Today’s Research Reports on Stocks to Watch: Tesla and General Electric
Tesla shares rose after the company announced it will unveil its Semi Truck this week on a live webcast. The company has also been hit by lawsuits saying a factory in California has been racist towards black workers. Shares of General Electric closed down over 7% after announcing its dividend has been slashed in half and that its guidance has been lowered.
RDI Initiates Coverage on:
General Electric Company
Tesla, Inc. shares closed up 4.10% yesterday on nearly 7.6 million shares traded. The gains came in despite the electric vehicle giant having a class-action lawsuit filed against it in California that claims the production plant of the company is a "hotbed for racist behavior." According to the lawsuit filed in Oakland, former employee Marcus Vaughn is bringing claims that black workers are addressed by racial slurs and that the company is doing nothing about the complaints. He brings the claims on behalf of a lot of black workers who work at Tesla’s Fremont, California factor. Vaughn alleges that he was routinely called the "N" word by coworkers and by supervisors. He was fired in October for "not having a positive attitude" and is seeking unspecified damages under a California anti-discrimination law. Tesla has also been hit by a lawsuit that claims it is discriminating against gay and older workers. The company has denied these claims. In a more positive light, the company’s CEO has said the company’s Semi Truck will be unveiled on webcast live on Thursday at 8pm this week.
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General Electric Company shares closed down 7.17% on Monday on significant volume compared to usual with over 261 million shares traded. Average volume for GE is a little over 58 million shares. The stock started to tank after traders learned that the company has slashed its dividend in half and also reduced its guidance. Though many already knew a slashed dividend was coming, it still may have surprise some traders. Shares were down as much as 8.6% in intra-day trading yesterday. The company has cut its dividend from 24 cents to 12 cents which will save it around $4 billion a year. Looking ahead, General Electric has lowered its adjusted EPS to be in a range of $1.00 to $1.07. The company had earlier forecast adjusted EPS of $2 a share. Analysts had been expecting $1.17 per share. CEO John Flannery who just recently took position of the company has said he plans to sell $20 billion worth of assets.
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Our Actionable Research on Tesla, Inc. (NASDAQ: TSLA) and General Electric Company (NYSE: GE) can be downloaded free of charge at Research Driven Investing.
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