’s up-and-down stock? IBD Stock Checkup can help. “Nonetheless, we need to, both internally and with suppliers, take that date seriously, and there need to be some penalties for anyone, internally or externally, who does not meet that time frame,” Musk said. Musk also admonished Wall Street not to compare production of the Model 3 to the troubled production of the Model X SUV, saying, “It’s always tempting for people to reason by analogy instead of first principles.” Goldman Sachs analyst Patrick Archambault, however, wrote in a research note that Model X production is still an overhang. “Although management disagrees, we think that the Model X will be viewed as a litmus test for Tesla’s manufacturing capability and that the back-end-loaded nature of the delivery guidance — requiring quarterly production of 25,000 units in Q3/Q4 (15,510 in Q1 2016) — does leave some near-term execution risk,” Archambault wrote. Nonetheless, Archambault added that “the disruptive case has unquestionably increased in likelihood — which recently led us to raise our upside case probability to 35% from 25%.” He raised his price target on Tesla stock to 250 from 245, while keeping a neutral rating. Robert W. Baird analyst Ben Kallo raised his price target to 338 from 330 and maintained an outperform rating. On the call, Musk also said that despite Wednesday’s news reports to the contrary, production chief Greg Reichow isn’t actually leaving the company. Tesla had said that Reichow is taking a “leave of absence,” though it didn’t specify a return date. Tesla stock was down more than 4% in morning trading on the stock market today, near 212.

Tesla Supplier Mobileye Beats On Earnings, Stock Falls

Mobileye ( MBLY ), the provider of advanced driver assistance systems  that includes luxury electric carmaker Tesla Motors ( TSLA ) as a customer, reported better-than-expected first-quarter earnings Thursday. Mobileye reported revenue of $75.2 million, up 65% year over year and topping the consensus estimate of $73.3 million, but it was the second quarter in a row of revenue deceleration. The Jerusalem-based company reported adjusted earnings of 15 cents a share, a penny above the consensus estimate as polled by Thomson Reuters and up 88% year over year. Mobileye stock was down 5.5%, near 34.55 during morning trading in the stock market today . The stock is up 47% since hitting an all-time low of 23.57 on Feb. 9. “Our first-quarter results highlight consistently solid performance on the current business and continued investment into recently-announced innovative technologies,” said Chief Executive Ziv Aviram, in a statement with the earnings release. “Our EyeQ4 chip is achieving excellent performance ahead of its official launch on already sourced programs for 2018, while we are in advanced development of our fifth generation EyeQ chip planned to be launched in 2020.” Mobileye said EyeQ chip volume increased 62% year over year. Tesla, General Motors ( GM ), Ford Motor ( F ) and other automakers, along with tech giants like Alphabet-owned Google are racing to develop autonomous, self-driving car technology. Mobileye’s backup cameras and other high-tech gear are seen as key to such systems. According to one news report , Tesla Chief Executive Elon Musk was at Mobileye’s headquarters last month. Musk allegedly viewed demonstrations of new Mobileye technology out in the field. Tesla reported a first-quarter loss that was smaller than expected. But the big news was that Tesla plans to hit its annualized production target of 500,000 vehicles by 2018, two years earlier than previously planned.