U.S. stock index futures were little changed on Thursday after a strong Wall Street rally in the previous session on hopes of a potential downshift in the Fed's policy on aggressive rate hikes, while Salesforce fell on news of its co-CEO to step down.
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Tesla is set to unveil on Thursday its long-delayed Semi, a 18-wheeler heavy duty vehicle that has faced skepticism from industry experts who doubt battery electric trucks can take the strain of hauling hefty loads for hundreds of miles.
Tesla Inc will issue software updates for more than 435,000 vehicles in China to fix an issue with side marker lights that could in extreme circumstances lead to a collision, a regulatory body said.
The head of China's Zijin Mining Group Co Ltd said lithium prices now at record levels could halve by end-2025, telling the Reuters NEXT conference however the miner would still forge ahead with heavy investment in the sector.
Tesla will recall a total of 435,132 units of China-made Model 3 and Model Y cars in China due to software faults, the country's market regulator said on Thursday.
French semiconductor materials supplier Soitec and chipmaker STMicroelectronics said on Thursday they were deepening their cooperation over the manufacturing of a key and fast-growing material used in the electric car industry.
Elon Musk on Wednesday tweeted that the misunderstanding about Twitter potentially being removed from Apple Inc's App Store was resolved following his meeting with the iPhone maker's Chief Executive Tim Cook.
Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.
What happened
Wednesday was a good day for the stock market generally, but it was an especially good day for Lucid Group (NASDAQ: LCID) investors. The electric vehicle (EV) specialist's stock rose by 3.5%, beating the 2.9% gain of the frothy S&P 500 index. Two new analyst not
Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.
Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.
What happened
Tesla's (NASDAQ: TSLA) stock was rising this afternoon after Federal Reserve Chairman Jerome Powell said that smaller interest rate hikes will begin in December.
Do you think
Tesla’s (
TSLA
) share price drop is correlated to Elon Musk’s Twitter endeavors? Most likely, the answer is yes, and if that is your reply, then it chimes well with those given in response to a recent Morgan Stanley survey.
Firm analyst
Adam Jonas says the banking giant asked a host of institutional investors and industry experts two questions: “1. How much of Tesla’s recent underperformance do you attribute to the Twitter situation? And 2. What impact do you believe Elon Musk's acquisition of Twitter will have on Tesla's business going forward?"
For the former, almost 75% of respondents said they believe the Twitter situation has accounted for “at least a significant portion of Tesla's recent share price underperformance.”
As for the latter question, ~65% seemed to think the Twitter acquisition will have a “negative or slightly negative impact on Tesla's business going forward.” Just 5% said they thought the Twitter acquisition will have a “positive impact” on Tesla’s business.
As for Jonas, he thinks the Musk-Twitter love affair could be detrimental to Tesla in a few ways, such as consumer sentiment/demand, commercial partnerships, and the support of government and capital markets.
Yet, despite the ongoing Twitter debacle, Jonas is recommending investors load up on shares and he lists the reasons why he remains in the EV leader’s corner.
“Tesla is the only name we cover that generates a profit (before incentives) on the sale of EVs. Tesla is the only self-funding pure play EV name we cover and has achieved a unique position to secure supply of the battery metals and related up-stream supply necessary to produce EVs at multi-million-unit scale,” Jonas explained. “In a slowing economic environment, we believe Tesla’s 'gap to competition’ can potentially widen, particularly as EV prices pivot from inflationary to deflationary.”
To this end, the Morgan Stanley analyst gives TSLA shares an Overweight (i.e., Buy) rating, backed by $330 price target. The figure suggests the shares have room for 75% growth from current levels. (To watch Jonas’s track record,
click here
)
Overall, the stock claims a Moderate Buy consensus rating, based on 18 Buy ratings, 8 Holds and 2 Sells. (
See Tesla stock forecast on TipRanks)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Wall Street jumped on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.
Wall Street rallied on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December.
Wall Street was mixed on Wednesday, with the Dow and S&P 500 down and heavyweight growth stocks boosting the Nasdaq as focus shifts to comments from Federal Reserve Chair Jerome Powell later in the day.
Spanish ride-hailing application Cabify will invest more than $300 million through 2024 to strengthen its presence in Latin America, the company said in a statement on Wednesday.