On Wednesday, Tesla (TSLA) spooked bearish short-sellers by re-affirming the Robo taxi launch this summer. It also reversed course by announcing a mainstream, affordable electric vehicle.
Wall Street analysts chimed in, re-framing Tesla CEO Elon Musk’s vision that the firm is now an AI robotics company. Musk told listeners during the earnings call that those who do not believe Tesla will solve autonomy should not be an investor in the company.
TSLA stock soared by 12% to close at $162.13. Chances are high that this is a temporary relief rally.
Ford Motor (F) is today’s hot trade as shares return to the $13.20 level. It reported revenue rising by 3.2% Y/Y to $42.78 billion. Ford Pro's commercial revenue increased by an impressive 36%. For 2024, Ford’s CFO Lawler said that EBIT is closer to the higher end of the $10B to $12B range.
Boeing (BA) starts this morning at a 52-week low. The troubled aerospace firm, suffering from quality issues, lost $1.13 a share. Operating cash flow was negative $3.4B, due to lower commercial deliveries and unfavorable timing of receipts and expenditures.
Boeing has $529 billion in backlog, which includes over 5,600 commercial airplanes. This is of no value to BA stock if the firm keeps losing money. Expect bears to raise their bet against BA stock today.
