- Tesla set a new high on June 23 and has been stumbling since, down over 10% in the past 2 days. It has been a busy week for Tesla. Elon Musk announced on Monday that the Model 3 had passed its regulation requirements and that the first car should be completed on Friday. Tesla also reported disappointing production data for the second quarter. Goldman cut its price target on the stock on Wednesday from $US190 to $US180. While the range of all analysts’ targets is from as low as $US155 to as high as $US464. Despite the dramatic drop this week the stock is still up nearly 50% year-to-date. Apple analyst Gene Munster says the Model 3 launch will be as big as the introduction of the iPhone. Gavin Baker, portfolio manager of Fidelity OTC, one of the biggest holders of Tesla stock, went a step further in January saying the Model 3 by some measures is “the largest consumer-product launch ever — ahead of any iPhone device.”
- Business Insider’s executive editor Sara Silverstein discusses a new study from the University of Washington that analyses the recent minimum wage increase in Seattle. The city of Seattle commissioned the study and gave researchers access to employment data. The study showed that the second increase in the minimum wage from $US11/hour to as much as $US13/hour had a negative impact on the total payroll to low-wage workers. This study shows different results than one published by Berkeley a few days earlier which concluded that the minimum wage increase achieved its goal by increasing wages in food service jobs. The Berkeley study results and methodology are similar to other studies done in the past. But the study out of the University of Washington is unique in its method and its access to data. It shows a different perspective that must be considered since we still don’t have a clear understanding of the impact of raising the minimum wage.
- Mondelēz International CEO Irene Rosenfeld talks about what Amazon buying Whole Foods and Nestle selling its US candy business mean for the industry. Rosenfeld says Mondelēz is working on growing its e-commerce business from $US350 million to $US1 billion by 2020. Rosenfeld also talks about her history with prominent activist investors Bill Ackman of Pershing Square and Nelson Peltz of Trian Partners. She says she has learned a lot by engaging with activists and actually listening to what they have to say.
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