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Watch Tesla's Full Self-Driving navigate from SF to LA with (almost) no help

Jon Fingas
·Associate Editor
·1 min read

Tesla’s Full Self-Driving might still be in beta, but that isn’t stopping early adopters from using it for autonomous trips... well, almost. As Teslarati describes, Tesla enthusiast Whole Mars Catalog has posted a video showing their FSD-equipped Model 3 completing a trip from San Francisco to Los Angeles with virtually no interventions. The lone exception was just after crossing into LA, when the driver took the reins to avoid large debris on the road.

This appears to be the first known, recorded instance of Full Self-Driving completing this trip without input, Whole Mars Catalog said.

It’s a notable feat for technology that’s still rough around the edges and, despite its name, doesn’t let you take your hands off the wheel. At the same time, it’s also indicative of how far the technology has to go before it can fulfill Elon Musk’s robo-taxi dreams.

To start, Whole Mars Catalog took control near the debris as they didn’t fully trust Full Self-Driving to react properly — that’s not the kind of confidence needed for a truly hands-off drive. There was also some erratic lane behavior around San Francisco’s Market Street that wasn’t very reassuring. We’d add that California’s warmer climate is ideal for Tesla’s camera-based technology. It might face a much tougher challenge in the snow, where LiDAR and other sensors might be necessary to avoid collisions. In other words, it could be a while before you can simply assume FSD is ready to handle a city-to-city journey in your part of the world.

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    SPACs have been one of the hottest stories for investing in 2020 and look to be a major theme in 2021, with hundreds of potential deals that could be announced.Benzinga is home to the live SPACs Attack show that airs Monday through Friday at 11 a.m. ET. On Wednesday, co-hosts Chris Katje and Mitch Hoch shared their top SPACs that are trading between $10 and $11. Chris's Picks: RedBall Acquisition (NASDAQ: RBAC) has been linked to merging with Fenway Sports Group. A deal would give investors another publicly traded sports team. Fenway Sports Group owns MLB's Boston Red Sox and the Liverpool Football Club of the English Premier League.Both teams have strong brand awareness and could attract investments from fans. Another catalyst mentioned was the media rights. A new deal with Fox Corp (NASDAQ: FOX) kicks in for MLB in 2022, and the EPL is negotiating new deals as well. Fenway Sports Group also is a majority owner in a local sports media company that airs Red Sox games. Falcon Capital Acquisition (NASDAQ: FCAC) is targeting a company in media or consumer technology sectors. The team behind the SPAC includes Jeff Sagansky. The pick here is following Sagansky, who is part of the team that did deals for DraftKings Inc (NASDAQ: DKNG) and Skillz Inc (NASDAQ: SKLZ). The team behind Hyliion Holdings (NASDAQ: HYLN) has a second SPAC that could be a good pick below $11. Tortoise Acquisition Corp II (NASDAQ: SNPR) is targeting the sustainability field. The history of the Hyliion deal could make this SPAC attractive to a target company. Hyliion shares traded over $50 and were one of the best performing SPACs earlier in 2020. Lefteris Acquisition Corp (NASDAQ: LFTR) is targeting the fintech sector. With rumors of companies like Sofi, eToro and others going public, fintech could be a host sector to watch in 2021. The management team in the SPAC has history with ETrade, Coinbase and TD Ameritrade. Burgundy Technology (NASDAQ: BTAQ) is a company targeting technology or enterprise software. The management team include Leo Apotheker, the former CEO of Hewlett-Packard (NASDAQ: HPE) and SAP SE (NASDAQ: SAP). Apotheker spent over 20 years at SAP and helped transform the company from a single product to a multi-solution business. Co-CEO Jim Mackey spent years at Citigroup, SAP, OpenText and Blackberry (NASDAQ: BB). While at Blackberry, Mackey helped the company shift from a mobile company to end-point management. Burgundy Technology mentions Israel as a target area in its filing. Apotheker graduated from the Hebrew University of Israel. Several large Israeli companies are targeting 2021 IPO or SPAC deals, which could make Burgundy a good pick here. The list of rumored names include REE Automotive, Taboola, Outbrain and eToro. Related Link: 12 New SPACS Filed Offerings On Friday: What Investors Should KnowMitch's Picks: Sports Entertainment Acquisition Corp (NASDAQ: SEAH) is a name that has been mentioned on the show several times. The company is targeting the sports and entertainment sectors. Management includes Eric Grubman, who was the chairman of hospitality company On Location Experiences and also held roles with the NFL. John Collins, the acting CEO of the SPAC, spent time with the NHL and Cleveland Browns.Supernova Partners Acquisition (NASDAQ: SPNV) is targeting the technology sector, looking for a company with a large addressable market, a well-defined vision, competitive moats and the ability to scale its operations. The management team includes Spencer Rascoff, the co-founder of Zillow Group (NASDAQ: Z) and Hotwire. Rascoff was the CEO of Zillow for over 10 years and led the company through 15 acquisitions including large rival Trulia. A SPAC from Goldman Sachs could land a high growth company, including eToro who was in recent talks with the company. GS Acquisition Holdings Corp II (NASDAQ: GSAH) is still trading under $11 and was a top pick from Hoch. The SPAC raised $700 million and did not specify a target area of focus. Churchill Capital Corp IV (NASDAQ: CCIV) is one of the largest SPACs currently seeking a target. The SPAC is linked as a finalist in the bidding for DIRECTV, being sold by AT&T (NYSE: T). Hoch favors the valuation of the SPAC trading closer to $10. Landing DIRECTV wouldn't be a great deal, according to Hoch, and he said he would be more excited about a different target. Cerberus Telecom Acquisition (NYSE: CTAC) is a SPAC led by CEO Tim Donahue, who is the former chairman of Sprint Nextel. Hoch calls it a long-term play based off of the chart. Click here to watch the full episode of SPACs Attack from Wednesday December 30.Disclosure: Author is long HYLN, BTAQ See more from Benzinga * Click here for options trades from Benzinga * eToro Reportedly Exploring IPO Or SPAC As Business Booms(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • S&P 500 Has Only Been This Expensive One Other Time — At The Peak Of The Dot-Com Bubble

    Economist Robert ShillerBy at least one popular investing metric, U.S. stocks have only been this expensive one other time in history, and it didn't end well the first time around.According to the cyclically adjusted price-to-earnings ratio -- a measure of market value based on 10 years of smoothed earnings data -- the S&P 500 is at its second most expensive point in history.Related Link: Will Tesla Destabilize The S&P 500?The S&P 500's current CAPE of 34 has only been surpassed one other time, during the peak of the dot-com bubble in 2000. Today's CAPE is more than double the S&P 500's historical mean and significantly higher than its peak at around 30 just prior to the Black Tuesday market crash back in 1929.Many investors still remember the painful fallout from the dot-com bubble. But just because the market is overvalued doesn't necessarily mean it's time to start selling or shorting the SPDR S&P 500 ETF Trust (NYSE: SPY).Shiller's Take: Nobel Prize-winning economist Robert Shiller references the CAPE ratio as a measure of market valuation so often that it is commonly referred to as the "Shiller ratio." In a recent interview with CNBC, Shiller said an expensive market doesn't necessarily mean it's time to dump stocks."The market is highly priced, but it's not so high that I wouldn't consider it as an investment," Shiller said in December.Shiller is known for his study of the psychology of investing, particularly during financial market bubbles.While widespread coronavirus vaccinations will certainly be a fundamental change for the U.S. economy, Shiller said he is concerned about how quickly investors expect the economy to fully recover once the nation is vaccinated. He anticipates fears related to the virus will linger among American consumers for at least another year.CAPE's Shortcomings: Stock earnings have historically been discounted by a cost of capital that's tied to interest rates. Following an emergency rate cut in March, interest rates are now essentially at 0%."It makes no sense to compare 2020 to prior periods, at least as naively as the Shiller PE does, without acknowledging that 10-year Treasuries yield 1% now and were higher at any other point [in history]," DataTrek Research co-founder Nicholas Colas said Wednesday.While CAPE certainly gives a relative indication of market valuation, it also hasn't been the best indicator of when to buy and sell stocks. Since it incorporates a decade of earnings data, CAPE tends to be relatively slow-moving. Using CAPE alone, U.S. stocks still seemed expensive even after the bursting of the dot-com bubble and the 2008 financial crisis. On the other hand, CAPE has indicated stocks were pricey over the entirety of the past six years during one of the strongest bull markets in history.Finally, Colas said the S&P 500 itself is much more tech-heavy than in any other point in history, an important dynamic to consider when looking at past valuations.For example, in 1980, the energy sector represented 26% of the S&P 500 and the tech sector represented just 8%. Today, energy has a 2% weighting and tech has a 28% weighting. Colas said investors shouldn't lose sight of how much that type of composition shift can have on the index's overall valuation."Every sector in the S&P 500 has its own fundamentals and therefore its own valuation," he said.Benzinga's Take: Smart investors never ignore critical metrics like the CAPE ratio. But smart investors also know not to rely too heavily on one single metric. Investors must understand exactly how the numbers are calculated, what the numbers are and aren't telling them, and what other pieces of information will complement those numbers to paint a full picture of what is happening in the market.Photo by Bengt Nyman via Wikimedia. See more from Benzinga * Click here for options trades from Benzinga * The S&P 500 Just Did Something That Has Been Bullish Every Time Since WWII * 10 Best Performing S&P 500 Stocks Of 2020(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Roth TSP vs. Roth IRA: How Do They Compare?

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  • Foxconn in Talks With Chinese EV Startup Byton for Funding

    (Bloomberg) -- Apple Inc. supplier Foxconn Technology Group is in talks to invest in embattled Chinese electric-vehicle startup Byton Ltd. in a deal that could mark a large bet by the iPhone assembler on the car-making business, according to people familiar with the matter.Foxconn, whose main listed arm is Hon Hai Precision Industry Co., plans to invest around $200 million and the companies aim to start mass production of the Byton M-Byte by the first quarter of 2022, one of the people said, declining to be named discussing information that isn’t yet public. An announcement on the pact could come as early as Monday, the people said.Such a deal, if it eventuates, would represent a lifeline for Byton, which is struggling to produce its first vehicle having unveiled its M-Byte concept car several years ago. Foxconn, based in Taiwan, is also talking to other Chinese electric-car makers on potential collaborations, another person said.Foxconn representatives didn’t immediately respond to requests for comment. Byton declined to comment.Tech companies are increasingly pouring money into developing next-generation cars, including all-electric vehicles and the smart technologies that go with them like autonomous driving and car-to-car communication systems. Foxconn is the single most important production partner for Apple, which is reportedly considering developing a self-driving car of its own. Foxconn is also seeking to diversify a business that depends on the U.S. smartphone giant for half its revenue.Tesla SupplierIn early 2020, Hon Hai announced a plan to form a joint venture with Fiat Chrysler Automobiles NV to develop and make electric vehicles in China, though it won’t be involved in any assembly itself. In October, the Taiwanese company unveiled its first electric-vehicle chassis as well as an open software platform that’s aimed at helping EV makers deliver models to the market faster. It will start shipping its first developer kit in April. The Foxconn group has been supplying parts to other major carmakers including Tesla Inc.“The electric vehicle-related business will be very good in the first half of 2021,” Hon Hai Chairman Young Liu said at a company event in Taipei last month.Hon Hai’s shares extended gains Monday morning after analysts at JPMorgan and Wedbush forecast robust iPhone sales, and were up almost 8% in afternoon trading.Byton, one of the highest-profile Chinese EV startups, had a tough 2020. It suspended all domestic operations and furloughed staff in July after the coronavirus pandemic made it tougher to get its business off the ground. That suspension has been extended now until June. Even before Covid-19 the company had encountered difficulties meeting announced deadlines on producing and delivering its first model. The company’s website still accepts reservations for cars.Founded by former BMW AG managers, Byton, initially named Future Mobility Corp., had about 1,000 employees in China as of June and about 500 elsewhere, including the U.S. Its investors include state-owned China FAW Group Corp. and EV battery maker Contemporary Amperex Technology Co. Ltd., which supplies batteries to Tesla.Byton was planning to enter North America and Europe around mid-2020, former Chief Executive Officer Daniel Kirchert, also one of the company’s co-founders, said in early 2019. The company would consider an initial public offering after new financing and production begins, he said at the time.The M-Byte SUV can reach 80% of full charge in about 35 minutes and has a top speed of 190 kilometers (118 miles) an hour. It has a range of up to 550 kilometers, according to specs on Byton’s website.(Updates with Hon Hai shares in 8th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Is EOS the New BTC? Pay Attention to Peter Thiel

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  • Worried about retirement? Jump down ‘one of the darkest rabbit holes’ and you’ll find plenty of company

    Median household savings for Gen X, according to a recent study, is $64,000, and 81% of that cohort are worried about being able to fund their golden years. Millennials, who have increasingly dipped into retirement funds to deal with the pandemic, have an average nest egg of just $23,000. Comments like this, perhaps: “When people ask me what my retirement plan is, I always say, ‘die, I guess,’ because that is my actual retirement plan.”

  • Can you expect a 3rd stimulus check, under Joe Biden?

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  • XPeng Is the Latest EV Company to Report Positive Delivery News

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  • China’s Three Big Telcos Slide on NYSE’s Move to Delist ADRs

    (Bloomberg) -- China’s state-owned telecommunications companies declined in Hong Kong after the New York Stock Exchange said it’s delisting them to comply with a U.S. executive order that sanctioned companies identified as affiliated with the Chinese military.Shares of China Mobile Ltd., the largest of the three, fell as much as 4.5% on Monday to their lowest level since 2006, while China Telecom Corp. dropped 5.6%. The two posted their biggest intraday losses since mid-November. China Unicom Hong Kong Ltd. slipped 3.8%. The American depositary receipts of the three firms will be suspended from trading between Jan. 7 and Jan. 11, and the process of delisting them has started, NYSE said.The nation’s oil majors including CNOOC Ltd. also fell on concerns they will be targeted next for delisting in the U.S.“It’s largely a blow to sentiment” that could be temporary, said Mark Huang, an analyst at Bright Smart Securities in Hong Kong. “Though the ADRs are not exceptionally large, there’s some impact on fundraising. Some passive index tracking funds may be selling to avert risk. More importantly, this is another reason to dump telecoms and pursue outperforming sectors.”NYSE’s move followed an order by U.S. President Donald Trump in November barring American investments in Chinese firms owned or controlled by the military, in a bid to pressure Beijing over what it views as abusive business practices. China’s securities regulator said given the small amount of U.S.-traded shares at each of the three phone companies, the impact on them would be limited and they are well positioned to handle any fallout.Symbolic BlowThe delisting is more of a symbolic blow amid heightened geopolitical friction between the world’s two largest economies, as they are thinly traded on the NYSE. The companies also get almost all of their revenue from China.The decision “may impose short term selling pressure on the stocks,” Citigroup Inc. said in a research report. “However, Chinese telcos’ operations are mainly domestic focused and their sound fundamentals along with recovery trends and positive cash flows will not be affected by the delisting, in our view.”The ADRs total less than 20 billion yuan ($3.1 billion) and account for at most 2.2% of the total shares each, the China Securities Regulatory Commission said in a statement Sunday. China Telecom has 800 million yuan of ADRs and China Unicom has about 1.2 billion yuan.“The recent move by some political forces in the U.S. to continuously and groundlessly suppress foreign companies listed on the U.S. markets, even at the cost of undermining its own position in the global capital markets, has demonstrated that U.S. rules and institutions can become arbitrary, reckless and unpredictable,” the CSRC said. “It is certainly not a wise move.”Form 25Typically, a company is moved off the exchange as soon as it’s practical and on to an over-the-counter listing. The exchange then files a Form 25 to the U.S. Securities and Exchange Commission that formally acknowledges the change. The company immediately informs all shareholders of the delisting as well. Shareholders can choose to sell -- at the inevitably lower price -- or maintain their ownership of the company. On the final day of the public listing, the shares stop trading and are transferred to new brokerage accounts to hold for the shareholders.Index provider FTSE Russell will say Monday whether it plans to remove more Chinese stocks from its benchmarks, after the U.S. added to its list of sanctioned securities in recent weeks. FTSE Russell had already listed eight company deletions in early December, a decision that was later followed by peers MSCI Inc. and S&P Dow Jones. The changes from FTSE Russell will be effective from the start of trading on Thursday.In separate statements Monday, each telecommunications operator said it “regrets” NYSE’s actions, and said the decision might affect the prices and trading volume of the companies’ shares. All three companies said they hadn’t received any notification from the NYSE about the delisting.‘Lawful Rights’China Unicom and China Mobile said they’re reviewing ways to protect the companies’ “lawful rights.” China Telecom said it’s considering “corresponding options” to “safeguard the legitimate interests of the company.”China’s Ministry of Commerce said on Jan. 2 that the country will adopt necessary actions to protect the rights of Chinese companies and hopes the two countries can work together to create a fair, predicable environment for businesses and investors. Beijing has limited options to retaliate directly since American companies hardly rely on the Chinese market for financing. China has been seeking to avoid escalating the dispute with Washington before Joe Biden takes office in a few weeks. China’s Ministry of Foreign Affairs didn’t immediately respond Monday to a request for comment.CNOOC fell as much as 5.7% in Hong Kong on Monday, its biggest intraday loss since Dec. 1. PetroChina Co. dropped 2.9% and China Petroleum and Chemical Corp., also known as Sinopec, slipped 1.4% before reversing the drop.China’s largest offshore oil producer CNOOC could be most at risk as it’s on the Pentagon’s list of companies it says are owned or controlled by Chinese military, according to Bloomberg Intelligence analyst Henik Fung. PetroChina and Sinopec may also be under threat as the energy sector is crucial to China’s military, he said.A Sinopec spokesperson declined to comment. Cnooc and PetroChina didn’t immediately respond to emailed requests for comment.(Updates with delisting process in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 10 Top SPAC Picks For Investors To Consider In 2021

    SPACs were one of the hottest investment stories of 2020 and look to continue that momentum into 2021.Here are 10 SPACs and former SPACs that could outperform for investors in 2021, shared initially on Thursday's SPACs Attack show from Benzinga.Searching For Targets: Led by Zynga Inc (NASDAQ: ZNGA) founder Mark Pincus and LinkedIn founder Reid Hoffman, Reinvent Technology Partners (NYSE: RTP) is targeting the technology sector. The duo met in 2002 and have been partnered together on several deals, including leading the seed round in Friendster and being early investors in Facebook Inc (NASDAQ: FB).Burgundy Technology Acquisition (NASDAQ: BTAQ) is targeting the technology and enterprise software markets. The SPAC is led by Leo Apotheker, the former CEO of HP Inc (NYSE: HPQ) and SAP SE (NYSE: SAP). At SAP, Apotheker helped transform the company from a single product to a multi-solution business. The SPAC is targeting a company from the U.S. or Europe, with Israel also mentioned in the prospectus. EToro, Taboola, Outbrain and REE Automotive are among the Israeli companies considering IPOs or SPAC mergers to go public in 2021.Social Capital Hedosophia Holdings Corp VI (NYSE: IPOF) is the sixth SPAC in a series from Chamath Palihapitiya. Each of the three newest SPACs from Palihapitiya has the same management team with one added member for each team. The extra member for IPOF is Richard Costolo, the former CEO of Twitter Inc (NYSE: TWTR). This SPAC raised over $1 billion and could land the potentially largest deal for Palihapitiya. The SPAC could also see strong interest if any of the other Palihapitiya SPACs close or announce deals.Ajax I (NYSE: AJAX) has an all-star management team led by former CEOs and founders of well-known companies. The team includes 23andMe founder Anne Wojcicki, Instagram founder Kevin Systrom, Square Inc (NYSE: SQ) founder Jim McKelvey and Chipotle Mexican Grill Inc (NYSE: CMG) founder Steve Ellis. The SPAC is also led by Daniel Och and Glenn Fuhrman, who both worked at Goldman Sachs (NYSE: GS) and have experience with private investments in Coinbase, Github, Instacart, Robinhood, Stripe and Wish. The SPAC is targeting sectors that include internet, software, fintech and consumer.Related Link: 10 SPACs Trading Under For Investors To Consider In 2021SPACS With Pending Deals: Northern Genesis Acquisition Corp (NYSE: NGA) has a pending merger with Lion Electric, a company focusing on the electric vehicle market for buses and vans. The company has current production capabilities of 2,500 units a year with plans to ramp that figure up. Lion Electric has charging infrastructure and telematics solutions to offer customers as well. The clean energy plan of President-elect Joe Biden calls for converting 500,000 school buses to zero emissions, which could favor a company like Lion Electric. The company has announced deals with ChargePoint and Blink Charging (NASDAQ: BLNK) to offer charging infrastructure with its electric vehicles to customers.Genius Sports, which provides sports data to sports betting companies, is going public with dMY Technology Group Inc II (NYSE: DMYD). Genius Sports is on pace to provide data for over 240,000 events a year, including as the official provider for 170,000 events. Genius has deals in place with the NBA, NCAA, FIBA, FIFA, EPL, PGA and Nascar. Customers for Genius Sports include DraftKings Inc (NASDAQ: DKNG), FanDuel, William Hill, Caesars and BetMGM. Genius Sports is expecting revenue to grow at a compounded annual growth rate of 29%.Butterfly Network, which offers portable ultrasound technology, is going public with Longview Acquisition Corp (NYSE: LGVW). The goal of Butterfly Network is to put ultrasound on a chip and make it more accessible in underserved areas and also help replace bulky traditional cart-based devices. Butterfly Networks has sold over 30,000 units and has deals in place with many of the top 100 U.S. hospitals. Butterfly Network is backed by Bill Gates and Baillie Gifford. Cathie Wood has been adding and now holds over 1.2 million shares of Longview in the Ark Genomic ETF (BATS: ARKG).Stable Road Acquisition Corp (NASDAQ: SRAC) is merging with space company Momentus. Called the "FedEx of Space" by Barron's and a "zero gravity logistics player," Momentus will partner with companies to move items in space. Momentus has a deal with SpaceX and plans on launching satellites as a service in the future. Momentus forecasts it will hit $1 billion in revenue in 2024.Former SPACs: Desktop Metal Inc (NYSE: DM) completed its merger in 2020 and saw shares fall over 20% on its first day as a publicly traded company. Desktop Metal is a play on manufacturing entering a 2.0 era and using lighter and more efficient 3D-printers in sectors like aerospace and automotive. Production of these items at scale could be the holy grail of 3D printing.Fisker Inc (NYSE: FSR) is seeking to be a major player in the electric vehicles market in the future. The company has over 10,000 reservations for its Fisker Ocean vehicle. A partnership with Magna International (NYSE: MGA) for production allows Fisker to focus on marketing and design of future vehicles. Fisker could have a big 2021 with an influencer campaign and continued analyst coverage. CEO Henrik Fisker said he is planning on attending the virtual 2021 Consumers Electronics Show in January, which could be a potential catalyst in early 2021.Disclosure: Author is long BTAQ, NGA, DM.See more from Benzinga * Click here for options trades from Benzinga * How To Invest Like Brad Feld * 10 IPOs To Watch Out For In 2021, Including Petco, Poshmark, Bumble, Coinbase And More(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Bitcoin trades near Sunday record of $34,800 following 800% surge

    Bitcoin traded at $33,365 in Asia on Monday, after soaring to a record high of $34,800 on Sunday as investors continue to bet the digital currency is on its way to becoming a mainstream asset. The latest milestone for the world's most popular cryptocurrency came less than three weeks after it crossed $20,000 for the first time, on Dec. 16, and bitcoin has now surged some 800% since mid-March. "Some of it is reflecting the fear of a weaker dollar," Bank of Singapore currency analyst Moh Siong Sim said of the most recent rally.