{
}
Rohan Patel, a former Tesla executive, highlights the contrasting support for electric vehicles (EVs) under Trump and Biden. While Trump’s administration favored foreign-made vehicles and neglected tax credits for early EV leaders like Tesla, Biden's policies revived substantial incentives and support for domestic manufacturing. The NEVI program, with $5 billion allocated over five years, aims to enhance EV infrastructure, while recent reforms to the 30C tax credit significantly boost investments in charging stations.
Tesla's stock surged 22% after reporting third-quarter earnings, despite automotive revenue rising only 2% year-over-year and challenges in maintaining profit margins. Hedge fund manager Paul Wick criticized the stock's rebound as disconnected from the company's weak fundamentals, including declining market share and regulatory scrutiny. Wick noted that Tesla's market share of EVs in the U.S. has fallen below 50%, with sales in California declining for three consecutive quarters, while the Cybertruck faced multiple recalls. Despite the stock's recent performance, he remains skeptical about its sustainability given the dire fundamentals.
In the lead-up to the U.S. presidential election, Donald Trump claims several Silicon Valley CEOs, including Google’s Sundar Pichai, Apple’s Tim Cook, and Meta’s Mark Zuckerberg, have reached out to him, expressing support after a recent assassination attempt. Elon Musk has notably endorsed Trump and become a significant donor, while Jeff Bezos also reportedly contacted Trump despite their contentious history. These interactions suggest a shift in the tech leaders' approach as they prepare for a potential Trump victory.
October PMI data reveals mixed sector performance, with the US Composite PMI rising to 54.3, driven by services, while manufacturing continues to contract. In the Eurozone, the PMI index slightly improved to 49.7, indicating ongoing challenges in manufacturing despite a modest slowdown in the decline. On the corporate front, Tesla exceeded expectations with a net income of $2.18 billion, while Galenica in Switzerland reported a 4.1% sales increase, outperforming the pharmaceutical market's 2.9% growth, largely due to anti-cold medicine sales.
Canaccord has increased its price target for Tesla, indicating that the company's post-earnings rally is expected to persist. This adjustment reflects confidence in Tesla's performance and market position following its recent earnings report.
The Nasdaq Composite reached an all-time high, closing the week up 0.2%, while the S&P 500 and Dow Jones snapped their six-week winning streaks due to disappointing earnings from major companies. Japan's ruling coalition lost its parliamentary majority, contributing to a weaker yen, while China's industrial profits plummeted 27.1%, marking the steepest decline since the pandemic began. Oil prices fell over 4% amid geopolitical tensions, and investors are looking ahead to a busy week of earnings reports and economic data.
Tesla shares surged to a new October high, closing the week with a 22% gain after strong quarterly results led to a 21.9% jump on Thursday. The stock reached USD 269.19, with resistance at USD 271.00 and potential targets up to USD 299.29, while support levels are now at USD 265.13 and USD 264.86.
The Nasdaq Composite reached an all-time high, buoyed by a significant rally in Tesla shares, while the S&P 500 and Dow Jones snapped their six-week winning streaks amid disappointing earnings growth. Japan's ruling coalition lost its parliamentary majority, causing the yen to weaken against the dollar. Waymo raised $5.6 billion to expand its robotaxi service, as investors brace for a busy week of earnings reports from major tech companies.
Elon Musk has reportedly been in regular contact with Vladimir Putin since late 2022, discussing personal, business, and geopolitical issues. This revelation raises concerns about Musk's influence and potential conflicts of interest, especially given his ties to U.S. military contracts and ongoing federal investigations into his companies. Meanwhile, former President Trump has maintained multiple conversations with Putin since leaving office, further complicating the political landscape.
Elon Musk reportedly worked illegally in the U.S. during the 1990s while attempting to build his startup, Zip2. After arriving in Palo Alto in 1995 to attend Stanford University, he never enrolled and instead focused on developing his software company, which sold for approximately $300 million in 1999. Immigration law experts indicated that Musk would have needed to be enrolled in a full course of study to maintain valid work authorization as a student.
Tesla, Inc.
Companies
| Symbol | TSLA |
| Name | Tesla, Inc. |
| Currency | USD |
| Sector | Consumer Discretionary |
| IndustryGroup | Automobiles & Components |
| Industry | Automobiles |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | Palo Alto |
| Zipcode | 94304 |
| Website | http://www.tesla.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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