Market Update: QUALCOMM (QCOM), Plug Power (PLUG), Tesla Motors (TSLA)

Albany, New York (09/26/2014) – There shouldn’t be any cause for alarm among investors in QUALCOMM, Inc. (NASDAQ:QCOM). China has been an issue that could potentially hurt profits at QUALCOMM, but it is worth recalling that the company said it was ready to settle the matter with the regulators. Away from China where the company’s licensing business is under surveillance, there are new developments that should keep investors hopeful. To start with, QUALCOMM got more chips in iPhone 6 and 6 Plus, and that is good news to the revenue column. Remember more than 10 million units of the new iPhones were sold in the first weekend. Also, Ericsson (ERIC) recently announced that it was exiting the modems business. That means that QUALCOMM, Inc. (NASDAQ:QCOM) has one major competitor out of the game. That is yet another good news.

There was very little to love in Plug Power Inc (NASDAQ:PLUG) as the stock tumbled almost 3.6% yesterday. However, it desires tracking closely today because there was no apparent reason for its negative direction in the last session. Instead, the fuel cell company issued a bullish press release earlier this week. It detailed how its business was tracking well in terms of revenue. PLUG revealed first of all that it was confident of reaching $130 million in revenue in 2015. That compares with the estimate of $126.37 million. Moreover, Plug Power Inc (NASDAQ:PLUG) said it reached a deal with a financial institution known as M&T Bank. The bank will provide financing to customers seeking to switch to fuel cell from other fossil fuels. The financing is expected to boost the uptake of the company’s products.

Tesla Motors Inc (NASDAQ:TSLA) could run into a big battle for the market in Iowa, at least going by the early signs. The maker of Model S was forced to cut short its test drive activities in the region, and the reasons offered for the move were chilling to say the least. Tesla was told that it is not a licensed auto dealer in the state. Furthermore, the state doesn’t allow direct car selling to customers, a model that Tesla relies on for its auto sales. The blockade in Iowa comes just when Tesla Motors Inc (NASDAQ:TSLA) recently signed a deal to located its $5 billion Gigafactory in Nevada. Shares were down more than 2% yesterday.

About the Author

Michael joined US Markets Daily in 2009 and is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments.

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