ETFs heavy in Elon Musk's Tesla
Tesla CEO Elon Musk signals cheaper models are around the corner
Gold continues to push higher: Adam Kobeissi
The Kobeissi Letter Editor-in-Chief Adam Kobeissi argues gold is the 'global safe-haven trade.'
Tesla did not disappoint, and CEO Elon Musk made that clear.
"It is notable that Tesla is profitable despite a very challenging environment. And this quarter, actually, is a record Q3 for us" he told investors on the company’s earnings call, while also noting cheaper models are coming. "We are still on track to deliver more affordable models starting in the first half of 2025," he added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
Wedbush Securities analyst Dan Ives said Tesla shares could hit $300, a roughly 40% jump from Wednesday’s $213.65 closing price, while comparing the latest quarter to a New York Yankees' superstar hitter.
"Tesla Delivers Aaron Judge-like Margin Performance vs. Street…Automotive ex-credits gross margin beat at 17.1% vs. the Street’s 15.1% bogey which was front and center metric for the Street as this is clearly an indication that Musk & Co is continuing to focus on its profitability side while balancing its plans for the future," he wrote.
ELON MUSK ROLLS OUT ROBOTAXI
Elon Musk unveils Tesla's Robotaxi
Elon Musk debuts Tesla's new self-driving Robotaxi that will be available by 2026.
Tesla's Robotaxi is seen at an unveiling event in Los Angeles on Oct. 10. (Tesla/Handout via Reuters)
The better-than-expected quarter will likely help boost shares that have fallen more than 14% this year and trail the S&P 500 and Nasdaq Composite, which have advanced 21% through Wednesday. The EV maker’s Robotaxi Day earlier this month failed to wow investors.
Tesla
A handful of exchange-traded funds (ETFs) are heavily weighted in the electric vehicle maker and may be active on Thursday.
"More specifically, of the 343 ETFs that have positions in TSLA, six of them have heavily concentrated positions of more than 10%" wrote Seeking Alpha.
ELON MUSK KICKS OFF DAILY MILLION-DOLLAR GIVEAWAY FOR SIGNERS OF PRO-TRUMP PETITION
Musk and his team also talked about the future of driverless Teslas doing paid rides as soon as next year; the electric semi currently being tested with Tesla's partner, PepsiCo; and the expansion of ride-hailing efforts. Musk's social media site X, formerly Twitter, and artificial intelligence were also touched on.
Year over year, total revenue increased 8% to $25.18 billion, slightly below analyst estimates of $25.46 billion. Earnings per share of $0.72 handily beat the analysts' $0.59 estimate. Total gross margins of 19.8% also exceeded expectations of 17%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ARKQ | ARK ETF TRUST AUTONOMOUS TECH & ROBOTIC | 75.55 | -1.21 | -1.58% |
| FNGS | EXCHANGE TRADED NOTE - NYSE FANG+ INDEX | 54.44 | +0.66 | +1.23% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 224.24 | +1.94 | +0.87% |
| VCR | VANGUARD WORLD FUND CONSUMER DISCRETIONARY ETF | 379.66 | +3.49 | +0.93% |
| ARKK | ARK ETF TRUST INNOVATION ETF | 59.47 | +1.49 | +2.57% |
| NITE | CAPITOL SERIES TRUST NIGHTVIEW FUND | 29.80 | +0.47 | +1.61% |
AMAZON BRINGS NEW GAS PERK TO PRIME MEMBERS
"My prediction is Tesla will become the most valuable company in the world, and probably… by a long shot," Musk said.
Musk did not mention, nor was he asked, about campaigning for former President Trump or any role he may have if Trump wins the presidential election next month.
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