• Musk Foils Tesla Claim It’s Handled Covid-19 Like Everybody Else

    Musk Foils Tesla Claim It’s Handled Covid-19 Like Everybody Else(Bloomberg) — Tesla Inc. asserted late Saturday that restarting its operations in the midst of the coronavirus pandemic didn’t make the company an outlier, nor was it going against the grain.The claim belied the events of the preceding 12 hours. Tesla sued the county that has blocked its car plant from reopening with Elon Musk calling the local health officer — a former infectious diseases professor with a master’s degree in public health — “unelected & ignorant.” The chief executive officer threatened to move Tesla’s headquarters out of California, warning that all its manufacturing may leave the state, too.It was a flare-up without precedent in the three months since the first confirmed Covid-19 death in the U.S. — a resident of Santa Clara County, home to Tesla’s headquarters and neighbor to its factory in Fremont, California. As the nation’s death toll approaches 80,000, Musk has emerged as arguably the loudest voice in corporate America advocating for the economy to reopen.“I’m not messing around,” the 48-year-old billionaire tweeted after Tesla filed its lawsuit against Alameda County. “Absurd & medically irrational behavior in violation of constitutional civil liberties, moreover by *unelected* county officials with no accountability, needs to stop.”Auto RestartTesla does have a case to make for being unexceptional within the auto industry. Ford Motor Co., Fiat Chrysler Automobiles NV, Toyota Motor Corp. and others also have set dates for restarting their operations, only to then call off those plans due to shutdown orders.Daimler AG has reopened a Mercedes-Benz plant in Alabama, as has its German peer BMW AG in South Carolina. Toyota and Honda Motor Co. will resume work at U.S. factories this week, followed by General Motors Co., Ford and Fiat Chrysler on May 18.But no carmaker other than Tesla has publicly attacked local health officials or threatened states over shelter-in-place measures that virtually wiped out North American vehicle production for more than a month.Read more: What you need to know about the U.S. auto industry’s restartDuring GM’s first-quarter earnings call on May 6, CEO Mary Barra said the automaker was having “very constructive” conversations with government officials.“We’re in a good position as we talk to country leaders and state leaders,” she said. “We’ll continue to have dialogue with our unions, as well as with the government leaders, to do the right thing.”Bay Area ExceptionTesla’s handling of the health crisis also has been unique among companies in the San Francisco Bay area. Ajay Shah, the CEO of Smart Global Holdings Inc., last month credited Alameda for allowing the manufacturer of memory modules to continue operating.“We’ve had discussions with the Alameda County health authorities and show them exactly what we’re doing and they’ve been satisfied with it,” Shah said on an April 7 earnings call.Earlier: Tesla’s drive to stay open irked officials who saw health riskFaceboook Inc. CEO Mark Zuckerberg, whose staff can more easily work from home than Musk’s manufacturing employees, has voiced his concern about lifting stay-home measures too soon.“While there are massive societal costs from the current shelter in place restrictions, I worry that reopening certain places too quickly before infection rates have been reduced to very minimal levels will almost guarantee future outbreaks and worse longer-term health and economic outcomes,” Zuckerberg said during Facebook’s April 29 earnings call.Back to WorkOn the same day, Musk called shutdown orders “fascist” and unconstitutional, likening them to forcible imprisonment and saying they were “breaking people’s freedoms in ways that are horrible and wrong.” His comments were embraced by some Silicon Valley venture capitalists and political conservatives.Tesla released a 38-page “Return to Work Playbook” late Saturday laying out the safety protocols it will adopt at all of its facilities. While the company will disinfect work areas, enforce social-distancing precautions and provide personal-protective equipment, among other measures, the document doesn’t include any plans to test workers other than by checking their temperatures.Alameda officials have said more testing needs to come online and that Covid-19 case counts need to drop before they’ll feel comfortable moving to the next phase of reopening.Tesla has signaled it may disregard Alameda’s order, saying in a blog post Saturday that it had “started the process of resuming operations.” Several Fremont workers shared text messages with Bloomberg News in which supervisors were calling them back to the factory.“Our employees are excited to get back to work, and we’re doing so with their health and safety in mind,” the company said.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.

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  • Unreal market

    This market is unreal. I understand the fed and they Their BRR BRR printer is printing away, but for real how much longer can this literally go in a straight line up without another at least small correction. Unemployment is 20% and every day the market goes up 1%. business are starting to open but surely they are not doing anywhere close to what they were doing before the China virus? I feel like at this point people are FOMO buying at this point.

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    source https://www.reddit.com/r/StockMarket/comments/ghd1l3/unreal_market/

  • REA Group shares are up 53% since late March. Is it too late to invest?

    online real estate shares

    The REA Group Limited (ASX: REA) share price has risen very strongly by 53% since the ASX started to see the beginning of a market rebound on 23 March.

    In comparison, the S&P/ASX 200 Index (ASX: XJO) has only risen by 19% during that time.

    Has the buying opportunity passed for investors wishing to take a stake in Australia’s largest online real estate portal?

    Solid third-quarter results

    The market reacted very positively to REA Group’s third-quarter results for FY 2020. This was released to the market last Friday morning, with a very strong 7.7% share price rise seen on the day.

    Despite the very tough trading conditions caused by the coronavirus crisis, REA Group still managed to deliver a 1% increase in revenue to $199.8 million and an 8% lift in earnings before interest, tax, depreciation and amortisation (EBITDA). While national residential listings declined 7% for the quarter, they were actually up in Melbourne by 6% and in Sydney by 5%.

    Considering the devastating impact that the coronavirus crisis has had on our property market, with property open for inspections and auctions virtually coming to a halt, I think that this was actually quite a strong result. So I am not surprised that the market reacted so favourably.

    Property inspections and on-site auctions begin to reopen

    Already there are signs of the beginning of a residential property market recovery, and investors appear to be encouraged by the release of the Federal Government’s 3-step plan to reopen Australia last Friday. This plan aims to see the majority of Australian businesses re-opened by the end of July.

    As part of this plan, NSW agents and vendors began traditional property inspections and on-site auctions last weekend after a 6-week limited shutdown due to the coronavirus.

    Is it too late to invest in REA shares?

    Despite the recent rally in the REA Group share price, I don’t believe it is too late for investors with a long-term investment horizon to purchase shares. REA Group shares closed on Friday at $95.17, which is still well below its peak in February of $117.30. I believe there is still potential for more upward movement in its share price, as the further opening up of the nationwide property market in the months ahead is likely to lead to increased property listings.

    I also believe that the long-term outlook for REA Group still looks bright due to the fast-growing Australian residential property market, driven by overseas migration. In addition, REA Group looks set to capitalise over the next few years on its growing international business divisions. In my view, this places it in a better position than its main rival in Australia, Domain Holdings Australia Ltd (ASX: DHG), which only has a local presence.

    5 cheap stocks that could be the biggest winners of the stock market crash

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    Motley Fool contributor Phil Harpur owns shares of REA Group Limited. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

    The post REA Group shares are up 53% since late March. Is it too late to invest? appeared first on Motley Fool Australia.

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  • PFE | Pfizer and German partner BioNTech SE said Tuesday they’ve begun delivering doses of their coronavirus vaccine to US candidates with trials in Germany already underway.

  • PFE | Pfizer and German Parker BioNTech SE have begun delivering doses of their coronavirus vaccine for human testing US, trials in Germany already underway.

  • The performance outlook of tech companies.

  • Top broker urging you to buy this ASX 200 retail stock next week