Morning Beat: Goldman Sachs Group Inc (GS), Wal-Mart Stores, Inc. (WMT), and Tesla Motors Inc (TSLA)
Goldman Sachs Group Inc (NYSE:GS) has raised its price forecast for Gold citing concerns over the strength of the dollar and growing net speculative positioning. The bank’s three; six and 12-month gold price forecast now stands at $1200, $1,180, and $1,150 per ounce.
Gold has been trading above the $1200 an ounce mark since February as hopes of a further rate hike in the US continues to wane. The price seems to have stabilized above the $1250 mark with Goldman Sachs Group Inc (NYSE:GS) reiterating it could rise even further.
Wal-Mart Stores, Inc. (NYSE:WMT) is suing Visa Inc (NYSE:V) over the way the company requires customers to sign for purchases in stores while using chip-equipped debit cards. In the lawsuit, the nation’s largest retailer is pushing for a PIN verification system for verifying purchases.
Wal-Mart Stores, Inc. (NYSE:WMT) takes the position that PINs are more secure than signatures and that they could go a long way in preventing fraud in stores. The lawsuit is in response to an increase in cases involving card breaches, which has been rampant especially in retail outlets.
Visa is pushing for the signature system according to Wal-Mart and that puts customers at greater risk of fraud given that scammers can easily forge signatures.
Tesla Motors Inc (NASDAQ:TSLA) has once again raised the red flag over its production capacity. The company has warned that it could struggle to deliver all the cars in time, having received record pre-order numbers for its mainstream electric car Model 3.
In an SEC filing, the pioneer of electric cars notes that it does not have the experience to produce vehicles in high volumes. The automaker has already warned that should any of its current ‘assumptions’ about the car change, the launch time of the car could be severely affected.
The sentiments essentially raise doubts about Tesla Motors Inc (NASDAQ:TSLA)’s ability to furnish all the pre-orders given that demand for the affordable electric car is expected to continue growing.
Facebook Inc. (NASDAQ:FB) is the subject of immense scrutiny in Washington after it emerged some of its employees are suppressing some stories on News feeds. Chair of the Senate Committee on Commerce, Science, and Transportation has asked the company to defend itself against allegations it is suppressing stories of interest to politically conservative users.
Facebook Inc. (NASDAQ:FB) has already refuted the allegation with Tom Stocky, who oversees Trending Topics on the network reiterating that the anonymous allegations are not true. The committee has asked Facebook CEO, Mark Zuckerberg, to provide concrete answers to the allegations before May 24.
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