Aug 20, 2018

JPMorgan analyst cuts Tesla price target by 37%

Axios

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JPMorgan analyst Ryan Brinkman cut his Tesla price target from $308 to $195, stating that it appears "funding has not been secured" for Elon Musk's take-private proposal as originally claimed, reports StreetInsider.com.

The big picture: The fallout continues from Musk's tweet that he had funding secured to take Tesla private at $420. The company is facing legal action from Tesla shareholders and has been subpoenaed by the SEC, who are investigating Musk for potential stock manipulation.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775 — Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 432,554 — Total deaths: 14,829 — Total recoveries: 24,213 — Map.
  3. Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
  4. Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
  5. Public health latest: Anthony Fauci said social distancing could reduce the death toll to 60,000.
  6. Poll: 1 in 10 Americans believe the economy will never return to normal.
  7. What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Courtenay Brown

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

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Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative that includes billions more for hospitals and states.

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