Keith FitzGerald, president of FitzGerald Group, is looking at the top and bottom stocks before the market opens on Monday.
Tesla did not disappoint, and CEO Elon Musk has made that clear.
“It's remarkable that Tesla is profitable despite a very challenging environment, and in fact this is a record third quarter for us,” he told investors on the company's earnings call. He also mentioned that a cheaper model will be released. “We remain on track to offer more affordable models from the first half of 2025,” he added.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 213.65 | -4.32 |
-1.98% |
Tesla stock is up about 40% from Wednesday's closing price of $213.65 and could reach $300, Wedbush Securities analyst Dan Ives said, comparing the latest quarter to the New York Yankees' superstar hitter. He said that there is a sex.
“Tesla has Judge Aaron-like margin performance versus the Street…Gross margin after auto credits is 17.1%, and the Street bogey is 15.1%, which is clearly the most important metric for the Street. “We continue to focus on the profitability aspect, balanced with future plans,” he wrote.
Elon Musk deploys robotaxis
Elon Musk debuted Tesla's new self-driving robotaxis, which will be available by 2026.
Tesla's robotaxi seen at a launch event in Los Angeles on October 10, 2024. (Handout via Tesla/Reuters)
A better-than-expected quarter is likely to help boost stocks, which have fallen more than 14% this year and have lagged the S&P 500 and Nasdaq Composite Index, which have risen 21% through Wednesday. The EV maker's Robotaxi Day this month failed to wow investors.
Tesla's robotaxi debuts
A small number of exchange-traded funds (ETFs) with large weights in electric car makers could become active as early as Thursday.
“More specifically, of the 343 ETFs with positions in TSLA, six have highly concentrated positions of more than 10%.” “In Search of Alpha,” he wrote.
Elon Musk launches multi-million giveaway for Trump supporters
Musk and his team also talked about a future where self-driving Teslas will be offering paid rides as early as next year, electric semiconductors currently being tested with Tesla partner PepsiCo, and expanding ride-hailing efforts. He also touched on Musk's social media site “X” (formerly Twitter) and artificial intelligence.
Total sales rose 8% year over year to $25.18 billion, slightly below analysts' expectations of $25.46 billion. Earnings per share were $0.72, well above analysts' expectations of $0.59. Total gross profit margin also exceeded expectations of 17% at 19.8%.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Arc Q | ARK ETF Trust Autonomous Technology and Robots | 61.27 | -0.81 |
-1.30% |
| FNGS | Currency Trading Notes – NYSE FANG+ Index | 50.45 | -1.22 |
-2.36% |
| XLY | Consumer Discretionary Sector SPDR ETF | 194.06 | -3.10 |
-1.57% |
| video deck | Vanguard World Fund Consumer Discretionary ETF | 328.51 | -5.08 |
-1.52% |
| Arkku | ARK ETF Trust Innovation ETF | 45.76 | -1.39 |
-2.95% |
| night | Capitol Series Trust Nightview Fund | 25.90 | -0.47 |
-1.78% |
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“My prediction is that Tesla will be the most valuable company in the world, probably very soon,” Musk said.
Musk did not discuss former President Donald Trump's campaign or the role he might play if he wins next month's presidential election, and he was not asked about it.
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