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Tesla has shifted focus back to its automotive business, achieving a notable earnings beat for the first time in five quarters. The company's gross profit margin for automotive has improved, and free cash flow reached $2.74 billion, the highest in two years. Looking ahead, Tesla anticipates a slight increase in vehicle sales for 2024, contrasting with current forecasts of a decline.
Tesla's share price remains volatile around earnings announcements, influenced by price cuts, profit margin concerns, and product developments like the Cybertruck. Alphabet is set to report earnings, aiming for revenue growth despite historical underperformance, while Bitcoin's recent price surge is driven by speculation and the upcoming US election, testing key resistance levels.
Elon Musk has expressed intentions to advocate for streamlined regulations on fully autonomous vehicles if given a role in the US government. During Tesla's third-quarter earnings call, he emphasized the need for national rules that would permit self-driving cars without traditional controls, addressing current regulatory challenges for vehicles like the Cybercab.
Tesla Inc. reported adjusted earnings of 72 cents per share for the third quarter, exceeding Wall Street expectations, driven by a rebound in electric vehicle demand. The company anticipates a slight increase in deliveries for the year and plans to begin production of more affordable models in the first half of 2025, projecting 50% growth in production for 2024 compared to 2023.
Tesla investors are increasingly concerned about CEO Elon Musk's political activities, particularly his support for Donald Trump, which some believe may be harming the company's sales and brand integrity. Questions have arisen regarding the board's role in mitigating potential impacts on shareholder value, as Musk's political commentary has reportedly affected delivery numbers. Meanwhile, Tesla's brand value has declined, and shares are down 14% this year, reflecting broader market challenges and Musk's controversial engagement in politics.
Tesla is set to report its third-quarter earnings, with analysts expecting earnings per share of 58 cents and revenue of $25.37 billion. Despite a 6% year-over-year increase in vehicle deliveries to 462,890, the figures fell short of expectations, prompting concerns over margins due to ongoing discounts. CEO Elon Musk's political activism and the competitive landscape, particularly from Chinese automakers and U.S. legacy manufacturers, add to investor uncertainty, as Tesla's stock has declined 13% this year. Shareholders are eager for updates on robotaxi development and the Cybertruck's performance amid quality issues.
UBS has maintained a 'Buy' rating for Boeing, setting a target price of $215 following the company's quarterly results, which were impacted by labor strikes. Analyst Gavin Parsons highlighted the importance of the upcoming union vote and potential capital increase as key factors for the company's future. Meanwhile, Boeing's third-quarter loss exceeded expectations, prompting concerns about a prolonged downturn.
The US dollar has recently strengthened due to rising Treasury yields and stronger-than-expected economic data, with a 3.4% increase in the DXY index over the past month. However, expectations of Federal Reserve rate cuts and growing fiscal concerns are likely to pressure the dollar in the long term. Meanwhile, other currencies, particularly in Europe, may gain support from anticipated economic recovery and positive data surprises.
Warren Buffett has expressed concern over impersonators misusing his name to endorse investment products and political candidates, prompting Berkshire Hathaway to issue a statement clarifying that he does not endorse such entities. He emphasized that any claims of his endorsements, especially on social media, are fraudulent, and he is particularly worried about the rise of deep fakes. Buffett's actions were partly triggered by a fake political endorsement on Instagram, a platform he does not use.
Tesla Inc. is increasingly seen as an outlier among major tech companies, with shares down 12% this year while peers have advanced. The company is expected to report a profit decline, marking it as the only member of the Magnificent Seven facing such a downturn, raising investor concerns. Despite this, Tesla remains the most expensive stock in its group relative to profits, complicating its earnings outlook.
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