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'Almost a mass psychosis': Tesla's 250% stock rally makes no sense, Bob Lutz says

Businessinsider - Fri, 02/14/2020 - 09:55

  • Bob Lutz can't explain why Tesla stock has rocketed more than 250% in six months.
  • The former GM, Ford, and Chrysler executive said on the BBC Business Daily podcast this week that Goldman Sachs analysts are asking him if he has "any idea what the heck is going on."
  • "Nobody can explain it," Lutz said. "It's driven purely by psychology or almost a mass psychosis."
  • Lutz also downplayed the growth prospects of electric vehicles, arguing they'll only make up 15% of global car sales in 2030.
  • Visit Business Insider's homepage for more stories.

Bob Lutz has no idea why Tesla stock has rocketed more than 250% in six months.

Neither do Wall Street's brightest minds, the auto-industry veteran — who sat on the boards of Ford, Chrysler, and General Motors during his career — said on the BBC Business Daily podcast this week.

"I talked to people at Goldman Sachs, who are usually the world's greatest experts on explaining stock prices, and they're now asking me whether I have any idea what the heck is going on with Tesla stock," he said.

"Nobody can explain it, it's so far beyond any fundamental return that any shareholder could ever expect."

Elon Musk's electric-car startup currently boasts a market capitalization of $145 billion — dwarfing Ford, Chrysler, and GM's combined market cap of $103 billion. Tesla stock is no longer tethered to anything tangible, Lutz argued.

"It's driven purely by psychology or almost a mass psychosis," he said, warning the rally won't last. "Ultimately, the share price responds to financial fundamental reality, and that day will come."

An overstated growth opportunity

Lutz downplayed the market opportunity for electric vehicles in the interview. The shift from conventional to electric cars is "somewhat of a fiction," he said, as global demand for them is largely fueled by government subsidies.

Electric vehicles are expensive and unprofitable to produce, Lutz added, and inconvenient to use due to their long charging times. As a result, he expects them to only account for 15% of the global auto market by 2030.

Despite his bearish view on Tesla's industry, Lutz praised the automaker's products. "There's nothing wrong with the car," he said. "It is one of the best-driving, best-performing, best-looking premium sedans in the world."

Fund managers, short-sellers, and even politicians sounded the alarm on Tesla last week after its shares soared by a third in two days. "Watch out Tesla believers," former presidential candidate Ralph Nader tweeted.

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Categories: English

Fem svenskere tiltales for dobbeltdrab i Herlev

TV2 Lorry - Hovedstadsområdet - Fri, 02/14/2020 - 09:52
I sommeren 2019 blev to personer brutalt skuddræbt i Herlev. Siden har politiet efterforsket intenst, og det har nu ført til, at anklagemyndigheden rejser tiltale mod fem, unge svenskere.
Categories: Region Hovedstaden

Cruise ship passengers in Cambodia clear of coronavirus

Al Jazeera - Fri, 02/14/2020 - 09:39
Blood tests taken from some passengers, who were unwell when ship arrived in Cambodian waters on Thursday, tested negative.
Categories: English

Antarctic island hits record temperature of 20.75C

BBC News - World - Fri, 02/14/2020 - 09:09
The temperature was recorded on an island off the Antarctic continent's northern tip.
Categories: English

Fem svenskere tiltalt for to bandedrab i Herlev

DR Nyheder - Fri, 02/14/2020 - 09:07
Anklagemyndigheden har rejst tiltale i drabssag med svenske tråde.
Categories: Nyheder v/DR

10 things in tech you need to know today

Businessinsider - Fri, 02/14/2020 - 08:37

Good morning! This is the tech news you need to know this Friday.

  1. The US government has filed racketeering charges against Huawei and its CFO, accusing the Chinese telecom giant of conspiring to steal trade secrets from 6 tech companies. The latest indictment includes information alleging Huawei tried to steal trade secrets from six different US technology companies.
  2. Alibaba has pledged $140 million to fight the coronavirus outbreak with a platform to coordinate deliveries of crucial medical supplies. China's 70,000 theaters are closed in response to the Wuhan coronavirus, which could have negative implications for "Mulan."
  3. The SEC is looking into Tesla's finances. Tesla did not specify the kinds of data and financial arrangements the SEC has asked for information about.
  4. WhatsApp seized on US allegations against Huawei to defend encryption against the government's demands for backdoors. WhatsApp and its parent company Facebook have been fighting off US demands to build methods for law enforcement to infiltrate encrypted messaging.
  5. A leaked copy of Tesla's employee handbook reveals exactly how it expects workers to push boundaries and help the company succeed. "Your good ideas mean nothing if you keep them to yourself," says Tesla's employee handbook, called "The Anti-Handbook Handbook."
  6. Amazon's annual filing reveals it loaded up on private-company stock while scaling back acquisitions last year — a change that may help as regulators crack down on the tech giant. Amazon has resorted to buying partial stakes of other companies, instead of fully acquiring them, amid growing regulatory pressure, filings show.
  7. Oracle says a Google victory in their Supreme Court battle over Java would hurt small US tech companies. Oracle said Google committed "an egregious act of plagiarism" and warned that a Google victory at the Supreme Court would hurt US tech companies.
  8. A former Waymo driver has been accused of intentionally causing a collision with one of the company's self-driving vans. Waymo called the former driver "disgruntled." Tempe police said he "targeted" two Waymo autonomous vehicles. 
  9. Microsoft saw $17 billion of its market value erased in just 5 minutes after a judge granted Amazon's request to block a key cloud contract. Microsoft won the contract over Amazon last year in a surprise upset, but Jeff Bezos and Co. are making life difficult.
  10. Warren Buffett's right-hand has trashed the metric Uber is using for its ambitious plan to be profitable by the end of 2020. "I don't like when investment bankers talk about EBITDA, which I call bulls--- earnings," Charlie Munger said.

Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

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Categories: English

Coronarisiko får SAS til at forlænge suspendering af flyvninger til Kina

DR Nyheder - Fri, 02/14/2020 - 08:26
Analytiker anslår, at SAS taber 140 millioner på de parkerede fly.
Categories: Nyheder v/DR

100-årige Inge faldt og slog hovedet: Nu vil hun finde sin redningsmand

TV2 Lorry - Hovedstadsområdet - Fri, 02/14/2020 - 08:20
Inge Piper på 100 år leder efter sin redningsmand, der tirsdag hjalp hende hjem efter et fald.
Categories: Region Hovedstaden

Japan flytter første passagerer fra krydstogtskib i karantæne

DR Nyheder - Fri, 02/14/2020 - 08:14
Regeringen vil indlogere de passagerer fra karantæneramt krydstogtskib, som selv ønsker at forlade skibet.
Categories: Nyheder v/DR

USA: Huawei har stjålet vigtige data og hjulpet Iran med at opspore folk

Computerworld: Seneste om teknologi - Fri, 02/14/2020 - 08:10
USA skærper markant beskyldningerne mod kinesiske Huawei.
Categories: it-guide

For 115.000 år siden fik smeltende Antarktis havet til at stige med tre meter - og det kan ske igen

DR Nyheder - Fri, 02/14/2020 - 08:07
Temperaturstigning på mindre end to grader har én gang fået stor del af Antarktis til at smelte.
Categories: Nyheder v/DR

Ivans cykelbatteri er sporløst forsvundet: Flere klager over manglende breve og pakker

DR Nyheder - Fri, 02/14/2020 - 08:01
Stigningen skyldes, at der bliver sendt flere pakker, lyder Postnords forklaring
Categories: Nyheder v/DR

Toldere finder mistænkeligt træ fra Amazonas på Aarhus Havn

DR Nyheder - Fri, 02/14/2020 - 07:56
Dansk importør risikerer at blive politianmeldt efter fund af container med brasiliansk træ på Aarhus Havn.
Categories: Nyheder v/DR

Johanna overlevede terrorangrebet i København: "Det har ødelagt mit liv"

TV2 Lorry - Hovedstadsområdet - Fri, 02/14/2020 - 07:15
To mennesker mistede livet og seks betjente blev såret under terrorangrebet. Men en af de overlevende siger, hun stadig er ramt og føler sig glemt.
Categories: Region Hovedstaden

Snart er de væk: Her er syv superligaspillere, du skal nå at nyde i foråret

DR Sporten - Fri, 02/14/2020 - 07:03
Evander, Mustapha Bundu og Lucas Andersen har leveret store præstationer i Superligaen. I dag starter deres nok sidste halvsæson.
Categories: Sport v/DR

Facebook boss 'happy to pay more tax in Europe'

BBC News - World - Fri, 02/14/2020 - 07:02
Mark Zuckerberg says he understands the "frustration about how tech companies are taxed in Europe".
Categories: English

Fyrstelig auktion vækker opsigt: Vi har aldrig før haft så eksklusive smykker

TV2 Lorry - Hovedstadsområdet - Fri, 02/14/2020 - 06:05
Seks vintagesmykker fra et europæisk fyrstehus en vækker stor interesse i hele verdenen. Den 27. februar kommer de på auktion i København.
Categories: Region Hovedstaden

'How do Amazon pre-orders work?': How to pre-order applicable items on Amazon

Businessinsider - Fri, 02/14/2020 - 05:22

  • You can easily pre-order items on Amazon, allowing you to order not-yet-released items in advance.
  • A pre-ordered item will ship either when it's released or just in advance of its release, and your card will typically not be charged until the item has shipped or a few days beforehand.
  • The checkout process looks the same as a regular Amazon order, and you'll receive email updates and can check your order's progress at any time.
  • Visit Business Insider's homepage for more stories.

Whether you're waiting on a new book release or for a popular item to be restocked, Amazon's pre-order process is easy.

The checkout process looks the same as a regular Amazon order, and you'll receive email updates. Additionally, you can check your order's progress at any time.

Here's a bit more about the process, along with how to pre-order.

Check out the products mentioned in this article: MacBook Pro (From $1,299.99 at Best Buy) Lenovo IdeaPad 130 (From $299.99 at Best Buy) iPhone 11 (From $699.99 at Best Buy) Samsung Galaxy S10 (From $899.99 at Best Buy) How Amazon pre-orders work

When you pre-order a not-yet-released item on Amazon, you will not be charged immediately — instead, the card on file will be charged a few days before the item is released, typically when it ships or a few days prior to its shipping, depending on the item. 

Amazon guarantees the lowest price — should prices change between placing your order and the release date — as long as the item has been labeled with "Pre-order Price Guarantee."

The process to pre-order looks extremely similar to placing a regular order. Additionally, you may receive email updates if the release date changes — and if this happens, you'll have the option to manage or cancel your order.

How to pre-order an item on Amazon

1. Open the Amazon website on your Mac or PC, or the mobile app on iPhone or Android.

2. Search for the item you wish to pre-order in the top search bar.

3. If it's a yet-to-be-released item, you'll find it says "Pre-order" in the "Add to Cart" button. You should also see its expected released date written above in green. Click the appropriate button to add the item to your cart. 

4. If you choose to add the item to your cart, you'll be greeted with a message confirming the decision and listing your subtotal. Click on the yellow "Proceed to checkout" button to continue. 

5. Complete the checkout process like you normally would, including selecting the correct address and credit card information. 

6. Click "Place your order" when you're ready.

7. To check your order status, click "Returns & Orders" in the top toolbar. You can also click on your account information and navigate to the page from there.

8. Scroll down until you find your pre-ordered item. Click on the yellow "Track package" button to double-check the release date and track your package once it's shipped.

You may receive email updates if the release date changes. You will have the option to cancel your order if this happens. 

Your card on file will be charged a few days before the item ships. If the item has a price guarantee, you will be charged the lowest price listed on Amazon between your order date and the release date.

 

Related coverage from How To Do Everything: Tech:

SEE ALSO: The best MacBooks you can buy

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Categories: English

How to follow people on Apple Music and set up your profile for it

Businessinsider - Fri, 02/14/2020 - 05:06

  • You can easily follow people on Apple Music by searching for them on your profile page.
  • If you've never set up your public profile before, you can also add or invite friends from your contacts directly from the startup menu.
  • Following a person on Apple Music will allow you to see what they are listening to, along with recent songs and albums they've added.
  • Visit Business Insider's homepage for more stories.

It's easy to find and follow people in the Apple Music app — whether it's friends, family, or coworkers.

While Apple Music used to allow users to follow artists as well, it removed the feature in 2018. However, you can still follow friends to see what others are listening to — similar to Spotify.

To do so, you'll just have to set up an account. If you've already done so, you can easily add people by accessing your account details in the "For You" tab at any time.

Here's how to follow people on Apple Music on your mobile app. 

Check out the products mentioned in this story:  iPhone 11 (From $699.99 at Best Buy) How to follow people on Apple Music if you've never set up your profile

1. Open the Apple Music app on your mobile device.

2. Tap on the "For You" tab underneath the heart icon at the bottom of the screen.

3. Tap on the profile icon in the upper right hand corner of the page. If you haven't set up an account yet, it will appear as a person icon (as opposed to a profile photo or your initials).

4. Tap "See what Friends Are Listening To." to set up your profile.

5. Tap the pink "Get Started" button to begin.

6. Personalize your name, username, and add a profile photo if you'd like by clicking on the appropriate entries.

7. Tap the pink "Continue to Find Contacts" button when you're ready to move on.

8. Tap to follow any of your contacts who are currently sharing music. This will change the pink "Follow" button to a gray "Following" button.

You also have the option to connect to Facebook at the top to view your Facebook friend's profiles. Additionally, if you scroll down, you can invite contacts from your phone who use Apple Music but don't currently have accounts set up. 

9. Tap "Next."

10. Specify your notification settings for friend activity and new shows. Switch toggles from green to gray to turn on or off. 

11. Tap "Done" to complete the process.

How to follow people on Apple Music once you've already set up your account

1. Open the Apple Music app on your device.

2. Tap on the "For You" tab underneath the heart icon at the bottom of the screen. 

3. Tap on the profile icon in the upper right hand corner of the page. If you've already set up your account, your initials or profile picture will appear in a circle.

4. Click "View Profile" at the top.

5. Scroll down to the bottom to see who you are currently following.

6. Tap "Follow More Friends" to reopen the contacts page.

7. Click to follow any of your contacts who are currently sharing music. This will change the pink "Follow" button to a gray "Following" button. You also have the option to connect to Facebook at the top to view your Facebook friend's profiles or invite contacts from your phone who use Apple Music but don't currently have accounts set up.

 

Related coverage from How To Do Everything: Tech:

SEE ALSO: The best iPhone for every type of person and budget

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T. Rowe Price calls WeWork a 'terrible investment' (TROW)

Businessinsider - Fri, 02/14/2020 - 05:00

  • In an unusually frank letter, fund managers at T. Rowe Price derided WeWork as a "terrible investment."
  • T. Rowe Price led WeWork's Series D financing round in 2014, which valued the company at $4.65 billion.
  • The fund managers said they invested with the understanding that WeWork would curb its losses and growth, but that didn't happen.
  • WeWork failed to go public last year and nearly went bankrupt instead, sending its valuation plummeting in the process.
  • Visit Business Insider's homepage for more stories.

When it comes to investing in WeWork, you could say that T. Rowe Price's investment team has some regrets.

In their letter to shareholders in the annual report of the firm's Mid-Cap Growth Portfolio, Brian W.H. Berghuis, chairman of the fund's investment advisory committee, and John F. Wakeman, the portfolio's executive vice president, said that the portfolios' stake in the commercial real-estate startup had brought them "outsized headaches and disappointments." The investment, which the portfolio made in 2014, was done with the understanding that WeWork would moderate its rapid growth and improve its bottom line, they said. Though the company took steps in that direction soon after T. Rowe Price's investment, it soon went back to its big spending ways, they said.

WeWork's profligacy eventually caught up with it. Its attempt at a public offering last summer collapsed in the face of investor concerns about its massive losses. After its IPO failed, its valuation collapsed from $47 billion to less than $8 billion, and it nearly went bankrupt before SoftBank bailed it out. The end result of all that was that T. Rowe's remaining stake in the company is now worth much less than what it once was, Berghuis and Wakeman said in the letter.

"While it's possible that WeWork's new management will improve operations somewhat, we are ready to declare this a terrible investment," they said.

The letter was an unusually frank assessment from a high-profile investor. T. Rowe Price led WeWork's Series D Round, in which the company raised $355 million at a valuation of $4.65 billion, according to PitchBook.

Berghuis, Wakeman, and their team have had misgivings about their WeWork investment for years now, particularly with regards to the company's corporate governance and the trustworthiness of its former CEO, Adam Neumann. Neumann at one point had iron-clad control over the company with 20 votes for each share he held and was the target of criticism for numerous personal transactions he engaged in with the company.

Adam Neumann promised WeWork would be profitable

The T. Rowe team was particularly incensed about the company's ever growing losses.

Neumann "promised profitability was just over the horizon," they said in the letter. "We did not take him at his word, and we communicated to WeWork's management and board our displeasure with its eroding corporate governance."

T. Rowe sold off a total of 16% of its stake in WeWork — recouping about half of its initial investment — in private transactions in 2017 and 2019, they said. They planned to sell off their remaining stake last year, but WeWork's management, which had veto power over the transaction, blocked the deal.

"It is clear that we misread the motivations of WeWork's management and our investment partners," Berghuis and Wakeman said in their letter.

Mutual fund companies have increasingly been investing in private startups, in part because companies are delaying going public until later in their lifespans, if they go public at all. Some policy makers and many in the finance industry have been pushing to make it easier for everyday investors and investment vehicles, such as mutual funds, to buy into startups. But some consumer advocates have raised concerns about that notion, because of the limited amount of financial information that private companies make public and the high risk of failure of such companies.

In their letter, Berghuis and Wakeman defended their portfolio's investment in private companies, arguing that their strategy shouldn't judged based on what happened with WeWork. The combined value of the portfolio's private investments comprised only 0.58% of its total worth, they said. Many of those investments have delivered good returns, and they provide insights into how industries are changing and future competition to the portfolio's public investments, they said.

"In short, we believe the WeWork debacle was an error in judgment, not in process," they said.

Got a tip about WeWork? Contact this reporter via email at twolverton@businessinsider.com, message him on Twitter @troywolv, or send him a secure message through Signal at 415.515.5594. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Adam Neumann personally invested tens of millions in startups while he ran WeWork. Founders who took his money reveal what it was like.

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Categories: English