|Bid||696.64 x 2200|
|Ask||696.88 x 800|
|Day's range||683.61 - 737.20|
|52-week range||70.10 - 900.40|
|Beta (5Y monthly)||2.09|
|PE ratio (TTM)||1,080.56|
|Earnings date||27 Apr 2021 - 03 May 2021|
|Forward dividend & yield||N/A (N/A)|
|1y target est||610.34|
QuantumScape founder Jagdeep Singh chats with Yahoo Finance Live on what his company has on tap this year.
(Bloomberg) -- The rout in popular technology shares accelerated after the 10-year Treasury rate spiked as much as 23 points, fueling worry that the Federal Reserve will be forced to raise interest rates.Tesla Inc. dropped as much as 7.9% to erase its 2021 gains. The Ark Innovation ETF pushed its four-day rout past 16%. Peloton Interactive Inc. cratered 20% in the same time. Zoom Video Communications Inc. is on its longest-ever losing streak and at a two-month low.After a weak seven-year note auction sent the 10-year rate past 1.5% for the first time in a year, the carnage spread rapidly among the stay-at-home darlings that drove 2020’s historic stock rebound. For the likes of Tesla, Zoom and other pandemic winners that notched triple-digit gains last year, anxiety is mounting that the group won’t be able to justify elevated valuations if borrowing costs remain elevated.“It all has to do with the rise in long-term rates,” said Matt Maley, chief market strategist at Miller Tabak + Co. “Since higher rates are negative for techs, it’s having a bigger impact on them. Also, higher rates have a bigger impact on the names that have seen the biggest moves.”The rate spike also raises the specter that the economy is cooking so hot that the Fed may be forced to raise rates to cool it. The equity selloff was widespread. The Nasdaq 100 Index sank 3.7%, the most since October. Small caps in the Russell 2000 also plunged more than 3%. The S&P 500 Index was down 2% as of 1:49 p.m. in New York.Vaccine rollouts and a likely federal spending bill prompted economists up and down Wall Street to ratchet up their 2021 growth forecasts, fueling inflation worries. While strong economic growth is generally positive for stocks, if rates rise too quickly, it can spook investors.“The trajectory of the increase is giving some equity investors pause about what if yields keep going up at this rate,” David Donabedian, chief investment officer at CIBC Private Wealth, said in a phone interview.As the 10-year yield began to spike, equity traders rushed to the exits. A net of 1,739 stocks were on a down tick at one point, the second-biggest bout of coordinated selling of the year.“It’s pretty ugly,” said Mike Bailey, director of research at FBB Capital Partners. “We are seeing another correction fitting with a pattern we saw in September and October. My sense is we are in the latter innings of this third beat-down for big tech.”(Updates prices throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Tesla Inc. told workers it will temporarily halt some production at its car-assembly plant in California for about two weeks, according to a person familiar with the matter.Staff on a Model 3 production line in Fremont were told their line would be down from Feb. 22 until March 7, though some Model 3 employees were back in the factory Feb. 24, said the person, who asked not to be identified because the information is private.Tesla is battling supply-chain issues due to backlogs at ports and severe snow storms affecting ground transport, according to another person familiar with the matter. Representatives for the Palo Alto, California-based electric-car maker didn’t respond to messages seeking comment.While production-line outages aren’t unusual for automakers, they cost the companies revenue. Tesla has said capacity issues at ports and semiconductor shortages are affecting its supply chain. Chief Finance Officer Zach Kirkhorn said on an earnings call last month the company is working to manage the disruptions, saying they “may have a temporary impact.”“We are not overly concerned this supply chain/factory disruption changes the overall delivery trajectory for 1Q and 2021,” Dan Ives, a Wedbush Securities analyst with a neutral rating on Tesla’s stock, wrote in a research note published Thursday.Tesla shares pared a drop of as much as 6.3% to trade down 5.2% to $703.52 as of 12:18 p.m. in New York.The California plant is still the most important part of Tesla’s vehicle-production base, with capacity to make an estimated 600,000 vehicles a year.The affected workers were told they would be paid for Feb. 22 and Feb. 23 and not paid for Feb. 28, March 1, 2 and 3. They were advised to take vacation time, if they had it.Chief Executive Officer Elon Musk also has opened a plant near Shanghai and is constructing facilities outside Berlin and in Texas.Tesla has cut the price of its various models 14 times in markets including China, Japan and France this year, according to GLJ Research LLC founder Gordon Johnson, who has a sell rating on the stock.“When considering Tesla had excess inventory in the fourth quarter of 2020, and has never been able to sell-out its production capacity, we see the company as currently demand constrained, rather than production constrained,” Johnson wrote in a note earlier this week.(Updates with production line status reporting from second paragraph; Adds analyst comment in fifth paragraph and updates shares.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.