Tesla Motors (TSLA) edged higher Monday as its Model 3 unveiling draws closer this month. Netflix (NFLX) got hit after a less-than-favorable analyst report. Facebook (FB) gave Lyft more ammo in its fight against rival Uber. Google's (GOOGL) cell phone service is no longer an invite-only affair. AMC (AMCX) jumps after announcing a $500 million buyback program.
Tesla is distributing its official invites for its Model 3 unveiling, noting the Southern California event will take place on the evening of March 31. According to a posting of the invite, the company stated:
Congratulations again on winning tickets to our upcoming Model 3 unveiling! We appreciate your support and participation in our Referral Program.
We are excited to announce that the Model 3 unveiling will take place on the evening of Thursday March 31st in Southern California. As a reminder, you are permitted to bring one guest to the event and are responsible for the cost of travel, lodging and other incidentals.
At the top of the invite, however, it notes the event will be in LA, which is typically is the name folks use when referring to Los Angeles. For Tesla investors, this is the unveiling they have been waiting for because it holds out the hope that the high-end electric car manufacturer can go mainstream with its more affordable price Model 3.
The Model 3, which is expected to ship in late 2017, will carry a price of $35,000, compared with its more pricey Model S sedan that sells for $75,000 or Model X SUV that runs $80,000, before incentives for both models.
Tesla closed up 2.1% to end the day at $205.29.
Netflix took a beating after an ITG analyst issued a report that noted the streaming video company's 2016 domestic subscriber growth appear to high, according to a Forbes report.
Investors may be spooked because this same analyst in the last quarter of 2015 had predicted Netflix's domestic subscriber outlook may be weaker than what Wall Street was expecting. That turned out to be the case, with the company missing its domestic subscriber figures by a tad.
Despite ITG's prediction, other analysts at RBC Capital Markets and Pacific Crest feel more bullish about the company. On Friday, Netflix's shares advanced after RBC released survey results that showed a higher percentage are using Netflix to watch movies and TV shows than in November.
Netflix plunged 6% to finish the session at $95.49.
FI operates on either the T-Mobile (TMUS) or Sprint (S) networks, based on available reception, and charges $20 per month for unlimited domestic and international texting and unlimited domestic calls. In addition to the basic service, the FI service plan charges a monthly rate of $10 per gigabyte. The service also can access 3G data in more than 120 countries.
Despite the tweak to its Project FI service, Alphabet's shares fell nonetheless to $712.80, down 2.4%.
Facebook provided Lyft with some additional firepower in its fight against rival Uber. The social media giant plans to build its Messenger app on Lyft's platform, according to a TechCrunch report.
Lyft is opening its APIs to third-party developers and Facebook Messenger is the first to take advantage of it. For Lyft, it will have a way to respond to Uber, which struck a similar deal with Facebook Messenger in December and also allows third-party developers on its ride-sharing platform.
Facebook fell 2.5% to close at $105.73.
AMC Networks got a boost after announcing it would launch a $500 million buyback program. The media giant decided to initiate the program for several reasons.
"Today's announcement reflects our belief that our shares represent an attractive investment opportunity, our confidence in the future of our business and our commitment to enhancing long-term shareholder value," Josh Sapan, AMC CEO, said in a statement.
He added the share repurchase program also gives the company flexibility in its capital allocation while keeping AMC's balance sheet in a strong position as it seeks to grow. AMC Networks produces programming and content via its cable television brands and its AMC, IFC, SundanceTV, WE tv and IFC films. The company is facing sharp competition from streaming video companies like Netflix, Amazon's (AMZN) Prime and Google's YouTube.
AMC closed at $68.40, up 2.7%.