Shares of the world’s largest drinks company, The Coca-Cola Company (NYSE: KO) tumbled on Tuesday to close down 3.78%, coming very close to the stock’s 52-week low. The company’s earnings were hit both last year and in its last quarter. Coca-Cola Chief Executive Muhtar Kent said the company had hit “a speed bump” in 2013 but pledged to “work to restore momentum” this year. Coca-Cola said it would cut another $1bn in costs by 2016 as it reported an 8.4 per cent drop in fourth-quarter profit.
Global sales volume rose 2 per cent last year compared with 4 per cent in 2012, which the company said was slower than it had expected and below its long-term target. During the quarter, sales volume rose 1 per cent worldwide, which came in worse than the 3 per cent that Wall Street was looking for. The stock had its biggest loss on Tuesday since August 2011.
The Coca-Cola Company, a beverage company, engages in the manufacture, marketing, and sale of nonalcoholic beverages worldwide. The company primarily offers sparkling beverages and still beverages. Its sparkling beverages include nonalcoholic ready-to-drink beverages with carbonation, such as carbonated energy drinks, and carbonated waters and flavored waters.
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Shares of Tesla Motors, Inc. (NASDAQ: TSLA) sailed to an all-time new high for the stock during intra-day trading and hit $206.00. The stock closed up % after investors reacted to the electric-car maker's CEO meeting with Apple's acquisitions chief. Apple acquisition chief Adrian Perica secretly met with Tesla CEO Elon Musk last spring, according to a source, but neither Apple nor Tesla will confirm the meeting or say what they talked about, the San Francisco Chronicle reports.
CNBC quoted Jefferies & Co. tech analyst Peter Misek as saying he sees "zero chance" of a merger but "a lot of chance" on collaboration, for instance working on back-seat entertainment options. Reuters also rported that a Baird analyst has raised a price target on Tesla to 215 from 187, with an outperform rating.
The company’s fourth-quarter earnings report is scheduled for this Wednesday. Tesla has a market value of about $25 billion.
Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles and electric vehicle powertrain components. The company also provides services for the development of electric powertrain systems and components, and sells electric powertrain components to other automotive manufacturers. It markets and sells its vehicles through Tesla stores, as well as over the Internet. As of October 3, 2013, the company operated a network of 42 stores and galleries in the United States and Canada.
Get more information on Tesla Motors, Inc. and free access to the in-depth equity report at: www.TrendingWallStreet.com/stockquote/TSLA
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