Tesla (TSLA) shares gained 23.7% from its 52-week low to close at $367.95. Traders are pricing in high expectations that the Cybercab event on September 3 will be a success. Trading volume on August 31 was around 61 million shares. That is double the stock’s average daily trading volume.
Tesla’s brand is potentially more captivating than Alphabet’s (GOOG) Waymo. However, Waymo has LiDAR, which uses light detection along with 13 external cameras to detect its surroundings. Tesla is banking on camera-only solutions for self-driving.
Tesla’s last robotaxi event generated media buzz. If momentum traders do not book profits, TSLA stock might climb back to the $400 - $430 range.
In the gaming sector, Take-Two Interactive (TTWO) dropped by 6.67% yesterday. Shares jumped to around $255 after the earnings report in early August. The firm set a net bookings guidance of up to $8.2 billion for the year. GTA 6 is a blockbuster game that Take-Two is making available on the PlayStation 5 (SONY) and Xbox Series X/S (MSFT). PC gamers will need to wait.
The launch sent PS5 console prices higher than retail.
TTWO stock trades at a steep premium with a 34.3x forward P/E. Patient investors might consider starting a position once the selling momentum slows. GTA 6 will likely record sales and has multi-year demand strength. The game will have no generative AI or microtransactions at launch.
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