Latest news with #Langan
Yahoo
2 days ago
- Automotive
- Yahoo
Tesla stock drops as Wells Fargo warns of weak Q2 deliveries, free cash flow under threat
Tesla stock (TSLA) is falling Tuesday as one of the Street's biggest bears is raising alarms over Tesla's core auto business and resulting free cash flow. Wells Fargo's Colin Langan notes that Tesla's fundamentals are coming in worse than expected. The bank is expecting second quarter deliveries to be down 21% compared to a year ago, with the firm's 343,000 estimate approximately 17% below street consensus. 'New Model Y appears weak given inventory building & promotions. There is also no update on the affordable model, the only driver of 2H [second half of the year] volumes,' Langan wrote in a note to clients. 'Order px [pricing] is ~stable, though financing promos & inventory discounts continue. We expect lower margin q/q due to px.' Tesla shares were down 4% in afternoon trade, underperforming the broader market. Even more pressing in Langan's analysis was Tesla's free cash flow metrics, which might go negative in 2025 due to a variety of factors. The Senate's recent vote ending California's ability to regulate air pollution was 'game over' for the state's regulatory board, known as CARB, Langan said. The vote means that automakers will no longer need to buy zero-emission vehicle (ZEV) regulatory credits from companies like Tesla to offset CO₂ emissions, which Wells Fargo said could imply a 16% cut to full-year EBIT (earnings before interest and taxes). The state of California has sued the federal government, looking to reinstate the ruling. Due to the combination of lower deliveries, lower EV credits, pricing, tariffs, and steady capex spending, 'We now forecast FCF [free cash flow] burn of $1.9 billion, the first FCF FY since 2018," the note said. Langan is also concerned about Tesla's robotaxi testing in Austin. 'The FSD [full self-driving] testing in Austin seems to be w/in a limited range, at low speed & heavily supervised. We see a risk of ramping up too quickly as an accident would be a major setback,' Langan said. Analysts like Wedbush's Dan Ives and Morgan Stanley's Adam Jonas believe Tesla's FSD and robotaxi service are key to unlocking trillions in value, which is notable as Langan himself estimates Tesla currently trades at 172 times 2025 EPS forecasts, a rich valuation. Langan reiterated his Underweight rating and $120 price target. Langan and Wells have been underweight the stock since March of last year and missed the steep run-up in Tesla shares following President Trump's reelection. Tesla stock is down nearly 22% this year, but up 68% in the past 12 months. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
3 days ago
- General
- Hamilton Spectator
Recognizing the importance of Indigenous history on National Indigenous Peoples' Day
Although not a statutory holiday in Nunavut, as it is in Yukon or the NWT, National Indigenous Peoples' Day is recognized on June 21 each year - a day that deserves widespread recognition across Canada, says Pam Langan, the head librarian and business administrator at the Pitquhirnikkut Ilihautiniq Kitikmeot Heritage Society in Cambridge Bay. 'We should be celebrated,' Langan said. 'We were here first. We helped the white people get settled. We welcomed them onto the land. You know, we taught them our ways.' Langan said the history of what happened to the Inuit and native population should be taught. 'And put money towards helping the people from what people did,' she said of the residential school system. 'And teach the exact history. Down in Alberta for example, a young fellow, he got sick, so he was put in the hospital. His family went on the trapline and Fish and Wildlife tainted their food supply on the trapline and he lost his whole family. 'That information is in the University of Alberta in Calgary archives,' she said. 'That is the kind of history they should be teaching, so that the people understand what the Inuit and the natives, what happened to them and what happened to their lifestyle,' she said. Langan went on to say alcohol introduced by the Europeans to the Indigenous people became, and still is, a problem. 'The Europeans, they had alcohol in their system for many years, for thousands of years. So that enzyme has been in their system, in their body, whereas the Inuit and natives never had that enzyme to be able to fight that. So it's like a disease almost,' she said. 'So, if they want to celebrate, they need to, they need to give the history - of why we are like that and why we struggle.' Family history Langan recounted a story from her own family history pertaining to her grandparents. 'They were both in residential school. They (later) lived on the reserve when they came to take my mom and her siblings, but my grandfather met them at the door with a shotgun and said, 'You're not taking my kids.' 'And then he enfranchised, he sold his rights as a native in order for them to get an education off the reserve. 'So as soon as he enfranchised, he got kicked off the reserve because he was no longer a native,' Langan said. 'He had cattle on the reserve, but he had to go to the Indian agent to ask to kill one of his cattle in order to feed his family. Indian agents said no, so him and his cousin, they shot and killed a cow in the middle of the night so they wouldn't get caught. 'And if they had been caught, they would have been hung for his own cattle,' Langan said. 'So this is the kind of thing that should be taught.' 'The government did exactly what they wanted. They wanted the Inuit, they wanted the Indians, to be dependent on them,' she added. 'But that is the history that should be taught, not the war of 1812,' she said. Another part of history for the Inuit and Indigenous peoples was when many were taken off the land they knew and relocated close to the North Pole to establish sovereignty, she said. 'You take a group of people who were at one of their gatherings, and you just grab a whole pile of them and put them somewhere and expect them to survive? No. And then you kill all their dogs in the 60s because they can't go anywhere?' she said of the history of many Indigenous people. In terms of revitalizing and learning the Inuit languages, Langan said there are now several apps available online to help with pronunciation of various words and syllables, which is very helpful, and another way to recognize and honour the Indigenous population. 'The Heritage Center has been doing lots with the language,' she noted. Langan reiterated that it is important to recognize Indigenous Peoples' Day in Nunavut and across Canada. 'I think the Indigenous People should be celebrated, you know, because of all the hardships they've gone through and still are here today.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla stock drops as Wells Fargo warns of weak Q2 deliveries, free cash flow under threat
Tesla stock (TSLA) is falling Tuesday as one of the Street's biggest bears is raising alarms over Tesla's core auto business and resulting free cash flow. Wells Fargo's Colin Langan notes that Tesla's fundamentals are coming in worse than expected. The bank is expecting second quarter deliveries to be down 21% compared to a year ago, with the firm's 343,000 estimate approximately 17% below street consensus. 'New Model Y appears weak given inventory building & promotions. There is also no update on the affordable model, the only driver of 2H [second half of the year] volumes,' Langan wrote in a note to clients. 'Order px [pricing] is ~stable, though financing promos & inventory discounts continue. We expect lower margin q/q due to px.' Tesla shares were down 4% in afternoon trade, underperforming the broader market. Even more pressing in Langan's analysis was Tesla's free cash flow metrics, which might go negative in 2025 due to a variety of factors. The Senate's recent vote ending California's ability to regulate air pollution was 'game over' for the state's regulatory board, known as CARB, Langan said. The vote means that automakers will no longer need to buy zero-emission vehicle (ZEV) regulatory credits from companies like Tesla to offset CO₂ emissions, which Wells Fargo said could imply a 16% cut to full-year EBIT (earnings before interest and taxes). The state of California has sued the federal government, looking to reinstate the ruling. Due to the combination of lower deliveries, lower EV credits, pricing, tariffs, and steady capex spending, 'We now forecast FCF [free cash flow] burn of $1.9 billion, the first FCF FY since 2018," the note said. Langan is also concerned about Tesla's robotaxi testing in Austin. 'The FSD [full self-driving] testing in Austin seems to be w/in a limited range, at low speed & heavily supervised. We see a risk of ramping up too quickly as an accident would be a major setback,' Langan said. Analysts like Wedbush's Dan Ives and Morgan Stanley's Adam Jonas believe Tesla's FSD and robotaxi service are key to unlocking trillions in value, which is notable as Langan himself estimates Tesla currently trades at 172 times 2025 EPS forecasts, a rich valuation. Langan reiterated his Underweight rating and $120 price target. Langan and Wells have been underweight the stock since March of last year and missed the steep run-up in Tesla shares following President Trump's reelection. Tesla stock is down nearly 22% this year, but up 68% in the past 12 months. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla stock drops as Wells Fargo warns of weak Q2 deliveries, free cash flow under threat
Tesla stock (TSLA) is falling Tuesday as one of the Street's biggest bears is raising alarms over Tesla's core auto business and resulting free cash flow. Wells Fargo's Colin Langan notes that Tesla's fundamentals are coming in worse than expected. The bank is expecting second quarter deliveries to be down 21% compared to a year ago, with the firm's 343,000 estimate approximately 17% below street consensus. 'New Model Y appears weak given inventory building & promotions. There is also no update on the affordable model, the only driver of 2H [second half of the year] volumes,' Langan wrote in a note to clients. 'Order px [pricing] is ~stable, though financing promos & inventory discounts continue. We expect lower margin q/q due to px.' Tesla shares were down 4% in afternoon trade, underperforming the broader market. Even more pressing in Langan's analysis was Tesla's free cash flow metrics, which might go negative in 2025 due to a variety of factors. The Senate's recent vote ending California's ability to regulate air pollution was 'game over' for the state's regulatory board, known as CARB, Langan said. The vote means that automakers will no longer need to buy zero-emission vehicle (ZEV) regulatory credits from companies like Tesla to offset CO₂ emissions, which Wells Fargo said could imply a 16% cut to full-year EBIT (earnings before interest and taxes). The state of California has sued the federal government, looking to reinstate the ruling. Due to the combination of lower deliveries, lower EV credits, pricing, tariffs, and steady capex spending, 'We now forecast FCF [free cash flow] burn of $1.9 billion, the first FCF FY since 2018," the note said. Langan is also concerned about Tesla's robotaxi testing in Austin. 'The FSD [full self-driving] testing in Austin seems to be w/in a limited range, at low speed & heavily supervised. We see a risk of ramping up too quickly as an accident would be a major setback,' Langan said. Analysts like Wedbush's Dan Ives and Morgan Stanley's Adam Jonas believe Tesla's FSD and robotaxi service are key to unlocking trillions in value, which is notable as Langan himself estimates Tesla currently trades at 172 times 2025 EPS forecasts, a rich valuation. Langan reiterated his Underweight rating and $120 price target. Langan and Wells have been underweight the stock since March of last year and missed the steep run-up in Tesla shares following President Trump's reelection. Tesla stock is down nearly 22% this year, but up 68% in the past 12 months. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
Business Wire
4 days ago
- Business
- Business Wire
RCI Announces Acquisition of Platinum Plus Gentlemen's Club in Allentown, PA
HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the upscale Platinum Plus Gentlemen's Club in Allentown, PA, minutes away by car from the airport in Allentown and the casino in Bethlehem. The purchase price totaled $2.0 million, consisting of $1.5 million cash and $0.5 million seller financing at 7% for the club. The purchase price is in line with RCI's acquisition valuation target of 3-5x annualized adjusted EBITDA for a club. Separately, a long-term lease was signed for the property. Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., commented: 'This is the sister club to the recently announced acquisition of Platinum West in South Carolina and the third club purchase since the recent launch of our 5-Year 'Back to Basics' Capital Allocation Plan.' 'Platinum Plus is a well-established business with a seasoned management team. The club adds to our six other locations in the Northeast states and should benefit from our marketing, purchasing and systems know-how.' Mr. Langan added that executive management of the two Platinum clubs will stay on to ensure a smooth transition and look for new club acquisitions. The 15,000 square foot Platinum Plus is located at 1251 Airport Road, Allentown, PA 18109. The club is open Monday through Saturday from 11:00 a.m. to 2:00 a.m. and Sunday from 4:00 p.m. to 2:00 a.m. Visit About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc) With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs and sports bars-restaurants. See all our brands at Forward-Looking Statements This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from those indicated, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult entertainment or restaurant business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the Company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, and (vi) numerous other factors such as laws governing the operation of adult entertainment or restaurant businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. The Company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
