Well, President Trump told NBC News this weekend that he had no desire to repair his relationship with Tesla CEO Elon Musk after the two exchanged heated blows on social media last week. Two Wall Street firms downgraded shares of the EV maker Monday after the stock fell more than 14% in the past week. Our next guest is a longtime Tesla bear with a sell rating and a $170 price target on the stock.Ron Yoso, Guggenheim Securities automotive equity research director joins us now. Ron, good to see you here with ...

Core Viewpoint - Uber has established itself as the leading ride-sharing company in the U.S. and globally, but the advent of autonomous vehicles poses both opportunities and threats to its future [1] Group 1: Market Position - Uber is currently the dominant player in the ride-sharing market, having won significant market share in the U.S. and around the world [1] Group 2: Future Considerations - The emergence of autonomous vehicles could impact Uber's strategic position, raising questions about whether this technology will benefit or hinder the company's growth [1]

Core Viewpoint - The relationship between Tesla and the Trump administration has deteriorated significantly, leading to a sharp decline in Tesla's stock value and raising concerns about the company's future prospects and governance [3][4][14]. Group 1: Company Performance - Tesla shares fell 14% in one day, erasing approximately $152 billion in market value, marking the largest single-day loss in the company's history [3][4]. - The company reported a 9% decline in revenue year-over-year for the first quarter, with auto revenue dropping 20% due to increased competition and consumer backlash against Trump's political activities [8][19]. - Tesla's deliveries in the U.S. are tracking lower, with European sales experiencing a 50% year-over-year decline in April and a double-digit drop in May [19]. Group 2: Leadership and Governance - Elon Musk's term as a special government employee ended after 130 days, during which he criticized Trump's spending bill, leading to a public feud [2][3]. - Public officials and pension funds have called for stronger governance at Tesla, emphasizing the need for leadership focused on the company's interests rather than personal political agendas [14][15]. - Analysts have expressed skepticism about Tesla's future, citing Musk's polarizing behavior as a potential threat to the brand and its value [15][27]. Group 3: Market and Competitive Landscape - Tesla is facing increased competition from lower-cost EV manufacturers, particularly in China, which has impacted its market position [8][19]. - The company has struggled to introduce innovative and affordable new EV models, while competitors like BYD have gained significant market share [18]. - Concerns over tariffs and regulatory support from the government have been exacerbated by the fallout between Musk and Trump, potentially affecting Tesla's cost structure and future growth [13][27]. Group 4: Future Outlook - Musk is urging investors to focus on long-term goals related to autonomous vehicles and robotics, despite current challenges in the core business [21][22]. - The upcoming launch of a small fleet of driverless ride-hailing services in Austin is seen as a critical step for Tesla, although the company has missed several deadlines in the past [21][22]. - Analysts have lowered their price targets for Tesla, reflecting a cautious outlook for 2025 amid ongoing challenges [19].

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Core Viewpoint - UBS maintains a bearish outlook on Tesla, projecting a potential decline of over 40% in its stock price, with a target of $190 per share, down from the current value of $339 [1][3]. Market Analysis - UBS's latest global EV adoption survey indicates a decrease in interest for Tesla vehicles in major markets, including the U.S., China, and Europe [3]. - In the U.S., Tesla holds approximately 48% of the battery electric vehicle (BEV) market, but faces challenges due to consumer concerns over high prices and a limited vehicle lineup [4]. - The competitive landscape in China has intensified, with local manufacturers offering advanced technology and aggressive pricing, leading to a perception shift where Tesla is seen as a tech follower rather than a leader [5]. - In Europe, Tesla's brand image has suffered, partly due to CEO Elon Musk's political statements, resulting in brand fatigue among its previously loyal customer base [6]. Future Challenges - Despite excitement around Tesla's long-term plans for autonomous vehicles and humanoid robots, UBS expresses caution regarding the automotive business's challenges and the potential impact of losing California's emissions waiver on financial performance [7][8]. - The upcoming launch of Tesla's robotaxi service in Austin is a critical component of the company's growth strategy, but the automotive sector remains under pressure [8]. - Investors are hopeful for a recovery as Musk has announced a renewed focus on his CEO role, distancing himself from controversial political engagements [9].

Core Viewpoint - Uber Technologies faces mixed sentiment among shareholders due to a revenue miss and lack of interest from Elon Musk in acquiring the company, despite the stock nearing all-time highs [1] Financial Performance - In Q1 2025, Uber reported revenue of $11.5 billion, a 14% increase year-over-year, but missed analyst estimates by approximately $86 million, indicating a slowdown from 18% growth in 2024 [3] - The number of trips grew by 18% annually in Q1, slightly below the 19% rise in 2024, attributed to increased frequency among monthly active platform consumers (MAPCs) likely due to the Uber One membership program [4] - Uber reported nearly $1.8 billion in net income for Q1, significantly improved from a loss of $654 million in the same quarter last year, aided by a $402 million income tax benefit [5] Growth Projections - Analysts forecast 15% revenue growth for both 2025 and 2026, reflecting the platform's increasing popularity [5] - Despite concerns, Uber's stock has risen nearly 40% over the past 12 months, with a current P/E ratio of 16, indicating reasonable pricing even when considering a forward P/E ratio of 25 [6] Business Segments - Uber's mobility and delivery segments showed strong performance, with revenue growth of 15% and 18% respectively, while freight revenue declined by 2%, accounting for only 11% of total revenue in Q1 [7] - The potential for Uber to evolve into a self-driving car stock is significant, with partnerships established with companies like Alphabet's Waymo and May Mobility, allowing users to request autonomous rides in select cities [8] Competitive Advantage - The combination of human and autonomous drivers may provide Uber with a competitive edge over companies like Tesla, as the transition to autonomous services is not expected to eliminate human drivers in the near term [9] Investment Outlook - Current conditions suggest that it is not the right time to abandon Uber stock, as the company's core segments continue to grow at double-digit rates, making it attractive even at a forward P/E ratio of 25 [10][11] - The potential success in autonomous vehicles could further enhance revenue, solidifying Uber's role in personal transportation [11]

Group 1 - The core viewpoint is that Tesla is on the verge of a new era of autonomous vehicles, with a significant price target increase from $350 to $500 by analyst Dan Ives [1][2] - The upcoming launch in Austin is expected to mark a key chapter of growth for Tesla, providing a "massive stage of valuation creation" [2][3] - Ives emphasizes that Tesla is not merely a car company, but a leader in AI and autonomous technology, estimating the AI and autonomous opportunity to be worth at least $1 trillion for Tesla [3][4] Group 2 - Ives projects that Tesla could reach a market cap of $2 trillion by the end of 2026 in a bullish scenario, highlighting the company's undervaluation in the AI sector [4] - Tesla's stock has experienced a decline of 1.09% to $337.33, with a year-to-date drop of 11.2% in 2025, despite a 90% increase over the last year [4]

Core Insights - Investors closely monitor the trades of billionaire hedge fund managers, as hedge funds provide quarterly updates and file 13F reports detailing their trades [1] Group 1: Pershing Square Capital and Nike - Bill Ackman's Pershing Square Capital sold its position in Nike, which previously accounted for about 11% of its total portfolio, making it the sixth-largest position [4] - Ackman cited three main reasons for selling Nike: a shift to direct-to-consumer strategy harming wholesale partnerships, a merchandising structure that neglected sports, and overproduction of popular franchises instead of focusing on innovation [5] - Despite selling, Ackman converted Nike investments into call options, allowing for potential gains while minimizing losses, believing that a successful turnaround could yield returns more than double that of owning common stock [6] Group 2: Nike's Current Performance - Nike's sales were down 9% year-over-year in the fiscal 2025 third quarter, with a 12% drop in direct-to-consumer channels contributing to a 3.3 percentage-point decrease in gross margin [7][8] - Ackman's strategy indicates a belief that Nike's stock may decline further before a rebound, allowing for significant profits when the turnaround occurs [8] Group 3: Pershing Square Capital and Uber - Ackman initiated a position in Uber in the first quarter of 2025, which has become the top position in the portfolio, accounting for nearly 18% [10] - He noted a decline in Uber's valuation at the end of 2024 as an opportunity, and believes the stock remains undervalued despite its 53% increase this year [10] - Ackman praised Uber's management, low costs, and growth potential, citing a 20% compounded annual growth in bookings since 2019, currently at $160 billion, and projecting earnings growth of at least 30% in the medium term [12] Group 4: Uber's Market Position and Future - Ackman addressed concerns regarding autonomous vehicles (AVs) potentially threatening Uber's business model, arguing that AVs are still in development and unlikely to dominate ridesharing soon [13] - He emphasized Uber's dynamic supply model as a competitive advantage, suggesting that when AVs become safer, they can be integrated into Uber's existing framework [13] - Ackman views Uber as a long-term investment opportunity, particularly for those willing to accept some risk [14]

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Core Insights - Lyft shares surged over 28% following strong Q1 2025 earnings and an expanded share buyback program, while Uber shares declined after mixed results [1][2][7] Lyft Performance - Lyft's gross bookings increased by 13% year over year to $4.16 billion, slightly surpassing the forecast of $4.15 billion, marking the 16th consecutive quarter of growth [3] - Revenue grew by 14% to $1.45 billion but fell short of the $1.47 billion projection, yet the company achieved a net income of $2.57 million, a turnaround from a net loss of $31.54 million in the same quarter last year [4] - Lyft's board approved an increase in its share repurchase plan to $750 million, with plans to utilize $500 million over the next year [6] - CEO David Risher expressed confidence in consumer demand, stating there are no significant concerns despite economic uncertainties [5] Uber Performance - Uber's shares fell 2.5% after reporting mixed Q1 results, with earnings surpassing expectations but revenue slightly below projections [7] - The company reported a net income of $1.78 billion, a significant improvement from a net loss of $654 million in the same quarter last year [7] - Uber is aggressively expanding into autonomous vehicle technology, which it considers a major opportunity, achieving an annual run rate of 1.5 million autonomous vehicle trips [8] Investment Outlook - Despite the initial decline in Uber shares, analysts maintain a positive outlook, with an average price target of $93.79, representing a 13.26% increase from the last closing price of $82.81 [9][10] - Lyft shares are viewed positively with a Growth Score of A and a Value Score of B, indicating potential for future growth [12]