Tag Archives: technology

Cars Will Drive Themselves By 2019, Says Mobileye Chairman

The chairman of high-tech auto supplier Mobileye ( MBLY ) says the company has made deals with two automakers to create fully self-driving cars by 2019. The Wall Street Journal reported in an interview with Amnon Shashua  late Thursday that 2019 will be an “inflection point” for the auto industry, as it shifts from semi-autonomous to fully autonomous vehicles. Shashua, who is also Mobileye’s chief technology officer, didn’t name the two automakers in question, but a number of companies have been working in the field, from traditional automakers like General Motors ( GM ) and Ford ( F ) to the electric-vehicle startup Tesla ( TSLA ), which Mobileye already supplies with driver-assistance technology. Mobileye stock was up 2% in early trading on the stock market today , near 37.50. After last week’s Q1 earning report , the stock retains its highest-possible IBD EPS Rank of 99, but its Accumulation/Distribution grade has been getting worse, now down to a D+, which indicates institutional investors are mostly selling, not buying, shares.

Facebook Chief To Meet With Conservatives Over Liberal Bias Fire

Facebook ( FB ) CEO Mark Zuckerberg responded to a report suggesting that contractors working on the social network’s “Trending Topics” feature suppressed stories from conservative media outlets from appearing on its influential “Trending” news section. “We take this report very seriously and are conducting a full investigation to ensure our teams upheld the integrity of this product,” Zuckerberg wrote in a Facebook post . The report from Gizmodo , published Monday, says the claims were made by a former contractor, who was described as politically conservative and who worked with Facebook. The contractor said stories on conservative topics were prevented from appearing in the Trending section on Facebook, even though they were organically trending among the site’s users, allegations that Facebook denied. Some conservatives reacted angrily to the report, prompting calls for a congressional inquiry from U.S. Sen. John Thune, R.-S.D., who chairs the Senate Commerce Committee. “If true, these allegations compromise Facebook’s ‘open culture’ and mission ‘to make the world more open and connected,’ ” Thune wrote in a letter to Zuckerberg. “We have found no evidence that this report is true,” Zuckerberg wrote. “If we find anything against our principles, you have my commitment that we will take additional steps to address it.” Zuckerberg said in the coming week he’ll be inviting leading conservatives and people from across the political spectrum to share their points of view. On Tuesday, Facebook Vice President of Global operations, Justin Osofsky, also responded to the allegation. “The Trending Topics team is governed by a set of guidelines meant to ensure a high-quality product, consistent with Facebook’s deep commitment to being a platform for people of all viewpoints,” he wrote. Facebook stock, meanwhile, is trading near record highs after breaking out April 28 at a 117.09 buy point. Shares were down a fraction, near 120, in early trading in the stock market today , after touching a record high of 121.08 on Wednesday. It is an IBD Leaderboard stock.

SunEdison Yieldco TerraForm Global Charred On Loan Default Notice

SunEdison yieldco TerraForm Global ( GLBL ) has 90 days to file its delayed 10-K or be required to immediately repay $810 million in defaulted loans, according to a U.S. Securities and Exchange Commission filing. Goldman Sachs and other lenders backing the 9.75% senior notes, due in 2022, agreed to reduce TerraForm Global’s commitment to $350 million. TerraForm Global has until June 30 to comply with Nasdaq listing requirements by turning over the late 10-K, the annual financial report that the SEC requires of all publicly traded companies. A number of energy companies have formed publicly traded yieldcos designed to hold assets and provide steady cash flows and certain tax benefits. Fellow yieldco TerraForm Power ( TERP ) is also facing Nasdaq threats of delisting. Neither SunEd nor either of its TerraForm yieldcos have turned over their 10-K reports. Parent SunEdison technically defaulted on $725 million in second-lien loans — unless extensions were granted — before declaring bankruptcy earlier this year. TerraForm Global has until June 30 to issue its report for the quarter ended March 31, and no more than 75 days after June 30 and Sept. 30 to report earnings for the quarters ended on those respective dates. “Failure to deliver such financial statements would constitute an event of default,” according to the Tuesday filing. If  TerraForm Global defaults on its loans, its lenders can declare the loan and interest immediately “due and payable,” according to the original agreement. Bloomberg estimates there is $760.4 million outstanding on the notes. In early trading on the stock market today , TerraForm Global stock was down 2.5%, near 2.60. Shares are down nearly 50% this year. TerraForm Power stock was up a fraction early Friday, near 8.80.