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Full speed ahead: Tesla (TSLA) lands higher price targets from Wedbush. (00:26) Lawmakers call on Apple (AAPL), Google (GOOG) (GOOGL) to prepare for potential TikTok (BDNCE) ban. (01:54) Novo Nordisk (NVO) to park $1.2 billion in a new plant in Denmark for rare disease drugs. (02:46)
This is an abridged transcript of the podcast.
Tesla (NASDAQ:TSLA) is on watch for more gains in the week ahead after Wedbush Securities boosted its base case price target to $515 and set a bull case PT of $650.
Analyst Dan Ives said the firm believes the Trump White House over the next four years will be a “total game changer” for the autonomous and AI story for Tesla (TSLA).
“We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast tracked as the federal regulatory spiderweb that Musk & Co. have encountered over the past few years around FSD/autonomous clears significantly under a new Trump era,” wrote Ives.
Tesla (TSLA) is seen cruising to a $2 trillion market cap by the end of 2025 as the company’s autonomous vision starts to take shape and delivery demand from the core China market stabilizes.
Notably, Ives noted that the one-year price targets on TSLA conservatively assume no value today for the Optimus humanoid robot business, which is anticipated to be a major upside catalyst for the Tesla (TSLA) story over the coming years.
Shares of Tesla (TSLA) are up more than 30% over the last six weeks to more than double the returns for Rivian Automotive (RIVN) and Lucid Group (LCID) over the same time period. Meanwhile, shares of Detroit automakers Ford Motor (F) and General Motors (GM) have spun lower over the last six weeks.
Members of the House Select Committee on the Chinese Communist Party have called on Apple (NASDAQ:AAPL) CEO Tim Cook and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) chief Sundar Pichai to prepare to comply with a potential U.S. ban on TikTok next month.
The lawmakers, led by Reps. John Moolenaar (R-MI) and Raja Krishnamoorthi (D-IL), in a letter pointed to an appeals court decision last week, which upheld a law requiring TikTok’s Chinese parent firm ByteDance (BDNCE) to divest the app by January 19.
“As you know, without a qualified divestiture, the Act makes it unlawful to provide services to distribute, maintain, or update such foreign adversary controlled application by means of a marketplace (including an online mobile application store) through which users within the U.S. may access, maintain, or update such application,” the House Committee members noted.
The lawmakers also urged TikTok CEO Shou Zi Chew to “immediately execute a qualified divestiture” as Congress provided “ample time” to comply with the law. TikTok previously said it would take the case to the Supreme Court.
The January 19 deadline is a day before the inauguration of president-elect Donald Trump, who signaled his support for TikTok on the campaign trail. “For all of those who want to save TikTok in America, vote for Trump,” he’d said in September.
Novo Nordisk (NVO) will make a significant investment of approximately $1.2 billion to construct a new production facility in Odense, Denmark.
The new facility will focus on the manufacturing of medications used for rare diseases, including treatments for conditions like haemophilia. The site will include a warehouse and a factory.
Construction work has commenced and is scheduled to be completed in 2027. The investment is expected to create 400 permanent jobs upon completion, and 1,000 external employees will be working on-site.
Novo Nordisk (NVO) is up ~1.2% pre-market.
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Catalyst watch:
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Palo Alto Networks (PANW) will begin trading at its split-adjusted price following the company’s 2-for-1 stock split. It is the first stock split for the cybersecurity company since 2022.
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Patrick Industries (PATK) will trade at its split-adjusted price after a 3-for-2 split.
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IDEAYA Biosciences (IDYA) will hold its virtual R&D Day event.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.9% at $70/barrel. Bitcoin is up 2.2% and above $104,000.
In the world markets, the FTSE 100 is down 0.3% and the DAX is down 0.3%.
The biggest movers for the day premarket: MicroStrategy (NASDAQ:M STR) led a rally among cryptocurrency-exposed stocks, rising 6% on optimism surrounding its upcoming inclusion in the Nasdaq 100 Index.
On today’s economic calendar:
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