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Less than two months ago, shares of Tesla were on their way to just the third losing year in the electric vehicle maker’s decade and a half as a public company. But after a furious rally in the last seven weeks, the stock is suddenly among the S&P 500 Index’s best performers for 2024. What happened to trigger the turnaround? Nothing at the company, where demand for its cars is still wobbly and the future looks increasingly uncertain. Rather it was what investors regard as a political masterstroke by Tesla’s leader, Elon Musk, aggressively supporting President-elect Donald Trump on the campaign trail and taking an unofficial role in his administration. “How do you put a value on the fact that Musk has deep access with the incoming administration?” said Steve Sosnick, chief strategist at Interactive Brokers. “You can assign almost any number to it.” Investors seem to be doing just that. Prior to the US presidential election Tesla shares were down 2.3% for the year. Since election day, they’ve soared 73%, putting them up 69% for 2024. Meaning, in less than two months, the EV maker has added a staggering US$572-billion (R10.5-trillion) to its market capitalisation, bringing it to around $1.4-trillion, although nothing about the company fundamentally changed. Tesla shares slowed their roll last week, losing 3.5% after leaping more than 12% in each of the two prior weeks, as the US Federal Reserve’s hawkish pivot sparked a wider selloff in equities. Despite Trump’s well-known aversion to EVs, investors appear to be betting that Musk’s continued closeness to the administration will ease the way for Tesla’s ambition of building a fully self-driving car. Several Wall Street analysts have dramatically raised their price targets on the stock. They see the Trump White House as a gamechanger for self-driving technology and Tesla’s alignment with the new administration benefiting the company by easing regulations. But at the same time, the EV maker’s earnings and revenue expectations for 2024, 2025 and 2026 have plunged this year. And it remains unclear when its robotaxi initiative will start making money. That uncertainty about the next few years has some investors concerned that Tesla’s whopping market value is built on a wobbly platform. Read: Elon Musk’s net worth tops $400-billion “There are massive hurdles for Tesla shares in 2025,” said Chris Gannatti, global head of research at Wisdomtree. “It is hard to imagine an upside scenario from here.” Between $500-billion and $600-billion of Tesla’s market cap is based on its EV and energy businesses, according to Evercore ISI analyst Chris McNally, with the rest ascribed to “things to come”, such as self-driving cars and humanoid robots. And calculations by Nicholas Colas, co-founder of DataTrek Research, show that over 90% of Tesla’s share price is tied to what the company might do in the future. You can see it in the company’s earnings valuations relative to another high-flyer: the artificial intelligence chip giant Nvidia. Until recently, Nvidia was considered the hottest stock in the market. Now it’s Tesla’s turn. But based on their price-to-earnings ratios, these are two very different businesses. Nvidia is currently trading at 32x its projected earnings over the next 12 months, Tesla is at 129x. That’s a substantial gap, particularly in light of the risks facing Tesla’s near-term performance. The Trump administration wants to cut federal subsidies for EVs, which will make the already expensive vehicles even pricier than petrol-powered cars. About two-thirds of Tesla’s US sales, or about 20% of its global sales, benefit from the tax credit, Barclays analyst Dan Levy wrote in a note to clients this week. However, the move is likely to hurt the company’s smaller domestic competitors more, which could benefit Tesla by further consolidating its market position. Theories about the parabolic rise of Tesla’s stock price abound on Wall Street. Investors want to bet on Musk’s growing power in Washington; the company’s massive following among retail traders is boosting the move. And Trump’s election win can transform the EV maker and offer massive future benefits. “People who bet against Musk and Tesla have consistently been proven wrong,” said Cole Wilcox, portfolio manager at Longboard Asset Management. “There is nothing in his way that can prevent him from executing his visions now.” — Esha Dey, (c) 2024 Bloomberg LP Get breaking news from TechCentral on WhatsApp. Sign up hereMobile surveillance used in pinpointing victims' locations: Commission
NAUGATUCK — Tug Valley will be playing in the state football semifinals for just the second time ever after the No. 1-seeded Panthers beat No. 8 Petersburg 49-20 in a Class A quarterfinal game on Saturday evening at Bob Brewer Stadium. The win for the Panthers improved them to a school-record 12-0, and they will get to remain home next week as they will welcome No. 4 seed Cameron (11-1) to Naugatuck with a berth in the state title game on the line. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Social media post on Todd McClay's account deleted after blunder
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JACKSONVILLE STATE 86, EAST CAROLINA 78DES MOINES, Iowa, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Benekiva, a leading insurtech company dedicated to modernizing claims and servicing operations, is excited to announce the expansion of its leadership team with the appointment of four accomplished professionals: These strategic appointments build on Benekiva’s foundation of excellence and reflect its commitment to scaling innovation, operational efficiency, and client satisfaction while aligning with its mission to deliver exceptional value to insurance carriers and beneficiaries. Krista Eger, Vice President of Product, brings a unique blend of experience in claims processing and leadership, having led claims processing teams and driven product innovations that optimize processes and enhance user experiences. Her expertise in understanding customer needs, market trends, and emerging technologies positions her to deliver solutions that exceed client expectations and drive the future of insurance technology. Mike Shea, Vice President of Sales and Partnerships, is an accomplished enterprise sales executive with deep industry knowledge and a proven track record of exceeding sales goals. His expertise in partnering with clients to drive digital innovation, cut costs, and achieve business objectives makes him a trusted leader in advancing Benekiva’s mission. Mike’s passion for building and maintaining strong relationships will ensure Benekiva continues to deliver strategic value to its growing client base. Jim Girard, Vice President of Technology, brings extensive expertise in developing scalable, secure, and innovative technology solutions. His leadership will be instrumental in advancing Benekiva’s platform capabilities, ensuring the company remains a leader in the insurtech space and continues to meet the evolving needs of its clients. Christina Sciarrota, Vice President of Customer Delivery, has a proven track record of transforming business initiatives and enhancing client satisfaction. With experience spanning globally recognized organizations, Christina is skilled in process reengineering, streamlining operations, and delivering scalable solutions. Her leadership will ensure Benekiva's clients receive unparalleled support and efficiency in claims operations. This expansion of our leadership team underscores Benekiva’s continued growth and unwavering commitment to delivering ‘wow’ experiences for our clients,” said Brent Williams, Founder and CEO of Benekiva. “Each of these leaders brings unparalleled expertise and a passion for driving innovation, reinforcing Benekiva as a trusted partner in the insurance industry. More importantly, this milestone represents our focus on leadership enablement at all levels—an intentional move to address past gaps and ensure we are equipping our leaders with the tools, resources, and support they need to succeed. By prioritizing enablement, we are positioning Benekiva for sustained growth and continued transformation. Tony Diodato, President of Benekiva, added, “With the combined talent of our expanded leadership team, we are positioned to elevate our operations and achieve new levels of success. This team’s dedication to excellence and client-first innovation is integral to our ongoing journey of transforming claims and servicing operations.” These leadership appointments reinforce Benekiva’s mission to modernize claims operations, delivering exceptional efficiency, cost savings, and customer satisfaction through its innovative solutions. For more information about Benekiva and its leadership team, please visit www.benekiva.com . About Benekiva Benekiva is a leader in the insurtech space, committed to revolutionizing claims and servicing operations within the insurance industry. With a "Beneficiary first" mindset, Benekiva’s platform integrates diverse elements of claims operations to deliver seamless, efficient, and exceptional experiences for both carriers and beneficiaries. Media Contact: Maura Gilson O'Donnell Director of Marketing, Benekiva maura@benekiva.com www.benekiva.com
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star has shared the struggles he faced during his recent illness, which led to a significant weight loss and left him too weak to play. In an interview with The Athletic, described his ordeal: "I've never been that sick before in my entire life. I didn't eat for two days, didn't get up, nothing. I was down. It was bad." revealed that he initially aimed to return earlier against the but couldn't due to persistent breathing issues and severe coughing. "I got through the workout, but I couldn't breathe good," he admitted. His absence, combined with the recovery period, left the veteran nervous about returning to the court. This marks first game since December 14, where he played against the . So far this season, the 34-year-old has averaged 25.7 points, 7.5 assists, and 4.5 rebounds across 22 games, forming a formidable duo with teammate . However, own illness has him listed as questionable for tonight's matchup. Bucks' redemption arc Despite a rough start to the season, remains optimistic. Reflecting on the team's early struggles, he stated: "The team we started the season as is not the team that we are now. And it was never who we truly were." Since their 2-8 start, the have improved to a 16-13 record, showing signs of the championship-caliber play expected from them. was pivotal in the victory, contributing 23 points, four rebounds, and four assists in the final against the . His partnership with has become a beacon of hope for , signaling their potential to climb even higher in the standings. Crucial games ahead The face the tonight, followed by matchups against teams like the . With return and a chance to build momentum, aims to solidify their playoff position and silence any lingering doubts about their capabilities. resilience and return couldn't come at a more critical time for the as they look to continue their upward trajectory in the .
