Tesla Inc.’s (TSLA) China car registrations in May jumped 150% month on month, Reuters reported citing data from auto consultancy LMC Automotive.The U.S. electric vehicle maker’s China registrations, including imported cars, grew to 11,565 in May from 4,633 units in April.Data from the China Passenger Car Association shows sales of Tesla’s Shanghai-made Model 3 sedan hit 11,095 units in May.Still, shares in Tesla continued to fall in Monday’s pre-market trading declining another 3.4% to $903.45 after dropping 3.9% on Friday. Meanwhile, year-to-date the stock has more than doubled.Last week’s start of a downward trend was triggered by two rating downgrades from analysts at Morgan Stanley and Goldman Sachs.Morgan Stanley’s Adam Jonas lowered his rating on the stock to Sell from Hold with a $650 price target (31% downside potential) amid concerns about U.S.-China trade dynamics as well as recent price cuts of some of the car maker’s models.Jonas believes that Tesla’s recent rally, doesn’t adequately reflect the potential for a deterioration in U.S.-China trade relations that could "disproportionately" impact Tesla relative to other automotive companies.Goldman Sachs analyst Mark Delaney downgraded the stock to Hold from Buy, citing its high valuation.“We’d look to become more positive on Tesla stock again if we had more confidence in the near to intermediate term trajectory of fundamentals, or if valuation became more attractive,” Delaney wrote in a note to investors.TipRanks data shows that the stock has Hold analyst consensus with 11 Sells and 9 Holds versus 8 Buys. Meanwhile, the Street’s $632.45 average price target implies 32% downside potential in the shares over the coming year. (See Tesla’s stock analysis on TipRanks).Related News: Tesla Sales Triple For China Model 3 Vehicle In May Grubhub Shares Lifted On Report Of European Acquirers Lining Up   Can Tesla Provide the Million Mile EV Battery? Top Analyst Weighs In More recent articles from Smarter Analyst: * Dr Reddy’s Labs Signs Licensing Agreement For Gilead’s Remdesivir * Accenture To Snap Up Sentelis In Latest AI-Boosting Move * Unilever To Invest €1 Billion In 10-Year Climate And Nature Fund * RBC Slashes Cineplex Outlook As Major C$2.8B Deal Terminated

from Yahoo Finance https://ift.tt/3e5knqv

(Bloomberg) — Hertz Global Holdings Inc. warned prospective new stock investors they’re all but certain to be wiped out as the car renter proceeds with an improbable share sale in the midst of bankruptcy proceedings.Equity holders will not see a recovery from any bankruptcy plan unless those with more senior claims, including bondholders, are paid in full, Hertz said in a prospectus Monday. That would require “a significant and rapid and currently unanticipated improvement in business conditions,” the company said.Hertz shares traded down as much as 29% before the start of regular trading, though the stock is still well above where it first traded after the company filed for Chapter 11. A bankruptcy court judge signed off on the equity sale last week after the company pledged to alert buyers about the potential they could be wiped out.Jefferies LLC, which is leading the share offering, will get as much as 3% of gross proceeds and as much as $200,000 for its lawyers, according to the filing. A lawyer for Hertz acknowledged during last week’s court hearing that the move to sell stock while in bankruptcy probably is unprecedented.Hertz previously said in a court filing that a share sale could raise as much as $1 billion in cash. But that was based on the almost tenfold increase in its stock from 56 cents on May 26 to $5.53 on June 8. The shares changed hands for as little as $2 in early trading Monday.In its filing, Hertz said it does not anticipate making lease payments on its rental cars for May or June, but will be required to start paying in full beginning in July unless the court decides otherwise. The company’s inability to work out a deal with the owners of its vehicles for a reduced payment in April pushed it into bankruptcy.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

from Yahoo Finance https://ift.tt/2N5sN53

AT&T Inc. (NYSE: T) is in discussions with multiple companies to sell its subsidiary Warner Bros. Interactive Entertainment, according to a CNBC report Friday.What Happened Multiple companies, including Electronic Arts Inc. (NASDAQ: EA), Activision Blizzard, Inc. (NASDAQ: ATVI), and Take-Two Interactive Software Inc. (NASDAQ: TTWO), have expressed interest in purchasing the video game unit, CNBC reported.A deal, if finalized, could fetch AT&T as much as $4 billion, according to CNBC. The Dallas conglomerate had acquired Times Warner, of which the gaming division is a part, for about $109 billion in 2018.CNBC learned that AT&T is likely to strike a deal where it continues to receive compensation for intellectual property from the games even after the unit is sold. Some of the major Warner video games are based on AT&T-owned franchises like Harry Potter, Game of Thrones, and The Lego Movie.Why It Matters It isn't immediately clear why AT&T is looking to sell the gaming unit. Activist investment firm Elliott Management Corp. revealed a .2 billion stake in the telecommunication giant in September last year and has since pushed for divestment in non-core holdings, including DirecTV.AT&T last month raised $12.5 billion in a debt offering, as reported by Bloomberg.AT&T Price Action AT&T shares closed nearly 1.1% higher at $30.5 on Friday and inched slightly higher in the after-hours session.See more from Benzinga * US Debt Market Raised .5B This Week, The Highest Since 2007: FT(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

from Yahoo Finance https://ift.tt/30K14yU