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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Despite Tenneco (NYSE:TEN)'s shares dropped over the last weeks due to uncertainty surrounding the delay of spinoffs. But, ValuEngine did improve its rating from ‘sell' to ‘hold' so this designer, manufacturer and seller of after-market technology solutions for various vehicles is expected to do something right and it did announce some developments.
Uncertainty surrounds the entire auto industry, but as in all scenarios, some will make it to the finish line. And those who do make it will be those both fearless and capable of making an innovative spin-off from the black cloud that is upon the whole industry.
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Tenneco
The company behind ride performance systems and clean air for light vehicles and trucks, among others, announced its CEO is stepping down, effective immediately. As part of this shake-up of leadership, the current co-CEO is about to take control of the boat, continuing to lead DRiV but taking the new consolidated CEO role of the new business model.
It is all part of a greater strategy to cut costs, bring operations to an optimum state and improve cash flow. Current market headwinds are making it challenging to spin off DRiV during 2020 as planned so executive team decided to wait for a more favourable climate to set off to sea. But if we know anything by now, it is that investors are never fans of uncertainty and market punishes it immediately- as it happened on Wednesday. More details on the company's accelerated performance improvement plan are to be provided when the company reports its full year 2019 earnings.
Tesla Has Never Been Better…
When it comes to a CEO believing in his company, one can hardly beat Elon Musk who owns early 19% of Tesla Inc (NASDAQ:TSLA) or 34 million shares to be exact. Musk promised Tesla would go back to profitability and he pulled it off during the company's latest quarter, after which the stock continued to rally, going up 8 percent on Monday. And not only that, but its stock passed $500 per share for the first time, leading to a market cap of $93 billion.
And to impress you further, this is more than that of General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) combined. But, despite having a great year and an impressive entry to the ‘inaccessible' Chinese market, this market cap doesn't tell the whole story as Tesla has more work to do. Based on accounting rules, the electrification pioneer is seen losing nearly $800 million this year and excluding one-time charges, it is expected to lose $72 million this year. But all should end well with a profit in 2020, yet then again, Tesla is known for surprises both ways.
And There Are Many More Players Out There…
For Tenecco, the market will need to see an improvement for stock to climb back up. But no industry fan or follower or investor can afford to forget Franchise Holdings International's (OTC:FNHI) Worksport that has expanded its portfolio of intellectual properties recently and is scheduled to launch world's first solar technology tonneau cover. Another from electrically powered delivery and utility vehicles group, Workhorse Group Inc (NASDAQ:WKHS)'s stock is rising with quite an increase in hedge fund interest in recent months. It is impossible to predict who will arrive first to the finish line.
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But while industry peers are attempting to ‘reshape' their business models in order to adapt to the new era of sustainability and electrification, the right innovation seems to be the only common factor when it comes to these not-so-often success stories. After all, Tesla did the impossible thanks to holding the invention throne when it comes to electric cars, for now at least.
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Image by Jakub Orisek from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.