Heavy Hitters: Tesla Crashes 14% After Downgrade, Apple Dominates Streaming Device Market
Shares of Yahoo! (NASDAQ:YHOO) edged slightly lower in late afternoon hours. The Internet giant reported better-than-expected earnings for the second quarter, but revenue declined 1 percent year-over-year from $1.08 billion to $1.07 billion. “I’m encouraged by Yahoo!’s performance in the second quarter. Our business saw continued stability, and we launched more products than ever before, introducing a significant new product almost every week,” said Yahoo! CEO Marissa Mayer.
Coca-Cola (NYSE:KO) shares fell 1.9 percent on Tuesday and continued to attract attention in late afternoon trading. In the most recent quarter, Coke sold less soda in North America, blaming unusually chilly and wet weather for disappointing results. However, the sales drop continues a series of declines in three of the last four quarters while criticism mounts that sugary drinks drive obesity rates.
Shares of Tesla Motors (NASDAQ:TSLA) plunged more than 14 percent on Tuesday and continued to trade lower in late afternoon trading. The electrifying car company received an average price target of $84 from Patrick Archambault, a Goldman Sachs analyst. In comparison, Tesla shares still trade north of $100. He believes the bull scenario involves a 3.5 percent global market share in the entry and mid-luxury categories, equating to 200,000 units sold with a 15.2 percent operating margin, yielding a per share value of $113. In a worst-case scenario, Goldman sees the shares at $58. Shares of Ford Motor (NYSE:F) also dropped 3 percent on a downgrade from Goldman.
Despite an overall down day in the market, shares of Apple (NASDAQ:AAPL) edged slightly higher. Apple TVs are dominating the streaming devices market, grabbing 56 percent of that market for 2012 due to the device’s ability to easily transfer images from a tablet or laptop to its TV screen. Roku came in second with 21.5 percent of the market, followed by TiVo (NASDAQ:TIVO) with 6.5 percent.
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