Jumat, 22 November 2019

Tesla unveils the Cybertruck, its 'bulletproof' electric pickup - CNN

When the truck initially drove onto the stage, many in the crowd clearly couldn't believe that this was actually the vehicle they'd come to see. The Cybertruck looks like a large metal trapezoid on wheels, more like an art piece than a truck.
The Tesla Cybertruck's bed has a roll-down cover and a built-in ramp in the tailgate.
Instead of a distinctly separate cab and bed, the body appears to be a single form. The exterior is made from a newly developed stainless steel alloy, Musk said, the same metal that's used for SpaceX rockets. That alloy enables the car to be "literally bulletproof" against, at least, smaller firearms, including a 9 millimeter handgun, Musk said.
A man with a sledgehammer hit the sides of the truck without damaging it. But a demonstration of the truck's supposedly unbreakable metal glass windows backfired when a metal ball thrown at the windows did, in fact, break them.
"But it didn't go through, " Musk sheepishly pointed out.
Tesla CEO Elon Musk stands in front of the shattered windows.

Incredible power at an incredible price

Musk has made striking claims about the truck's capabilities. Among them, he has said the Cybertruck would be more capable, in terms of towing and hauling, than a Ford F-150 and perform as a better sports car than a Porsche 911.
The most expensive version of the truck, the Tri Motor All-Wheel-Drive, will be able to carry 3,500 pounds, tow up to 14,000 pounds and go from zero to 60 in 2.9 seconds. It will also be able to drive up to 500 miles on a full charge. Base models will have a range of 250 miles.
In addition to being able to carry cargo in its bed, the truck will have lockable storage spaces under the hood and in the sides of the bed. The bed itself also has a sliding cover.
The Cybertruck has, supposedly, shartterproof windows.
Another eye-catching feature of the truck is its price. The base version of the truck will start at $39,900. That's only about $10,000 more the price of a base model Ford F-150, which starts at about $30,000. But it would compete well with the cost of a nicely equipped F-150. An F-150 Lariat Super Cab, for instance, starts at about $44,000.
Prices for the top end Tri Motor AWD version of the Cybertruck start at $69,900.
Among the options buyers will be able to choose from will be Tesla's "self-driving" option for $7,000. (The truck should be able to drive itself once the software for that becomes available.) Drivers will also be able to adjust the ride height of the truck, for when they are on the highway or off-road, using an adaptive air suspension system. That will come as a standard feature.
Musk had one final surprise as the presentation was wrapping up.
"Oh, yeah," he said. "We also made an ATV."
With that, a rider came out from a side room on a small electric all-terrain vehicle. He flipped down the truck's tailgate, extended a built in ramp, and rode it up into the bed.
Tesla's new electric truck won't be without some stiff competition. It's going up against the two market leaders in full-size trucks in America. Ford is developing its own electric F-series truck, while General Motors, which makes Chevrolet and GMC pickups, also has its own electric pickups in the works. Earlier Thursday, GM CEO Mary Barra said the auto maker expects to begin selling its electric pickup in the fall of 2021.
Tesla is also now up against another Michigan-based competitor, Rivian, a start up that plans to begin selling its own electric pickup next year. The company counts Amazon and Ford as major investors. Rvian founder, R.J. Scaringe, ranked third on this year's just-released Motor Trend Power List, a largely subjective ranking of relative auto industry mojo. Musk ranked 24th. Rivian's trucks will cost tens of thousands of dollars more then Tesla's, but they will look far more like trucks.

'A niche product at best'

The market potential for Tesla's truck remains somewhat of a mystery. There has, to date, been little overlap between full-size pickup truck buyers and Tesla buyers. For instance, Teslas and other electric cars sell well on America's coasts while large pickups sell best in the Midwest.
Also, Tesla's Cybertruck looks nothing like a traditional pickup. Truck buyers may want to stand out, but it's unclear they'll be comfortable with standing out quite so much.
"It will be a niche product at best and poses no threat in the pickup market as we know it today. The other downside is that this truck will have no federal tax credits by the time it comes out," said Matt DeLorenzo, senior executive editor at Kelley Blue Book.
Musk has said in the past that the pickup is something of a personal pet project and he doesn't care much if few people actually want to buy it.
The Tesla Cybertruck doesn't have a seperate body and frame, like most trucks. Instead, it's strength comes from its metal skin, Elon Musk said.
Chelsea Sexton, an analyst who covers the electric vehicle market, said she doesn't believe the truck Musk showed is very close to the final production vehicle.
"From a specification standpoint, I believe that's probably what they're aiming for but, no question, that body style that is not a high volume product," she said.
Production will begin in late 2021, with production of the Tri Motor AWD version of the Cybertruck beginning a year later, according to Tesla.

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2019-11-22 09:35:00Z
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Kamis, 21 November 2019

Is this what Tesla's Cybertruck electric pickup looks like? - Fox News

The pieces of Tesla’s Cybertruck pickup may be coming together.

The original teaser.

The original teaser. (Tesla)

A member of the CYBRTRK Owners Club fan forum has made a composite of the two teaser images of the upcoming electric truck that have been released so far to create a picture of what it might look like when it debuts on Thursday night.

(CYBRTRK Owners Club.)

Melded together, the shadowy renderings appear to depict the front of a truck with cab-forward layout and a windshield that continues to the bumper in a single plane without a traditional hood. A light bar stretches the full width of the vehicle and its tires and high ground clearance are visible underneath.

Tesla CEO Elon Musk has said the pickup’s design was inspired by the vehicles in the film “Blade Runner” and chose November 2019 to reveal it because that’s when the movie was set. He has also said it looks like an armored personnel carrier from the future, which the CYBRTK image supports.

(CYBRTRK Owners Club)

The forum may have previously discovered a stick drawing of the vehicle hidden in its trademarked logo, the letters of which can be moved around to create an outline of a truck that looks very much like what the teaser composite illustrates.

SEE MORE FROM THE CYBRTRK OWNERS CLUB

The truck’s styling will be confirmed when it rolls onto the stage at SpaceX headquarters in Hawthorne, Calif. Technical details are still secret, but Musk has said it is aimed at delivering both the pickup capabilities of a Ford F-150 and the performance of a Porsche 911 and could have a base price of $49,000 when it goes on sale, likely not before 2021.

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2019-11-21 12:57:57Z
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Charles Schwab is reportedly in talks to buy TD Ameritrade - CNN

The deal — if one happens — would come one month after both companies announced plans to eliminate commissions for most online trades — a move that is great for their customers but left analysts and investors in these stocks wondering how Schwab and TD Ameritrade would make up for the loss in revenue.
Schwab said it would go to zero just a few days after smaller rival Interactive Brokers Group (IBKR) said it was ending commissions. But the decision by Schwab launched an immediate price war, with TD Ameritrade (AMTD), E-Trade (ETFC), Fidelity, Ally Invest (ALLY) and other smaller online brokers all quickly following suit.
The traditional discount brokers have all faced intense competition from Robinhood, a trading app popular with millennials that launched a few years ago with a no commission business model.
Schwab (SCHW) and TD Ameritrade were not immediately available for comment.
Shares of Schwab surged almost 15% in early trading while TD Ameritrade's stock shot up nearly 30%. Interactive Brokers Group's stock rose about 2% but E-Trade's shares were down more than 3%.

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https://www.cnn.com/2019/11/21/investing/charles-schwab-td-ameritrade/index.html

2019-11-21 13:01:00Z
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Macy's shares fall on sales miss, retailer slashes outlook - CNBC

Macy's on Thursday reported its first same-store sales decline in two years, casting blame on warmer weather and weak traffic at some shopping malls.

Because of the poor results, the department store chain also slashed its full-year outlook.

Macy's stock was down more than 6% in premarket trading after plummeting more than 10% following the earnings release.

Here's what Macy's reported for its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: 7 cents vs. breakeven expected
  • Revenue: $5.17 billion vs. $5.32 billion expected
  • Same-store sales: down 3.5%, on an owned plus licensed basis, vs. a drop of 1% expected

CEO Jeff Gennette said the sales deceleration during the quarter was "steeper" than the company had anticipated, due, in part, to a warmer fall, weaker spending by international tourists and "weaker than anticipated performance in lower tier malls."

He said the company also experienced issues, albeit briefly, on its website during the period, "in preparation for the fourth quarter."

Looking to the full year, Macy's is now calling for same-store sales, on an owned plus licensed basis, to be down by 1% to 1.5%. Previously, it was expecting a range of flat to a 1% gain. It said it expects net sales to drop 2.5% to 2%. A prior outlook was calling for net sales to be about flat. Annual adjusted earnings per share are forecast by Macy's to fall within a range of $2.57 to $2.77, down from a prior range of $2.85 to $3.05. Analysts had been calling for $2.80.

Net income during the quarter ended Nov. 2 fell to $2 million, or a penny a share, from $62 million, or 20 cents, a year earlier. Excluding one-time items, Macy's earned 7 cents a share, better than the breakeven consensus in Refinitiv's survey of analysts.

Net sales fell to $5.17 billion from $5.40 billion a year earlier, missing expectations for $5.32 billion.

Sales online and at Macy's owned and licensed stores open for at least 12 months were down 3.5%, worse than the 1% decrease analysts had expected. That also follows seven consecutive quarters of same-store sales gains.

Earlier in the week, Kohl's delivered dismal results that led to a broader sell-off among department store retailers, including Macy's and Nordstrom. Results from big-box retailers Target and Walmart were much brighter.

The group faces increased pressure, as more brands are moving away from wholesale channels, and shopping malls, and trying to sell their merchandise directly to customers.

Some of Macy's initiatives to keep its business fresh include upgrading its mobile app and tiered loyalty program, adding stop-in shops to some Macy's locations for popular brands and getting into the clothing rental and apparel resale businesses, as younger shoppers are favoring the likes of ThredUp, Rent the Runway and Stitch Fix.

Last quarter, however, heavy markdowns used by Macy's during the spring season to clear unsold merchandise weighed terribly on profits. And inventories built up, which Gennette cited as a core "challenge."

During the third quarter, Gennette said Macy's was able to clear out some of that excess inventory, "resulting in significantly improved margin compression versus the first half of the year."

He added that the company has "confidence" in its holiday plans.

Macy's shares, as of Wednesday's market close, were down nearly 50% this year, while the S&P Retail ETF (XRT) was up about 6.5%. Macy's has a market cap of roughly $4.6 billion.

Read the full press release here.

This is a developing story. Please check back for updates.

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https://www.cnbc.com/2019/11/21/macys-m-reports-q3-2019-earnings.html

2019-11-21 11:49:00Z
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Charles Schwab is in talks to buy TD Ameritrade, source says - CNBC

Charles Schwab is in talks to buy TD Ameritrade, a source told CNBC's Becky Quick on Thursday. A deal could be announced as early as Thursday.

Shares of TD Ameritrade soared more than 20% in premarket trading on the report. Schwab's shares rose 7%.

A deal between Schwab and TD Ameritrade would consolidate an industry going through massive disruption. In recent months, all of the major brokerages have announced plans to go to zero commissions.

Schwab was the first of the major players to make the move, eliminating commissions in early October. Schwab's competitors, including Fidelity and TD Ameritrade, were quick to follow.

Calls to Schwab and TD Ameritrade weren't immediately returned.

Schwab's founder and chairman Charles Schwab told CNBC's Bob Pisani last month that consolidation in the retail brokerage industry is a "logical conclusion that will occur."

"Certainty at the right valuation, we would do it, but we are really strong and very independent the way we do things and so if its happens that its appropriate for our shareholders we will do it," Schwab said in response to if Schwab is a possible buyer of another broker. 

Not charging for trades is a boon for consumers, but it's left the brokerages scrambling to find ways to maintain profits. A deal between Schwab and TD Ameritrade would create a behemoth with $5 trillion in combined assets.

Major brokerage firms have been pressured to go to zero fees since 2013 when Silicon Valley start-up Robinhood offered stock trading for free. Since then, Vanguard Group slashed fees on exchange-traded funds trades and J.P. Morgan Chase started its own free trading app. Interactive Brokers also announced a commission-free product called IBKR Lite. Other players include ETrade Financial.

After dropping commissions, Schwab's stock was under pressure as investors worried that the lost commission revenue, which fed about $90 million to $100 million in quarterly revenue, would pressure margins. However, the stock has recovered, bolstered by strong earnings last month that showed client assets reached a record high in the third quarter. Last week, Schwab showed that the free trading is paying off in terms of new client accounts. The broker said it added 142,000 new brokerage accounts in October, 31% more than the number of new clients added in September and a 7% jump from October of last year. The new accounts brought Schwab's client assets to a record $3.85 trillion.

Schwab and TD Ameritrade are the two biggest publicly traded discount brokers. Schwab has a market capitalization of $57.5 billion, and Ameritrade has a $22.4 billion market cap,

Shares of discount brokers rose on hopes for further consolidation in the sector, with Interactive Brokers up 3.3% and E-Trade surging 6.8%.

CNBC's Becky Quick and Terri Cullen contributed to this report.

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https://www.cnbc.com/2019/11/21/charles-schwab-in-talks-to-buy-td-ameritrade-a-deal-could-be-announced-as-early-as-today-source-says.html

2019-11-21 10:38:00Z
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Rabu, 20 November 2019

Target CEO says cost of handling online orders drops 90% when shoppers use same-day options - CNBC

Target's business is booming thanks to the retailer's investments to make it as easy as possible for shoppers to buy things online and get them that same day.

When Target reported quarterly earnings on Wednesday, it said digital sales surged 31%, with its same-day services accounting for 80% of that growth. Those services include a curbside pickup option, same-day delivery via its Shipt network and buy online, pick up in store.

It has been a concern among analysts and investors when retailers, including Walmart, have started selling more online, because those sales are less profitable and require heftier costs to get those orders to customers' homes. Walmart is still losing money online. But Target says it has found a way to slash costs and make money.

"When it's delivered by our stores ... those look a lot more like store economics," CEO Brian Cornell said during an interview on "Squawk Box" with CNBC's Becky Quick.

He said when Target fulfills an online order from the back of its stores versus shipping from a distribution center, "about 40% of the cost goes away." He said when customers order online and pick up at a store, use curbside pickup or select shipping via Shipt, "about 90% of the cost goes away."

"We certainly like that," he said.

Walmart has likewise been adding in-store pickup for grocery orders, which is now available at 3,100 stores.

Arguably, this is the one area where Amazon can't compete at the same size and scale. It doesn't have a network of stores, like Target and Walmart, where shoppers can pick up orders. But it has been adding Amazon lockers to its Whole Foods grocery stores and shopping malls.

Target said Wednesday its net income rose 15.5% to $706 million during the latest period ended Nov. 2, up from $616 million a year earlier.

The company also raised its full-year profit outlook, now expecting full-year adjusted earnings per share to fall within a range of $6.25 to $6.45, compared with a prior estimate of $5.90 to $6.20. Analysts had been calling for earnings per share of $6.18.

Target shares surged more than 10% in premarket trading following its report, putting the stock on pace to open at a record high.

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https://www.cnbc.com/2019/11/20/target-is-cutting-costs-by-90percent-thanks-to-its-same-day-delivery-options.html

2019-11-20 12:10:00Z
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Target shares surge after company crushes earnings and raises forecast - CNBC

Target earnings and sales trounced analysts' estimates, marking a bright spot in retail after weak reports from department store chains J.C. Penney and Kohl's.

The big-box retailer also raised its profit outlook for the full year, ahead of the all-important holiday shopping season.

Its shares surged more than 10% in premarket trading on the news.

CEO Brian Cornell said the results are "further proof of the durability" of Target's investment strategy, as the retailer has an "unmatched suite of easy and convenient fulfillment options."

Here's what Target reported for its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: $1.36, adjusted, vs. $1.19 expected
  • Revenue: $18.67 billion vs. $18.49 billion expected
  • Same-store sales: growth of 4.5% vs. up 3.6% expected

Target now expects full-year adjusted earnings per share to fall within a range of $6.25 to $6.45, compared with a prior estimate of $5.90 to $6.20. Analysts had been calling for earnings per share of $6.18.

Net income during the period ended Nov. 2 grew to $714 million, or $1.39 per share, compared with $622 million, or $1.17 per share, a year ago. Excluding one-time items, Target earned $1.36 per share, beating expectations for $1.19 a share, based on an analyst survey by Refinitiv.

Total revenue grew 4.7% during the quarter to $18.67 billion from $17.82 billion a year earlier, beating expectations for $18.49 billion.

Sales at Target stores open for at least 12 months and online were up 4.5%, better than expected growth of 3.6%.

The company said digital sales surged 31% during the quarter, with its same-day delivery options including buy online, pick up in store and curbside pickup accounting for 80% of digital sales growth.

Target said traffic during the third quarter was up 3.1%. The average transaction amount grew 1.4%.

For the fourth quarter, Target said it expects same-store sales to be up 3% to 4%.

Many analysts have been expecting Target to head into the holiday season with the wind at its back. The company has made investments to refresh its stores, open small-format locations in urban markets like New York and around college campuses, launch in-house brands — including a new grocery line — and add faster delivery options thanks to its Shipt platform for same-day shipments.

Cornell told CNBC's Becky Quick that when Target fulfills an online order from the back of its stores versus shipping from a distribution center, "about 40% of the cost goes away." He said when customers order online and pick up at a store, use curbside pickup or select shipping via Shipt, "about 90% of the cost goes away."

"When it's delivered by our stores ... those look a lot more like store economics," the CEO explained.

Meanwhile, Target has a partnership with Disney to open mini Disney shops in some Target stores. It also has teamed with the parent company of the Toys R Us brand, TRU Kids, to help relaunch and now run ToysRUs.com.

Target said in October it expected to spend $50 million more on payroll during the fourth quarter than it did a year earlier, in order to offer more overtime and increase the number of workers in stores at the busiest hours this holiday season. 2018 was Target's "most successful holiday in more than a decade," according to Cornell.

Big-box rival Walmart last week reported better-than-expected earnings and raised its profit outlook for the full year, building on the strength of its grocery business.

Target's stock has rallied more than 67% this year. The company has a market cap of $56.5 billion, compared with Walmart's $341 billion.

Read the full press release here.

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https://www.cnbc.com/2019/11/20/target-tgt-earnings-q3-2019.html

2019-11-20 11:19:00Z
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