1.TESLA:- Tesla will on Tuesday deliver to customers the first 30 Model Y cars made at its 5 billion euro ($5.5 billion) Gruenheide plant, launching its first European production hub that is the biggest investment in a German car factory in recent history.
Chief Executive Elon Musk arrived in Berlin on Monday for the event, tweeting: “Excited to hand over the first production cars made by Giga Berlin-Brandenburg tomorrow!”
The chosen clients will receive the Model Y Performance configuration, a vehicle costing 63,990 euros with a 514 km (320 miles) range, Tesla (NASDAQ: TSLA) said, adding new orders from the plant could be delivered from April.
German Chancellor Olaf Scholz will attend the event that Musk had hoped would happen eight months ago. Even so, local authorities said it had still been completed relatively swiftly.
“Some people didn’t trust Germany could do this,” regional finance minister Joerg Steinbach said on rbb radio on Tuesday. “We showed the world.”
More than 3,000 of the plant’s expected 12,000 workers have been hired so far, Tesla said on Tuesday.
The delay in licensing the plant meant Tesla had to service earlier European orders from its Shanghai factory, driving up logistics costs.
2.TOSHIBA: Japan’s troubled Toshiba Corp is going into Thursday’s critical shareholder vote on its plan to spin-off its devices business with very long odds.
Its top three shareholders – Effissimo Capital Management, 3D Investment Partners and Farallon Capital Management – all activist shareholders with which Toshiba management has had a contentious history – oppose the plan as do proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis.
Also on the table is a proposal from Singapore-based 3D calling for management to solicit buyout offers from private equity – a motion that has the support of Effissimo, Farallon as well as Glass Lewis but, perhaps significantly, not ISS.
Each proposal needs 50% of the vote to pass.
Whatever the outcome, Thursday’s vote represents another major battle in a four-year scandal-filled war being waged between the 146-year-old conglomerate and activist shareholders over the direction of the company.
Toshiba management argues a spin-off is the best way to maximise shareholder value. Sources familiar with the matter have also said Toshiba hopes the plan would lift its share price to the point where activist shareholders would be enticed to leave.
Toshiba has rejected calls to seek a private equity buyout, arguing that potential offers suggested so far were insufficiently compelling and would raise concerns about the impact on its business and staff retention.
But opposition to Toshiba’s plans was widespread as well as vocal, and at present, activist shareholders appear to have a lot of momentum on their side.
3.NIKE:-Nike are up more than 5.5% in premarket trading Tuesday after the company reported better-than-expected revenue for the fiscal third quarter.
Nike reported FQ3 revenue of $10.87 billion, up 5% YoY and above the consensus estimates of $10.61. The company reported an FQ3 EPS of 87c, down from 90c in the year-ago period and beating the analyst expectations of 72c per share.
North America revenue came in at $3.88 billion, up 8.9% YoY, topping the analyst consensus of $3.84 billion. Greater China revenue hit $2.16 billion, down 5.2% YoY and above the consensus projection of $2.09 billion.
Gross margin stood at 46.6% in the period, up from 45.6% in the year-ago quarter and in line with analyst estimates of 46.5%.
Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies, said Matthew Friend, CFO of Nike.
Morgan Stanley analyst Kimberly Greenberger reiterated an Overweight rating and a $192.00 per share price target on NKE after a high quality beat.
However, the analyst is cautious as underlying demand trends likely remain clouded until Summer, pushing out the re-rating catalyst.
4.APPLE:A federal judge on Monday said Apple Inc must face a Silicon Valley company’s claims it illegally monopolized the U.S. market for heart rate monitoring apps for its Apple Watch.
U.S. District Judge Jeffrey White said AliveCor Inc, whose SmartRhythm app alerts users to irregular heartbeats, could try to prove that Apple violated federal antitrust law based on its alleged “complete control” over the market for such apps.
“AliveCor alleges that Apple made changes to the heart rate algorithm that made it effectively impossible for third parties to inform a user when to take an ECG,” or electrocardiogram, White wrote. “Plaintiff’s allegations plausibly establish that Apple’s conduct was anticompetitive.”
5.BOEING:-A China Eastern Airlines Boeing 737-800 with 132 people on board crashed in mountains in southern China on Monday after a sudden plunge from cruising altitude at about the time when it would normally start to descend ahead of its landing.
Media said there were no signs of survivors on the domestic flight.
The airline said it deeply mourned the passengers and crew, without specifying how many people had been killed on the jet, an earlier model to the 737 MAX with a strong safety record.
Boeing said it was ready to assist China Eastern and was in contact with U.S. transportation safety regulators over the incident.
Chinese media carried brief highway video footage from a vehicle’s dashcam apparently showing a jet diving to the ground behind trees at an angle of about 35 degrees off vertical. Reuters could not immediately verify the footage.
Flight MU5735 was en route from the southwestern city of Kunming, capital of Yunnan province, to Guangzhou, capital of Guangdong, bordering Hong Kong, when it crashed.