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Old-school automakers just might steal Tesla's thunder, according to the Barron's cover story, by Andrew Bary:

The CW: "Electric cars are widely expected to supplant vehicles powered by the internal-combustion engine, leaving traditional auto makers and their gasoline- and diesel-powered clunkers in a heap of rust."

"This dismissive view is especially prevalent on Wall Street, where shares of the leading auto manufacturers trade for a mere six to 11 times 2017 expected earnings, and sport dividend yields as high as 5%."

The takeaway: "[E]ven as electric cars, autonomous vehicles, and car sharing disrupt the status quo, the global auto industry could prove resilient, and reward customers and shareholders in myriad ways."

What's new: "Pressured by investors and the success of Tesla in electric vehicles, auto manufacturers are getting more shareholder friendly, and spending heavily to counter the upstart."

An x factor: "It remains to be seen if autonomous cars and ride-sharing programs gain much acceptance, even in densely populated urban areas. Part of the bear case for auto stocks is that a surge in ride sharing in the 2020s will cut into demand."

Go deeper

Updated 39 mins ago - Health

FDA analysis finds Johnson & Johnson COVID vaccine is safe and effective

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration's staff released a briefing document on Wednesday endorsing Johnson & Johnson's one-shot coronavirus vaccine as safe and effective.

The latest: Assuming the FDA issues an emergency use authorization "without delay," meaning as soon as this weekend, White House coronavirus coordinator Jeff Zients said J&J will have 3 million to 4 million ready for distribution next week.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

LinkedIn co-founder's SPAC bets on flying taxis

Illustration: Aïda Amer/Axios

Reid Hoffman knows he isn't the first person who comes to mind when you hear "flying taxis."

Yes, but: The LinkedIn co-founder and venture capitalist insists that his latest deal is more than SPAC silliness, and that its success will be heavily reliant on the sorts of network effects that are in his historical wheelhouse.

2 hours ago - World

Scoop: U.S. and Israel to convene strategic forum on Iran

Biden and Netanyahu in Jerusalem in 2016. Photo: Debbie Hill/AFP via Getty

The United States and Israel have elected to reconvene a strategic working group on Iran, with the first round of talks on intelligence surrounding the Iranian nuclear program expected in the coming days, Axios has learned.

Why it matters: President Biden and Israeli Prime Minister Benjamin Netanyahu have sharply contrasting views of the 2015 Iran nuclear deal, but the resumption of the working group is a signal that their governments are starting with a serious and professional dialogue rather than a political fight.

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