The following is an excerpt from Canaccord Genuity’s Morning Coffee newsletter.
Shares of
Tesla Motors Inc. (
NASDAQ: TSLA,
Stock Forum) got a lift (Monday) after the San Francisco Chronicle reported that
Apple Inc. (
NASDAQ: AAPL,
Stock Forum) M&A chief, Adrian Percia, met with Tesla CEO Elon Mussk last spring, according to an unnamed source.
Details of the conversation are not known, but Apple could be looking at a partnership, product placement or buyout scenario. The tone of the analysts who commented on the story indicated that a partnership is more likely than a takeout. Tesla’s Model S sedan sports, a large touch screen on its dashboard.
Apple could provide content, or an interface for the system in a partnership scenario. Outside of Tesla, the article noted that Apple has established an interest in heart-related medical devices.
It has recently enhanced its health care expertise, hiring doctors and lawyers with experience lobbying the FDA.
After hitting an all-time high of $206 on Monday, Tesla shares were down 4% to $195.30 in early afternoon trading Tuesday, leaving the company with a market cap of $23.9 billion, based on 122.6 million shares outstanding. The 52-week range is $206 and $33.80.