Tesla dealership in China. (Long Wei/Getty Images)

Tesla stock drops as the company offers nothing new or cool to distract investors

No robotaxi news is bad news for Tesla.

7/23/24 4:21PM

Last quarter, Elon Musk was able to make investors look away from Tesla’s poor earnings and news that it was no longer making its long-awaited $25,000 mass-market car, by telling investors it was going to make a somewhat cheaper car. The new vehicle would combine some of the Model 2’s tech with its existing lineup. Musk also showed off a new future revenue source for the company, the Robotaxi.

Voila, investors were happy and the stock jumped.

This time, investors were hoping for news on the robotaxi, which was supposed to be unveiled August 8 but which Musk has since delayed.

While today’s earnings release said the company was still on track to start production of the more affordable models in the first half of 2025, it didn’t give a date for the robotaxis:

“Though timing of robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value.” Not exactly clear!

Later, on the earnings call, Musk confirmed the robotaxi unveiling date would now be held on October 10 (10/10).

The stock was down over 4% after hours, despite beating revenue expectations, as investors focused on less bright news, like an EPS miss, profit falling 45%, a 7% decline in automotive sales, and the numerous EV headwinds contributing to Tesla’s shrinking market share.

Millie Giles6h

eBay stock slumps on gloomy Q4 outlook despite solid Q3 earnings

Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

However, concerns about the future somewhat overshadowed these results.

eBay outlined its profit outlook for the period ending in December to $1.31 to $1.36 a share, with revenue at $2.83 billion to $2.89 billion. According to Bloomberg-compiled data, this broadly matches Wall Street’s estimates for the top line, but misses on the bottom line, with analysts forecasting EPS to come in at $1.39 — suggesting the company expects some further margin pressure.

The company has been facing macroeconomic challenges since the US ended the de minimis tariff exemption in late August, with the online marketplace reliant on shipments. One small silver lining? CFO Peggy Alford highlighted a “less durable trend” on a post-earnings call: that as commodity prices for precious metals boomed, demand for bullion and collectible coins on eBay spiked.

EBay Falls After Giving Weak Profit Outlook for Holiday Period

However, concerns about the future somewhat overshadowed these results.

A screenshot from Hims & Hers' website. (Sherwood News)

Hims to begin selling GLP-1 microdosing treatments

The company reports earnings results next Monday.

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J. Edward Moreno

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Eli Lilly strikes deal with Walmart to distribute cash-pay Zepbound vials

Going more directly to consumers — bypassing wholesalers and insurers — allows Lilly and Novo to sell the drugs for roughly half the list price.

Walmart Retail Location. Walmart introduced its Veterans Welcome Home Commitment and plans on hiring 265,000 veterans.

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Premium seats help push airlines higher following third-quarter results

Shares of American Airlines are climbing toward the carrier’s best trading day since August 12, when ultra-budget rival Spirit issued its initial warning about its ability to survive. American’s shares are up more than 7% on Friday afternoon.

Investors’ optimism comes a day after American posted a better-than-expected full-year earnings forecast. In a call with investors, American said that it’s ramping up its premium cabin offerings.

“Our ability to grow capacity in premium markets will be further supported as we take delivery of new aircraft and reconfigure our existing fleet. These efforts will allow us to grow our premium seats at nearly two times the rate of main cabin seats,” CEO Robert Isom said. American CFO Devin May said that nose-to-tail retrofits of certain wide-body jets will bump the number of premium seats available on those planes by 25%.

Extra legroom has been a boon for major carriers, particularly this quarter. Delta Air Lines said its premium product revenue grew 9% in Q3, compared to a 4% drop in economy seat revenue. Similarly, United Airlines said its premium revenue grew 6%, outpacing economy. Shares of both airlines were up more than 3% on Friday.

Carriers with less exposure to first- and business-class tickets like Southwest Airlines and JetBlue didn’t see the same amount of momentum on the day.