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C'mon man. Listen to what I've been writing. It isn't just about the SEC probe or potential SEC actions (which if they do happen opens the gates for lawsuits).
John Coates, Harvard Law Professor - Says no legal way to do what Musk has said
Former SEC President & a Columbia Securities Law professor - If funding wasn't "secured" at time of Musk tweet it amounts to securities fraud.
Tesla insolvency - Tesla can't raise capital w/ this news of potential LBO out there. Meanwhile they had $1.3B at end of Q2 with a current asset to liability deficit of over $2B. They produced more cars than they sold in July. The company is basically insolvent at this point. Once they violate the requirements for their ABL the company goes into bankruptcy.
There are cheaper and legal ways for money to essentially gain control of Tesla. They could just buy all the Tesla debt out there which is trading at a discount. Why not do that instead of buying the equity at a premium? It would be cheaper.
Musk's rationale provided for wanting to do this now is complete & utter nonsense. Musk is the one causing distractions based on the stock price & short sellers. Shorts can't damage the company if they're executing well and delivering value to shareholders. Shorts wouldn't win! Shorts aren't creating ficticious disparaging news about Tesla trying to drive the price down, they focus on the very real abortion that the financials are, the failure for Musk to meet his production targets, the poor build quality of the cars, etc etc. Factual stuff.
So why does he want to try to take the company private? Literally no other public companies out there are doing this. POS penny stocks and micro-caps are the kind that go dark to avoid reporting.
How much more do you need? The Tripp lawsuit, have you read the allegations? SolarCity employees are suing Tesla alleging among other things that SolarCity (with Musk's knowledge) reported backlog inflated with up to 50% of it comprised on deals they knew weren't real. Musk rescued SolarCity by having Tesla buy it, there is a whole book to be written solely about that.
Calling the diver a pedo, telling analysts to stop asking boneheaded questions (that were entirely relevant to a public company), etc.
The exponential increase in EV competition coming to the US in the winter/spring.
The nearly $1B debt principal coming due in H2 of 2019.
The lack of an 8-K, 13E-3, or any clarifying information to substantiate Musk's tweet. If it exists why would Tesla not have filed something by now?
Take your pick. I have lots of real factual reasons to think that Tesla as a going concern won't work out.
Edit - I see you posted elsewhere that shorts are morons. I have yet to see a factual list of reasons to be long. Hope, trust, faith, etc aren't reasons to buy or sell something.
Words to live or die by. Good luck.
Uh, yes. People on both sides long & short have lost money as a result of Musk's tweet(s). It is irrefutable. Of course some shorts covered.
Both classes are protected by SEC rules. That's a fact.
Martin Shkreli is currently in prison for defrauding investors (who from my reading all got their investments & a positive return back). Elizabeth Holmes on the other hand defrauded investors and isn't. She should be though. Hard to say what enforcement will do. The market will do what it can though.
News just hit that the SEC is "intensifying" their probe into Tesla.
$ or $CAD - good points
Hah, well like I said one of us is right. The fact that air is coming out of the stock and we're back in the $340's close to where the Saudi investment news left off and where the "funding secured" run started I would have to say that the current sentiment is not in favor of the LBO happening. The action in Tesla's bonds concurs.
What I think we would both agree on is that if there were some way to go long the future Tesla book(s) and movie rights that we'd be doing that.
Allow me to provide some references for you in that case.
https://www.nytimes.com/2018/08/08/business/elon-musk-tesla-sec.html
Well that article is MS's TSLA analyst saying what he thinks would need to happen in order for the deal to consummate. An equity analyst isn't a Harvard Law securities lawyer or a former SEC President.
One side will be right in the end. I think I'm listening to the rational voices. We're picking our sides and that's what makes a market!
No 8-K & no 13E-3
If Tesla secured funding for an LBO, whether or not they actually execute it they'd need to inform shareholders. The more time that goes on from Musk's "funding secured" tweet with no filing is going to be negatively correlated to TSLA share price.
Just based on the price action of this week there are going to be lawsuits filed against Tesla b/c of Musk's tweets. Tesla doesn't publish material info via Elon Musk's twitter account and his tweet doesn't meet the criteria for SEC Ref FD. Per SEC rules Tesla should have released an 8-K within 24 hours of Musk's tweet to clarify the material info. They're in violation of that rule already.
You've got the lawsuits against Tesla which include the incredibly specific and potentially enormous implications of the Tripp suit. You have the SolarCity debacle hanging on Tesla's balance sheet. You have the horrible balance sheet with a current asset to liability deficit of a few billion, little to no room in the $400M ABL cushion when you ex out the restricted customer deposit cash, upcoming debt principal payments, etc which factually mean Tesla is operating in or near insolvency right now.
Other than "hope" or "faith" I don't understand how anyone can be long Tesla stock.
What is working in Musk's favor is all of the Wall St. banks trying to conjure up plans to make Musks's dream a reality so they can earn the massive fees associated with such a big deal.
What is not working in his favor is the commentary from SEC & securities law experts that there is no legal way to accomplish what Musk has said he intends. It isn't possible to take Tesla into a non-reporting state (go dark) or completely private and allow shareholders to opt to stay shareholders. There are limitations such as being accredited investors and if the number of accredited investors exceeds a certain amount (I believe it is 2,000) they have to continue reporting.
If we ignore the reality of SEC rules & legality of matters how many people do you think when confronted with owning illiquid ownership of Tesla with less reporting really will want to? ETF's and funds that invest in *public* companies certainly can't stay invested. The $10-$15B number I don't believe at all.
VC firms and early investors buy into companies in the hope of a future liquidity event to allow them to take gains. Why in the world would people opt to stay invested in a company to become illiquid? Makes no sense.
Finally, for this post in any case, any sophisticated money out there (eg entities/people with billions) could simply soak up & buy all the sub-par Tesla debt (eg trading at a discount) to the point that they own 51% of all issued debt and take the company private that way. It would be MUCH cheaper than buying out equity at $420/share.
VLE.TO/PNWRF - That was during the main presentation which I think was Shawn talking. He was speaking of the cost to drill the wells which I assume would be the Equinor & VLE wells that are planned or at least the VLE ones (Dev-1 & well 3).
I recall discussion of getting well costs down to the $6-9M range in the long-run (going on memory) but I don't recall ever hearing $25M for these exploration wells. Hopefully it won't matter after Inlani results come out in any case but I would have hoped the $60M+ they raised would go further than two exploration wells.
I do think it was good that he tempered expectations (which from the ?'s sounded high) regards to the flow rates & production that will come from Yam and the other exploration wells. On top that the stock price has risen nicely today so the market took the news well (hopefully Mr. Market was listening). I don't want a big ugly series of days when the Yam-1 flow results come out and aren't blockbuster.
Please Mike....say it ain't so
VLE.TO/PNWRF - Wow $25M expected cost to drill the planned wells. Would really like to see the breakdown in that cost. Gonna deplete the $60M they have on hand pretty quickly.
Noted and wow what a nice call you made on COV. I owned it a few times before I saw your post pounding the table. After continual disappointment at them gaining any sort of traction I didn't get back in.
Do you think this would make an ok risk adjusted entry point?
TAT news - They expect a binding takeover offer soon. This is positive.
I saw the news come out AH yesterday and thought about buying some but AH price had risen to $1.15 and figured I could get in around the same this morning. Nope! Gapped up to the 1.35/1.38 area.
Should be a nice return still if the buyout happens at $2+
VLE getting a bit of love as a result also.
Not to mention that Elon has moved AH prices all by himself undoubtedly trying to "burn shorts"
Softbank denied any interest in Tesla and turned down Musk's advances in 2017. They have also stated that they view Tesla as overvalued (which was probably when it was around $300).
Let's think about that. The Saudis are doing everything they can to raise money. Aramco IPO that was much hallybooed that it turns out they can't do b/c they don't want the disclosure requirements. Second they staged a violent shakedown on the wealthy Saudi royals by holding them hostage and torturing them at a hotel. Saudi also indicated they weren't interested in increasing their stake (per the newswires).
Explain why Apple would want Tesla? The synergies are not there. Tesla is way behind Waymo and other autonomous car companies. What would they be buying?
Take a few steps further back. Lets say they only need to raise $35B of debt out of the total $60B (ex Elon's share). That's over $2B of debt service annually. You're long Tesla, fine, but in what year on the investment horizon do they possess cashflow to pay for that debt? Remember a private company has more limited options for accessing capital than private companies do.
There are plenty of reasons why this proposed LBO doesn't make sense. We'll find out eventually though and I'm looking forward to that. So far no 8-K or filing to comply with Reg FD (24 hour requirement for disclosure) post Musk's "funding secured" tweet yesterday.
BOD discussed (per their PR this morning) Musk's plan last week. That would be BEFORE they submitted the 10-Q to the SEC. No mention of a possible buyout in the 10-Q.
So far no one has been able to confirm either being shopped the deal or who would be participating in it.
TSLA - This $420 LBO proposed by Musk on Twitter is captivating. How Tesla would finance the debt service on say $30-$40B of additional debt seems questionable given that cashflow is negative.
Gonna make a great book. I added some LEAP puts yesterday. Statement came out from Tesla BOD this morning saying that Musk had discussed taking co private. So far no info confirming the "financing secured" statement by Musk on Twitter yesterday.
IVFH reports in 2 weeks. I just spent a few minutes looking at newer reviews of iGourmet. Not much of a change from 2-3 months ago and frankly not all that many new reviews either so difficult to judge.
If I had an large position I'd probably spend the $7 at ahrefs for a trial account and get good detail on igourmet but from what I can gather with free info from similarweb web traffic has improved from Q1 to Q2 only marginally if at all. I don't expect much sales growth from the acquisition in Q2. Hopefully they have sliced and diced the expenses down. If not the acq is going to be a drag on earnings again.
Of note regarding the site statistics. It doesn't appear that they've done any work getting referral links from blogs, etc which is crucial to SEO (search engine optimization) as well as boosting website traffic. About 55% of visitors leave the site without interacting (eg clicking/navigating) which isn't good (people hit homepage and then leave) although the avg time spent on the site is 5.5 minutes which seems oddly high to me. Some people must be really doing detailed looks through what they offer.
https://www.similarweb.com/website/igourmet.com#overview
Lastly but I think most importantly I'll be looking at core business growth. As I've written in the past I think the core business growth is key with above 10% as OK or great and below 10% as bad. If they really whiff it with mid single digit growth I think we'll have another selloff although it'll be getting pretty cheap at that point.
They claim sometime next year the $35k model 3 will be available. I somewhat doubt that. Elon even said that they'd lose their ass if they made those and given the current fundamentals that's certainly not what they need as a company.
If you have a position or are interested in making one I would suggest doing a google search for the Tripp lawsuit against Tesla and reading highlights from articles, or on Twitter, or reading through it yourself. I think this is going to be a problem for the company.
Yeah. I think they probably have more room to the upside while they think about Q3 GAAP profitability that Elon claimed they should achieve.
Yeah and not acting like his usual childish self. He actually apologized for his behavior on Q1 call.
TSLA up to 315 AH on report that gross margin $'s grew 35.5% Q/Q with over 100% conversion on revenue growth of 17.4%
I'm underwater on my common equity short. I'm waiting for the CC.
TSLA - There are now two separate groups of employees with lawsuits that include allegations of accounting fraud. One from Tesla (Tripp) and another from the former Solar City. From the allegations it appears that Musk was aware of concerns from both groups.
Not good for Tesla. The Tripp lawsuit is incredibly specific in its allegations which puts me in the Tripp camp. I'd have to think that in light of this that Tesla's auditors and perhaps some regulatory agency would be checking to see if there is anything to it.
We'll find out soon enough I believe. Hopefully these suits don't drag out forever and/or investigations kick up soon. Prior to Q3 would be great.
TSLA - Reports tomorrow. More Bearish News. OK my last post on Tesla today.
Tesla is enlisting workers from all over the company in an urgent push to build batteries and cars
https://www.cnbc.com/2018/07/31/tesla-using-workers-from-out-of-state-solar-division-to-build-cars.html
CNBC.com
The existing reservation list for new Tesla Model 3 electric vehicles is more than 400,000 people long.
Electric vehicle maker Tesla is taking urgent steps to add workers to its vehicle and battery plants, including flying employees in from out of state and putting them up in hotels, and temporarily enlisting employees from unrelated divisions.
Extra hands are welcome at the factory as Tesla strives to produce 5,000 or more Model 3 sedans each week — a number the company says it must sustain to become profitable long-term. However, shifting employees to work in the factory strains budgets and other business units, according to seven current and former employees. Some of these people requested anonymity because they were not authorized to talk to press.
According to one call center worker, California Tesla owners are facing longer wait times for repairs and other appointments because so many service hands are busy at the factory. It used to take a customer in central California about two days before getting an appointment with a mechanic, this person said, but now it takes at least a week or longer just to get in the door.
Tesla acknowledged the practice, and said it has also done this in the past, especially in big production pushes near the ends of quarters. The company said the moves are "purely voluntary" for employees and said "the practice has never had a major impact on production, and employees are only put in roles that are appropriate for their skills and abilities." It also said that this practice will become less common moving forward as Tesla is smoothing out its delivery schedule throughout the quarter.
Sleeping in hotels
Former Tesla service technician James Allen told CNBC that, for years, Tesla has brought some of its most talented mechanics from nearby service centers to Fremont to help build cars and offer design input. People viewed this work as a badge of honor.
Another former Tesla service manager said the company racked up expenses flying in service technicians and mechanics to work in Fremont around the clock during the run-up to begin selling its Model S vehicles in 2012.
But this time, it's a bit different, current and former employees say. Tesla is not only flying workers in from out of state, as it has in the past, but is also enlisting employees from its residential energy business to work on making cars in Fremont. Some were also routed to the Gigafactory in Sparks, Nevada, where it manufactures batteries.
Workers have been living in hotels away from their homes for weeks, they said, to help build cars and keep factory equipment running as smoothly as possible. That wasn't something they signed up for when they took their jobs.
But workers felt like they couldn't decline the requests or they might get a bad performance review. Some said they were particularly concerned following the layoffs that Tesla announced in June.
Tesla counters this impression, and told CNBC that moving to work in the factory temporarily is purely voluntary and that declining the request would never impact a worker's performance review.
One reason Tesla needs so many hands on deck at Fremont, workers explained, is because the company introduced an all-manual, no-robot line under a tent to ramp up Model 3 production. Among other tasks, workers in the tent tear open boxes of batteries, get them out of the way fast, and then get underneath vehicles to push batteries into place and secure them. Tesla said that only about 20 percent of the Model 3s produced last quarter came off this line.
Tesla cannot achieve profitability in Q3 with one time windfalls: Consumer Edge analyst Tesla cannot achieve profitability in Q3 with one-time windfalls: Consumer Edge analyst
6:37 PM ET Mon, 23 July 2018 | 02:07
In April, Tesla CEO Elon Musk said he expected the company to become profitable and cash-flow positive in the second half of this year.
On July 1, Tesla said it produced 7,000 cars in a week, including 5,000 Model 3 electric sedans to close the quarter. The feat led Musk to send a triumphant e-mail to his tens of thousands of employees saying that Tesla has finally become a "real car company."
But questions loom about Tesla's financial position. The company's long-term debt has grown from about $2.5 billion at the end of 2014 to $10.8 billion at the end of last year. Tesla ended the first quarter with a cash balance of $2.7 billion. It said then that it still expects to spend $3 billion this year.
The electric vehicle maker will likely need a cash infusion to manifest its many visions. For example, Tesla has yet to make the basic $35,000 version of its Model 3 vehicle available to reservation holders and other customers.
It isn't yet mass-manufacturing or selling its glass solar roof tiles, a product Musk touted to rationalize the acquisition of SolarCity in 2016, a deal that also contributed to Tesla's debt.
Other exciting projects like a new Model Y, a Tesla Semi truck and new factories, including one in Shanghai, should also require significant capital, as will further expansion of Tesla's charging network, service business and showrooms around the world.
On Tuesday morning, Tesla shares were trading up about 1 percent ahead of the company's Q2 earnings report on Wednesday.
Here is Tesla's full statement on the practice of enlisting workers from other parts of the company to help with vehicle production:
"We've historically encouraged employees from around the company who want to assist in delivering vehicles or helping out in the factory towards the end of the quarter. This is purely voluntary and intended to help give employees in different departments a firsthand look at what goes into building and delivering our vehicles. While this has been a good thing in the past, it has never had a major impact on production and employees are only put in roles that are appropriate for their skills and abilities. Regardless, this will likely happen less moving forward since, as we've previously announced, we're in the process of smoothing out our deliveries through the quarter."
HMNY - Raising fee to $14.95 and will limit usage. Too little too late. WTF were these people thinking?
MoviePass to raise subscription fee, limit ticket availability to some films in cost-reducing measure
MARKETWATCH 12:21 PM ET 7/31/2018
Symbol Last Price Change
HMNY 0.565 -0.235 (-29.37%)
QUOTES AS OF 12:21:18 PM ET 07/31/2018
The new monthly fee will be $14.95 and will be implemented sometime in the next 30 days, the company said
MoviePass is raising its subscription fee and limiting first-run releases in an attempt to cut costs and accelerate profitability, the company announced Tuesday morning.
Shareholders of parent company Helios and Matheson Analytics Inc.(HMNY) rejoiced at the news, sending the stock up more than 100% in early trade after the news broke, before surrendering most of those gains to trade back under $1. The company's shares have fallen 100% so far this year, while the S&P 500 has gained 5%.
The new monthly fee to watch one movie a day will be $14.95 and will be implemented sometime in the next 30 days, the company said. The current fee is $9.95.
To further cut costs, Helios and Matheson said MoviePass would limit first-run movies that are shown on over 1,000 screens during the first two weeks of release, unless the movies were made available on a promotional basis.
MoviePass also plans to double down on blockbuster movies, the company said.
"In an effort to maintain the integrity of the MoviePass mission, to enhance discovery, and to drive attendance to smaller films and bolster the independent film community, MoviePass will begin to limit ticket availability to blockbuster films," Helios and Matheson said in a statement. "This change has already begun rolling out, with 'Mission Impossible 6' being the first film included in the measure."
The company said it expects to reduce its monthly cash burn by 60% with the moves. Helios and Matheson has had an average cash deficiency of $21.7 million a month from last September through April.
Don't miss:The spectacular rise and fall of MoviePass (http://www.marketwatch.com/story/the-spectacular-rise-and-fall- of-moviepass-2018-07-09-101033943)
Over the weekend, many MoviePass users took to social media to complain (http://www.marketwatch.com/story/as- frustrations-over-service-and-peak-pricing-mount-moviepass-users-eye-other-options-2018-07-30) of being unable to book seats to watch "Mission: Impossible -- Fallout," which was released in the U.S. on Thursday. Users did not know why until Sunday, when MoviePass tweeted (https://twitter.com/MoviePass/status/1023782007812177920) to a disgruntled user: " As we continue to evolve the service, certain movies may not always be available in every theater on our platform right away. Mission Impossible will remain available in our e-ticketing theaters."
Helios and Matheson called the measure "a strategic move by the company to both limit cash burn and stay loyal to its mission to empower the smaller artistic film communities."
Neither Helios and Matheson Chief Executive Ted Farnsworth nor MoviePass head Mitch Lowe were available for comment at the time of publication.
This comes at a time of increasing competition from other subscription services, such as AMC's(AMC) Stubs A-List and Sinemia. AMC announced on Tuesday it had added 175,000 new Stubs A-List members since its launch five weeks ago, substantially ahead of expectations. The company had initially predicted it would add 500,000 members by June of next year. Stubs A-List charges a monthly fee of $19.95 for members to watch up to three movies a week.
Read also:How AMC's subscription service compares to MoviePass--and its other competitors (http://www.marketwatch.com/ story/how-amcs-new-subscription-service-stacks-up-to-moviepass-and-its-competitors-2018-06-21)
Helios and Matheson has been struggling this past year to stay afloat, and the company has turned to increasingly expensive borrowing in order to secure cash. On Friday, the MoviePass parent took out a pricey $6.2 million loan from Hudson Bay Capital Management, under which it paid $1.2 million to receive $5 million in cash. Helios and Matheson also agreed to pay late fees of 15% annualized interest after any default and to pay back the debt at a steep 130% redemption price. The terms of the loan are stringent; Hudson Bay can demand payment of half of the loan amount on August 1, and the rest on August 5.
The company implemented a 1-for-250 reverse stock split last Tuesday at market close, which adjusted the company's share price to $21.25 from 8 cents. Analysts saw the move as a way to keep the company from being delisted, as a company is in danger of being delisted if it trades below $1 for 30 consecutive days, according to Nasdaq rules. But on Tuesday, the stock was down below $1 again at 81 cents a share, after a brief blip upward when the company announced its cost- cutting measures.
HMNY is in it's death spiral now. Now way to get out of it. Financing done via flow through shares, offshore accounts will naked short what is financed and shorts covered w/ shares gained thru financing.
Downward spiral as losses mount.
Would be poetic in a way if HMNY dies around the time that Tesla starts its terminal downward slope towards the $1B+ in debt coming due middle of next 2019 while competitors flood the market with EV alternatives.
I took a dandy loss on this way back when. Amazed the company survived through the oil doldrums. Do you think they try to sell if the drilling has commercial shows? The alternative is finding funding for them to pay their 20% part of the post drilling development costs.
TSLA - Shorted some common. Q comes out tomorrow, should be revealing IMO.
They have thousands of vehicles sitting in lots in CA which is going to make their WC worse than normal & cashflow (eg cash burn) will be awful.
I could be wrong but after following Tesla since mid last year it does feel like we're at an inflection point. More and more oddities are popping up regarding Tesla or Elon. Most recently Elon posted on Twitter a photo op where he went on a Model 3 delivery to a customer (who turned out coincidentally to be the son of a guy that's been in the C suite of a number of large companies as the CIO). The trailer the car came in was enclosed. Elon said they're experimenting with delivering vehicles in these enclosed trailers from Fremont instead of wrapping the vehicles for transportation on car carriers. Now who in their bleeping mind thinks it costs Tesla less to transport 2 cars at a time in an enclosed trailer from the manufacturing plant to customers than to apply the protective films and transport up to 9 cars per trailer to the service centers?
There are also a consistent number of new service related issues being brought up on the Tesla message boards about their terrible service (waiting for hours on phone to talk to someone about their car's problems), issues with overbilling or not being billed at all (free car), mechanical issues that pop up shortly after taking possession, and of course the standard problems with paint imperfections, large panel gaps, safety straps not being bolted in, windows popping out of doors, etc etc.
Goldman came out with a report yesterday saying they think Model 3 demand is waning.
No. I covered the remaining a few weeks post Q1 earnings. Hasn't been any borrows available at Fidelity for the past month +
SCKT - Funny, no ?'s on their CC. It does sound like they may be approaching a trough in their businsess. They incurred $100k of extra shipping to expedite late orders to customers for the new products that they didn't have ready until late April (was supposed to be in Q1). The delisting of products from Amazon for 4 weeks is a head scratcher. I have sold on Amazon and it doesn't take 4 weeks for them to certify docs for listings.
They are cutting back on operational expenses to lower their b/e level so as long as sales grow some amount they should be back to profitability.
At this point I think it only makes sense to own it if one has an inside track and feel that sales have really picked up (eg distribution tracking). Could be dead money until Q3 earnings.
SCKT - per the sales tracker guy on yahoo things don't appear to have improved. The tender is going to remain a millstone roped around the neck of SCKT IMO. Who is going to trust positive guidance if given?
Tesla is actually asking suppliers for retroactive rebating on at least some projects that go back 2 years. That IS unprecedented. Asking suppliers to debook profits retroactively is completely not normal.
Secondly OEM parts manufacturers have very tight margins. They are already probably getting screwed as Tesla is far behind its annual production guidance which I am certain Tesla used to get the most favorable pricing. So they are already likely not meeting their volume commitments for the pricing they negotiated during the M3 initial parts sourcing.
VLE - Yes I do however since then he has taken complete control of the country including monetary policy. I assumed a maintaining of the status quo so this in my mind introduces additional questions. Who saw him taking control over the central bank policies? Maybe some but I didn't see anything predicting it.
Some good things have recently happened with Germany lifting sanctions and Turkey officially improving relations with some of Western European countries.
DR. A - Thanks for the post. I did see it on IV also. It's good to know and Alacer has a ~750m market cap so nothing to sneeze at. The Shaw commentary about shorts was an interesting read.
Shorts tend to be pretty smart. Not sure what they see, maybe it's just a play on the huge time period between events + the geopolitical issues?
Ah well. Nothing to do but wait. I wish there was some way for them to speed things up now that they have all this cash on hand.
Re: TSLA
There are excellent reviews of the Jaguar EV that say it is comparatively a better car than the equivalent Tesla (for the money).
Beyond that the Mercedes & BMW EV's as you say are coming to market.
The Tesla truck, Tesla semi, etc will never be built IMO.
TSLA rut roh! I would tend to think this was fake...but it came from WSJ so assuming it was corroborated.
Asking suppliers for rebates going back up to 2 years so Tesla can become "profitable". Wow! How long until suppliers decide this game ain't worth it and start reducing their credit lines? Once that starts it can't be stopped.
Of all the recent bad press this has got to be making longs question their positions.
VLE - Now Erdogan is apparently the newest dictator having taken total control of gov't and a high up official stating it in matter of fact that he is now Turkeys dictator
VLE.TO/PNWRF - Sure has been taking hits with the worsening geopolitical conditions in Turkey. I'll bet Baille Gifford is kicking themself given their $60m investment is only worth a little more than half than at the time of their private placement.
Reading speculation over at InvestorVillage board and the sentiment seems to be that the Yam-1 test results probably won't be anything to write home about and might cause further deterioration of the SP leading into the Ini-1 drilling & results which we won't get until late Q4.
This is quite a large position for me. Aside from the geopolitical goings ons nothing else has materially changed. Was happy to see some more insider buying by Sean and I think a VP.
An analyst, Joseph Schnatter, has expressed his opinion online that Valeura is only a good value under CAD $2.00 which also hasn't helped the SP either.
Holding my chits and hoping for a homerun here. Would have been nice to wait until around now to start buying but as they say about 20/20 hindsight....