šŸš€ Tesla reports awful numbers, moons anyway

šŸ—³ļø While the Senate advanced a $94 billion aid package for Ukraine, Israel, and Taiwan

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šŸ“° Market Headlines

  • The rally continued as the S&P 500 was up 1.3%, the Dow Jones Industrial Average rose 293 points, and the Nasdaq Composite jumped 1.8%.

  • Tesla cruised up nearly 16% even though its earnings were a mess.

    • It missed estimates and reported a 9% drop in Q1 revenue, the steepest decline since 2012

    • Musk announced a planned ā€œaffordableā€ model launching in 2025, which somehow reassured investors.

  • The FTC voted to ban all noncompete clauses nationwide.

  • TheĀ Senate advanced a $94 billion aid packageĀ for Israel, Ukraine, and Taiwan that also happens to ban/divest TikTok.

šŸ•¶ļø Market Vibes

šŸŽ° Market Forecasts and Futures

Forecasts via ā€‹Kalshiā€‹, the prediction market.

šŸ˜± Fear and Greed Index

Poco a poco.

šŸŽ¤ What you said last time

Literally, none of the comments you guys left were suitable for publishing.

šŸ“ˆ Trends you need to know

"The report of my death was an exaggeration."

šŸ§  What do you think?

šŸ’¬ Have your say

Teslaā€™s earnings were a mess, but shares were up after Elon said a new affordable model would be in production by early 2025. Heā€™s also said the new Tesla RoboTaxi will be available on 8/8.

Hereā€™s a brief history of things Elon has promised that have sent share prices up.

1. Tesla's Full Self-Driving (FSD)

- The promise: In 2016, Elon Musk suggested that full autonomy would be achieved very soon, saying, ā€œI really consider autonomous driving a solved problem. I think we are probably less than two years away.ā€

- The reality: As of late 2023, Tesla's vehicles are not fully autonomous. They operate under supervised use in the FSD Beta program, requiring active driver supervision, and are not capable of driving without human oversight.

2. Taking Tesla Private

- The promise: On August 7, 2018, Musk tweeted: ā€œAm considering taking Tesla private at $420. Funding secured.ā€

- The reality: The SEC filed a lawsuit against Musk for this statement, concluding it was misleading, as funding was not fully secured for such a transaction. This resulted in a settlement between Musk, Tesla, and the SEC that included fines and Musk stepping down as Tesla chairman.

3. Tesla Robotaxi

- The promise: On April 22, 2019, during Teslaā€™s Autonomy Day, Musk claimed, ā€œI feel very confident predicting autonomous robotaxis for Tesla next year (2020).ā€

- The reality: As of 2024, Tesla has not launched a robotaxi service. The technology for fully autonomous vehicles capable of operating as robotaxis without human intervention remains in development, and regulatory approval has not been granted.

4. Cybertruck Towing Claims

- The promise: The Cybertruck can "Tow a Porsche 911 across the quarter mile faster than the Porsche 911 can go itself."

- The reality: Just patently false.

Which of Elon's promises will come true?

Login or Subscribe to participate in polls.

šŸ“Š Stocks

Get $20 free shares at ā€‹public.comā€‹ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • TeslaĀ reported a 9% drop in Q1 revenue, its steepest decline since 2012, yet shares rose more than 10% after hours.

  • SpotifyĀ swung to a Q1 profit that exceeded expectations, sending the stock up 15%.

  • General MotorsĀ topped Q1 estimates and raised its full-year outlook, citing robust truck and SUV demand; shares climbed 5%.

  • Texas InstrumentsĀ projected Q2 revenue above estimates; shares rallied 5%.

  • JetBlueĀ shares nosedived 18% after the airline slashed its 2024 revenue forecast.

  • HashiCorp shares spikedĀ nearly 20% on a report that IBM is in talks to acquire the cloud software maker.

  • VisaĀ beat Q2 EPS estimates sending stock up 0.65%.

  • RTXĀ surpassed Q1 forecasts with a 12% sales jump, inching stock price up 0.08%.

  • DanaherĀ vaulted over 7% to lead the S&P 500 after its Q1 results topped expectations.

  • NovartisĀ lifted its 2024 outlook after Q1 profit surged 16%; shares ascended 4.6% to a two-month high.

Market movers

  • Tesla said it is launchingĀ new modelsĀ ahead of schedule.

  • UnitedHealth confirms personal data was compromised in a cyberattack, impacting a "substantial proportion" of Americans.

  • The New York Stock Exchange is gauging interest inĀ 24-hour stock trading.

  • EV startup Fisker plans more layoffs as cash dwindles andĀ bankruptcy looms.

Ideas, trends, and analysis

  • The Biden administration expanded overtime for salaried workers impacting an expected 4 million people.

  • Meta's Threads now has moreĀ daily US usersĀ than Elon Musk's X.

  • The Texas economyĀ outpacedĀ the US as a whole for the 36th straight month in March, adding 19,100 jobs.

  • UK business activityĀ acceleratedĀ to an 11-month high in April per early PMI data, indicating 0.4% GDP growth in Q2.

šŸŒ Global Perspectives

  • šŸ‡¹šŸ‡¼ More than 80 earthquakes, the strongest of 6.3 magnitude,Ā rattled Taiwan's east coastĀ starting Monday night.

  • šŸ‡øšŸ‡» El Salvador has improved security but its economy stillĀ struggles to grow with nearly a third of citizens living in poverty.

  • šŸ‡ŗšŸ‡øĀ šŸ‡ŗšŸ‡¦ The US is preparing aĀ $1 billion weapons packageĀ for Ukraine, the first to be sourced from the Ukraine-Israel bill.

  • šŸ‡°šŸ‡·Ā šŸ‡·šŸ‡“ South Korea and Romania pledged to boostĀ defense industry cooperationĀ as Seoul pushes to become the world's fourth-largest arms exporter.

  • šŸ‡°šŸ‡µĀ šŸ‡ŗšŸ‡øĀ šŸ‡°šŸ‡· North Korea issued a nuclear "warning signal" to the US and South Korea, saying its latest missile test was a drill to testĀ nuclear force preparedness.

  • šŸ‡²šŸ‡¾ Two Malaysian navy helicoptersĀ collided in mid-airĀ during a rehearsal for a naval parade, killing all 10 crew members aboard.

šŸ“Š Crypto

  • The 200 day trailing Bitcoin average price approached a record high.

  • Bitcoin now looksĀ scarcer than goldĀ after the halving cut new token issuance in half to an annual rate of ~0.9%.

  • RippleĀ fought against the SEC's pushĀ for $2 billion in fines over XRP sales, arguing for closer to $10 million.

  • YieldMaxĀ launchedĀ a new Bitcoin options ETF (YBIT) aiming to provide monthly income using options premiums on Bitcoin ETPs.

šŸ§  Errata

  • A dying SpaceX rocket tore aĀ blood-red 'hole'Ā in the Texas sky, an increasingly common phenomenon astronomers call a "SpaceX aurora."

  • AI can predict yourĀ political orientationĀ from a blank, expressionless face, according to Stanford researchers.

  • Meet the Thermonator, a $9,420Ā fire-breathing robot dogĀ that can shoot 30-foot jets of flame. What could go wrong?

šŸ“ŗ What to Watch Today

Thatā€™s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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