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A rise in tech stocks fueled the indexes higher after Tesla reported strong earnings. Jobless claims from last week fell unexpectedly to 227,000, a drop of 15,000 from the week before. AdvertisementUS stocks were mixed Thursday morning, as the market tried to break out of a three-day slump following this week's bond sell-off. Investors' exposure to the S&P 500 is the highest since mid-2023 in a signal that's previously preceded a 10% slump, Citi says. Apple stock tumbles after analyst says iPhone 16 orders cut by 10 million units, sees "no evidence" of AI boosting demand.
Persons: Tesla, Organizations: Dow, Service, Dow Jones Industrial, Treasury, Nasdaq, Investors, Citi, Apple
TSLA YTD mountain Tesla stock in 2024. Jonas reiterated his overweight rating on Tesla stock, and his price target implies 45% upside. Wells Fargo, $125 per share price target Wells Fargo isn't a buyer after the strong results, citing high valuations. His neutral rating and $250 per share price target implies roughly 17% upside ahead. Barclays, $220 per share price target Barclays had positive takeaways from the report but reaffirmed that questions remain around Tesla's artificial intelligence and full self driving initiatives.
Persons: Elon Musk, Tesla, they're, Morgan Stanley, Morgan Stanley's Adam Jonas, Jonas, Wells, Colin Langan, Langan, Goldman Sachs, Mark Delaney, Delaney, Dan Levy, Levy, John Murphy, Murphy Organizations: FactSet, Tesla, Barclays, Bank of America Locations: Texas, California, Shanghai
CNN —Elon Musk’s super PAC didn’t announce a winner for its “daily” $1 million giveaway to registered swing state voters on Wednesday, the same day news broke that the Justice Department warned Musk’s group that its sweepstakes might be illegal. The super PAC has announced its winners each day to fanfare, with flashy videos posted to social media and celebratory tweets from Musk. It’s unclear if the Justice Department letter is why the super PAC didn’t publicly name a winner on Wednesday. CNN has reached out to the super PAC seeking comment. However, several election law experts who spoke to CNN pointed out that the fine print on Musk’s super PAC website explaining the official terms of entry did not change.
Persons: CNN — Elon, Musk, ” Musk, , Josh Shapiro, America PAC ” —, Trump, CNN’s Evan Perez, Hannah Rabinowitz, Daniel Strauss Organizations: CNN, CNN — Elon Musk’s, Wednesday, Justice Department, Trump, America PAC, PAC, Department, Pennsylvania Gov, Democrat, America PAC ” Locations: Butler , Pennsylvania, Pennsylvania
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's Tesla's bull and bear case following its earnings stock popColin Langan, Wells Fargo analyst, and Tom Narayan, RBC Capital Markets analyst, join 'Squawk on the Street' to discuss each analyst's investment thesis on Tesla following its quarterly earnings results.
Persons: Colin Langan, Wells, Tom Narayan Organizations: RBC Capital Markets, Tesla Locations: Wells Fargo
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWSJ's Tim Higgins on Tesla's blowout quarter: This is back to a growth storyTim Higgins, Wall Street Journal business columnist, joins 'Squawk Box' to discuss Tesla's quarterly earnings results, growth outlook, autonomous vehicle rollout, and more.
Persons: Tim Higgins Organizations: Wall Street Journal
Walmart stock has soared 58% this year to record highs, making its founding family richer than ever. Retail legend Sam Walton's three surviving children are each worth more than $100 billion. Walmart and the Waltons have benefited from a signature strategy and cost pressures on consumers. The stock surge has added more than $32 billion to the fortunes of each of founder Sam Walton's three surviving children — Jim, Rob, and Alice. But it's true the vast majority of the family fortune remains in the hands of Sam Walton's children.
Persons: Sam Walton's, , they're, Jim, Rob, Alice, Elon Musk, David King, who've, King, Art Weinstein, Florida who's, Weinstein, Sam Walton shrewdly, . King, Jeff Bezos, Mark Zuckerberg, Sam Walton, John T, Lukas Walton, it's Organizations: Walmart, Waltons, Service, Bloomberg, Elon, Sam's, Management, Florida State University, Logistics, Procter, Nova Southeastern University, Tech, Tesla, SpaceX, Amazon Locations: Florida
Elon Musk attends 'Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk' session during the Cannes Lions International Festival Of Creativity 2024 - Day Three on June 19, 2024 in Cannes, France. Tesla shares soared roughly 19% Thursday morning, putting the stock on pace for its best day in more than three years, following the company's better-than-expected earnings report. Tesla reported earnings per share of 72 cents adjusted, topping the average analyst estimate of 58 cents. Analysts at Morgan Stanley who recommend buying the stock, called Musk's 2025 vehicle delivery growth prediction a "maybe." It "clearly depends on the company's ability to improve affordability through cheaper model (next gen) introduction, financing offers and improved features," the Morgan Stanley analysts wrote in a note on Thursday.
Persons: Elon Musk, Mark Read, Tesla, FactSet, Morgan Stanley, — CNBC's Lora Kolodny Organizations: Cannes Lions, JPMorgan, Nasdaq Locations: Cannes, France
Musk is now worth about $269 billion, according to Forbes, putting him more than $50 billion ahead of good friend and former Tesla board member Larry Ellison, who remains the largest shareholder in Oracle . Tesla shares soared 22% at the close, their second-biggest gain since the company's IPO in 2010. Prior to the earnings announcement, Tesla shares had been slumping and were headed for their worst month since January. But the stock erased its loss for the year and is now up 5% in 2024, compared to the Nasdaq's 23% gain. Tesla reported earnings per share of 72 cents, topping the average analyst estimate of 58 cents.
Persons: Elon Musk, Musk, Larry Ellison, Tesla's, Tesla Organizations: Forbes, Oracle, SpaceX, Twitter Locations: Los Angeles , California, U.S, FSD
However, slower-than-expected adoption of EVs and higher costs have led it to change course and include extended-range electric vehicles, or EREVs. Scout Terra pickup truck conceptKeogh said Scout added EREVs to better protect the brand from any market volatility amid less-than-expected consumer demand for EVs. Interior of Scout Traveler SUV concept ScoutBoth the Traveler and Terra are expected to start between $50,000 and $60,000 with available incentives, according to Scout. It's larger than Jeep's well-known Wrangler, which is currently available as a plug-in hybrid electric vehicle. Scout Traveler SUV concept
Persons: Scott Keogh, Keogh, Scout, Ford, Stellantis Organizations: Scout, NASHVILLE, — Volkswagen, Scout Motors, CNBC, EV, Lucid, VW, International, American, Ford Bronco, Toyota Land, Ford, General Motors Locations: Tenn, American, U.S, South Carolina, Scout's South Carolina, Canada, U.S ., Nashville , Tennessee
The Justice Department declined to comment, and the super PAC’s treasurer did not immediately reply to a voicemail message requesting comment. On Monday, a group of ex-prosecutors and other former government officials sent a letter to the Justice Department requesting an investigation. Legal experts have told NBC News that they believe Musk’s contest falls into a legal gray area and could violate election law, but not necessarily. So far, several of the winners have appeared in short videos for America PAC talking about their support for former President Donald Trump. Musk, who has endorsed Trump’s campaign, launched America PAC in an effort to help elect him.
Persons: Elon, , Matthew Sanderson, Musk, , Donald Trump, Trump’s, Trump Organizations: Elon Musk’s, PAC, America PAC, CNN, Justice Department, NBC News, NBC, SpaceX, Bloomberg Locations: Arizona , Georgia, Michigan, Nevada , North Carolina , Pennsylvania, Wisconsin, Pennsylvania, Harrisburg , Pennsylvania
Tesla reports improved earnings
  + stars: | 2024-10-23 | by ( Chris Isidore | ) edition.cnn.com   time to read: +2 min
New York CNN —Tesla Wednesday reported an unexpected improvement in earnings for the third quarter, lifting its recently battered shares in after-hours trading. But So the better profit came not from increasing sales but from success in cutting its cost to build vehicles. Tesla has been leading a price war in the electric vehicle sector, as a response to increased competition, especially from Chinese automakers. Investors had previously sold off Tesla shares (TSLA), disappointed by lack of details at a company event on plans for self-driving robotaxis. For the quarter Tesla earned $2.5 billion in the quarter, or 72 cents a share, up 8% from a year ago.
Persons: New York CNN — Tesla, Elon Musk, Tesla Organizations: New, New York CNN, Investors Locations: New York
Chinese companies are aggressively developing autonomous vehicles. In August, China announced that it had issued 16,000 test licenses for driverless cars and opened up about 20,000 miles of roads nationwide for autonomous vehicle testing. But Chinese autonomous vehicle companies have also quietly been testing their technology on U.S. streets. Michael Dunne, CEO and founder of consulting firm Dunne Insights, told CNBC that China had "carte blanche" when it comes to testing AVs in California. Missy Cummings, a former senior safety advisor to the National Highway Traffic Safety Administration, told CNBC the ban was a good start.
Persons: Didi, WeRide, Michael Dunne, Dunne, Let's, Missy Cummings, Cummings, Marc Veasey, Biden Organizations: Baidu, California Department of Motor Vehicles, CNBC, Apple, U.S, National, Traffic Safety Administration Locations: China, California, Silicon, Texas, U.S, California , Nevada, Utah, United States
Net income rose to about $2.17 billion, or 62 cents a share, from $1.85 billion, or 53 cents a share, a year ago. Profit margins were bolstered by $739 million in automotive regulatory credit revenue during the quarter. Automotive revenue increased 2% to $20 billion from $19.63 billion in the same period a year earlier and is about flat since late 2022. Energy generation and storage revenue soared 52% to $2.38 billion, while services and other revenue, which includes revenue from non-warranty repairs of Tesla vehicles, jumped 29% to $2.79 billion. "Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024," the company said in its earnings deck Wednesday.
Persons: Elon Musk, Tesla, FactSet, Musk, Kelley, Vaibhav Taneja, Li Auto, Donald Trump, Trump, doesn't Organizations: LSEG, Energy, that's, California Public Utilities, Li, Ford, General Motors, Trump, Nasdaq Locations: Los Angeles , California, U.S, Texas, California, Bay, China, Harrisburg , Pennsylvania
Investors should look beyond the so-called "Magnificent Seven" and identify "country winners" in tech outside the U.S., according to one hedge fund manager. Beeneet Kothari, CEO and principal portfolio manager at the U.S.-headquartered hedge fund Tekne Capital Management, said there are global tech stocks that also make good investments right now. "Our view is that there is a Magnificent Seven set of companies in each of the major economies in the world [which] you can buy for a fraction of the value," he told CNBC Pro earlier this month. The Magnificent Seven stocks — Alphabet , Amazon , Apple , Meta Platforms , Microsoft , Nvidia and Tesla — have dominated investor interest in tech over recent years. Kaspi Among the stocks Kothari is betting on is the Kazakhstan-headquartered fintech Kaspi .
Persons: Beeneet Kothari, Kothari Organizations: Capital Management, CNBC Pro, Apple, Microsoft, Nvidia, Tesla, Kazakhstan Stock Exchange, American Locations: U.S, Kazakhstan, Silicon Valley
But recent sales data from the auto-industry tracker Cox Automotive is worth examining ahead of Tesla's results on Wednesday. Tesla sold almost 17,000 Cybertrucks in the third quarter, Cox estimated, making it the third-most-popular EV in the US during the period. That's more than Ford's F-150 Lightning, Rivian's R1T, and Chevy's Silverado EV, Cox data shows. General Motors reported surprisingly solid results earlier this week and highlighted strong EV sales. Related storiesSome of this recent EV strength has been driven by lease incentives, which are available in the US to more buyers.
Persons: Elon, Tesla, Cox, Rivian's R1T, It's, Goldman Sachs, Morgan Stanley, Bernstein Organizations: Cox, Tesla, Silverado, DeLorean, Motors, EV, UBS
Musk later deleted his X post that called the interview “very interesting” and “worth watching,” per the Independent. Musk rarely deletes his social media posts, no matter how inflammatory. Musk is the single biggest individual shareholder at Tesla, the only publicly traded business he owns. Litigation is a key part of the Musk playbook when it comes to any person or group challenging him or his businesses. Angry at advertisers for leaving his Nazi-tolerating social media site, Musk sued a nonprofit ad group out of existence.
Persons: CNN Business ’, Tweeting, ICYMI, Elon Musk, Musk, Hitler, Tucker Carlson’s, Winston Churchill, , Tesla, , Kimbal Musk, Kathaleen McCormick, MAGA, it’s, ” Dan Ives, , Grimes Organizations: CNN Business, New York CNN, Spiegel, Nazi, Independent ., Tesla, CNN, Trump, Wedbush Securities, SpaceX, NASA, Space, Boeing Locations: New York, Delaware, California
The stakes are high for Tesla when the electric vehicle giant reports results after the bell Wednesday. Analysts polled by LSEG expect the company to report earnings of 58 cents per share on $25.37 billion in revenue. The company posted adjusted earnings per share of 52 cents and revenue of $25.50 billion last quarter . Stakes are even higher for the company following an underwhelming robotaxi event earlier this month that failed to impress Wall Street analysts and investors hopeful for a turnaround. He retained an equal weight rating and $220 price target, implying shares will trade in a range from here.
Persons: Li, Ryan Brinkman, Piper Sandler, Alexander Potter, Potter, Cantor Fitzgerald's Andres Sheppard, Sheppard, Dan Levy, Jefferies, Philippe Houchois, Tesla Organizations: Tesla, LSEG, EV, Li Auto, Wall Street, Barclays Locations: China
4 reasons GM is crushing it right now
  + stars: | 2024-10-22 | by ( Benjamin Zhang | ) www.businessinsider.com   time to read: +4 min
GM's profits were driven by strong SUV sales, EV growth, cost reductions, and improved China sales. GM's EVs hold a 9.8% share of the US EV market, behind only Tesla. AdvertisementGeneral Motors reported strong third-quarter 2024 profits on Tuesday, topping Wall Street's estimates and helping send shares surging more than 9%. Of those who purchased a GM EV, more than 60% are conquests from other automakers, Barra said. Reuss said GM has eliminated 2,700 unique parts, ranging from seat assemblies to wiring harnesses, from its inventory.
Persons: , Mary Barra, EVs, Barra, Mark Reuss, Reuss Organizations: Motors, US, Service, Detroit, GM, Chevrolet Traverse, GMC Acadia, Consumers, General Motors, EV, Tesla Locations: China
The producer of "Blade Runner 2049" is suing Elon Musk and Tesla for copyright infringement. Alcon Entertainment said Musk used imagery inspired by the film at its "We, Robot" event. Advertisement"Blade Runner 2049" producer Alcon Entertainment filed a lawsuit against Tesla CEO Elon Musk on Monday, citing images he displayed at his big "We, Robot" event. "Blade Runner 2049" is a sequel to director Ridley Scott's dystopian sci-film "Blade Runner," released in 1982. "Alcon did not want BR2049 to be affiliated with Musk, Tesla, or any Musk company, for all of these reasons," Alcon added.
Persons: Elon, Tesla, Alex Proyas, , Elon Musk, Musk, Ridley, Alcon, Optimus, Hey Elon, Proyas Organizations: Alcon Entertainment, Service, Musk, Entertainment, BI Locations: Hollywood
Mark Cuban on CNBC said the presidential campaign is now a fight between Kamala Harris and Elon Musk. Cuban said the outcome of the election hinges on voter turnout, which Musk has made a priority. AdvertisementBillionaire businessman Mark Cuban on Monday said the presidential campaign has become a battle between Vice President Kamala Harris and Tesla CEO Elon Musk rather than Donald Trump. "And the crazy thing is, it's the Harris campaign versus Elon — not even versus Trump." AdvertisementThe Harris campaign and representatives for Musk did not immediately respond to requests for comment from Business Insider.
Persons: Mark Cuban, Kamala Harris, Elon Musk, Musk, , Donald Trump, Harris, Elon —, Elon, Brian Hughes, David Sacks, Trump, Matthew Alvarez, Tucker, Musk hasn't Organizations: CNBC, Service, Trump, Elon, Musk's America PAC, Business, Cuban, Rutan Locations: Cuban
Here are Tuesday's biggest calls on Wall Street: Loop initiates AppLovin as buy Loop said the software publisher is an "indispensable infrastructure for the mobile gaming industry." Citi upgrades First Solar to buy from neutral Citi said the solar company is a winner no matter who wins the election. KeyBanc initiates Zeta Global as overweight KeyBanc said the marketing software company has an attractive platform. Stifel initiates Braze as buy Stifel said the software company is best positioned. Stifel initiates Klaviyo as buy Stifel said it is bullish on the software company.
Persons: Bernstein, Mizuho, Jefferies, Tesla, Morgan Stanley, Apple, Meta, Redburn, KeyBanc, Stifel, Disney, JPMorgan downgrades Hertz, Itron Organizations: Costco, Walmart, omni, Citi, Democratic, Republican, Cadence, Apple, LT, Microsoft, " Bank of America, Meta, Bank of America, Zeta Global, ZETA, Disney, JPMorgan, Hertz Global Holdings, Jefferies, Guggenheim
Some analysts expect Tesla's third-quarter earnings to signal a turning point, while others see more pain ahead. AdvertisementTesla will report third-quarter earnings results after the market close on Wednesday, and Wall Street will be hyper-focused on the company's core auto business. However, some analysts on Wall Street expect the upcoming third-quarter earnings print will be a sign that the worst is behind Tesla. Here's what Wall Street expects from Tesla's upcoming earnings report. But perhaps more important than vehicle deliveries for Wall Street is Tesla's profit margins.
Persons: , Tesla, Dan Levy, Levy, Wells, Colin Langan, Langan, Dan Ives, Ives, Joel Levington, Levington Organizations: Service, Wall, Barclays, Tesla Energy, Tesla, Bloomberg Intelligence, Acura, Volvo Locations: Wells Fargo, Wells
CNN —Elon Musk is making some big promises while campaigning for former President Donald Trump. Musk and Trump have publicly discussed some kind of government role for the Tesla and SpaceX CEO if Trump wins the presidency. Trump on Fox News last week said Musk may serve as the “Secretary of Cost-Cutting,” a government agency that also doesn’t currently exist. At X, Musk has made significant layoffs, slashing roughly 80% of the company’s staff. At Tesla, Musk has pushed forward ambitiously in deploying “full self-driving” technology, despite multiple accidents and government warnings and investigations.
Persons: CNN — Elon Musk, Donald Trump, Musk, Trump, , ” Musk, , Ron DeSantis, Tesla, FSD Organizations: CNN, Trump, Tesla, SpaceX, Department of Government, Fox News, UAW, Florida Gov, Fidelity, Traffic Safety Administration, Wall Street, X, Twitter Locations: Trump, Pittsburgh, California, Texas
Robert Downey Jr. discussed SpaceX founder Elon Musk on the Kara Swisher podcast. The "Iron Man" star said he wishes the businessman "would control his behavior a little more." Musk had a cameo in "Iron Man 2" because he has been compared to Downey Jr.'s character, Tony Stark. AdvertisementRobert Downey Jr. said Elon Musk should "control his behavior a little more," jabbing the billionaire CEO who has often prompted comparisons with Tony Stark. Gwyneth Paltrow as Pepper Potts, Robert Downey Jr. as Tony Stark, and Elon Musk in "Iron Man 2."
Persons: Robert Downey Jr, Elon Musk, Kara Swisher, Musk, Downey, Tony Stark, , Downey Jr, Stark, Gwyneth Paltrow, Pepper Potts, — Swisher, that's, Mark Fergus, Donald Trump, Steve Jobs, Fergus, Trump, Tesla, Machete Organizations: SpaceX, Service, Marvel, Monaco, Prix, Paramount, Marvel Studios, Disney, New York Magazine, Apple
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The team pointed to high valuations and concentration in today's stock market as reasons for their forecast. [PRO] Ranking the Magnificent SevenThe Magnificent Seven bag of stocks — Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla — is responsible for most of the S&P 500's rally this year. Not so, according to a tech investor who owns all seven stocks.
Persons: Europe's, Goldman, Goldman Sachs, David Kostin, Bob Iger, Iger, Bob Chapek Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Treasury, Autonomous, Microsoft, Disney, Apple, Meta, Nvidia, Tesla
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