New Jersey Law Bans Tesla from Selling Its Battery-Power Cars as of Apr. 1


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NASDAQ:TSLA / NASDAQ:NFLX / NYSE:HLF
03/13/2014 [ACCESSWIRE]

Tesla Motors, Inc. (NASDAQ:TSLA) stock volume soared Mar. 12, with 9,763,911 shares changing hands, higher than its three-month average of 9,633,584 shares.

The high volume comes on the same day of an announcement by the California-based electric car company that it will no longer be selling its electric vehicles in New Jersey after lawmakers made it illegal to sell cars in the state without a dealer.

Tesla Out in New Jersey

On Tuesday, the New Jersey Motor Vehicle Commission passed a law mandating that auto manufacturers have franchise agreements with auto retailers in order to receive a license to sell cars in the state, the Wall Street Journal reported.

However, Tesla, which makes the all-electric luxury Model S sedan that sells for between $60,000 and $90,000, owns its stores and sells its vehicles directly to customers.

"This is at the very least disappointing, if not outright outrageous what's going on with our business in N.J. right now," said Diarmuid O'Connell, Tesla’s vice president of business development at California-headquartered Tesla.

State officials said Tesla was aware of the rule change from the beginning and submitted comments on it when the proposal was under public review.

"Tesla is making a big play today in trying to drag political and legal intrigue into this battle when none exists," said Jim Appleton, president of the New Jersey Coalition of Automotive Retailers.

Tesla will no longer be selling vehicles in New Jersey as of Apr. 1.

Top-Rated Car

While New Jersey is banning Tesla sales, Consumers Reports has rated Tesla’s Model S as one of the most “reliable” cars on the market. Its base price is $58,570.

Analysts’ Consensus

Of the 11 analysis firms that cover Tesla Motors, 3 recommend a “strong buy,” 2 a “buy,” 5 a “hold” and 1 an “underperform.”

On Mar. 12, TSLA’s share price closed at $241.49, up $7.08 from its close of $234.41 the previous day.

Find out what could be the best investor’s move when it comes to TSLA by getting the complete report here, or by cutting and pasting the following link in your Web browser:

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Netflix Beats YouTube as Most Popular Video-Streaming Service

In other news, Netflix Inc. (NASDAQ) NFLX) has blown pass YouTube in total viewers for the first time since 2011, according to a new survey of 1,000 U.S. Internet users conducted by RBC Capital Markets.

Of those surveyed, 44% said they used Netflix to watch movies and TV shows, while 43 % said they use YouTube. The survey showed that Hulu Plus was the most popular service after YouTube, with 27% saying they watched content from it. Amazon’s Prime came in last with just 22% saying they used its video-streaming service.

Analysts’ Consensus

Of the 27 analyst firms that cover Netflix, 6 recommend a “strong buy,” 2 a “buy,” 15 a
“hold,” 2 an “underperform” and 2 a “sell.”

On Mar. 12, NFLX’s share price closed at $436.58, down 90 cents from its close of $437.48 the previous day.

Find out what could be the best investor’s move when it comes to TSLA by getting the complete report here, or by cutting and pasting the following link in your Web browser:

http://www.sixfigurestockpicks.com

 

FTC to Probe Herbalife

Meanwhile, Herbalife (NYSE: HLF) stock volume shot through the Stratosphere Mar. 12, with 15,988,042 shares changing hands, five times more than its three-month average of 3,781,561 shares.

The high volume and it share value drop is being fueled in part by the Los Angeles-based weight-loss company’s statement yesterday it had received a Civil Investigative Demand from the Federal Trade Commission (FTC). Trading in the company’s stock was halted briefly yesterday pending the company’s announcement.

Herbalife issued the following statement:

Herbalife welcomes the inquiry given the tremendous amount of misinformation in the marketplace, and will cooperate fully with the FTC. We are confident that Herbalife is in compliance with all applicable laws and regulations. Herbalife is a financially strong and successful company, having created meaningful value for shareholders, significant opportunities for distributors and positively impacted the lives and health of its consumers for over 34 years.

Herbalife does not intend to make any additional comments regarding this matter unless and until there are material developments.

Enemies in High Places

The FTC announcement comes on the heels of Sen. Edward Markey sending a letter to the FTC a few weeks ago calling for an investigation of Herbalife’s operations. In addition Bill Ackman of Pershing Square Capital Management has accused the company of operating illegally in China. The basis of both complaints is the allegation that Herbalife operates as a Pyramid scheme.

Thus far, none of the allegations being made against Herbalife have been proven.

On Mar. 12, HLF’s share price closed at $60.57, down $4.82 cents from its close of $65.39 the previous day.

Find out what could be the best investor’s move when it comes to HLF by getting the complete report here, or by cutting and pasting the following link in your Web browser:

http://www.sixfigurestockpicks.com

 

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