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Tesla bull on Trump-Musk brawl: “Jaw dropping and a shock to the market”

It’s another “Twilight Zone” moment.

6/5/25 4:44PM

Tesla super-bull and Wedbush Securities equity analyst Dan Ives is, as always, quick draw McGraw with his reaction to this afternoon’s bizarre, highly public political breakup between the world’s richest man, Tesla CEO Elon Musk, and the world’s most powerful man, US President Donald Trump.

He writes:

“The quickly deteriorating friendship and now ‘major beef’ between Musk and Trump is jaw dropping and a shock to the market and putting major fear for Tesla investors on what is ahead. This situation between Musk and Trump could start to settle down and the friendship continues but this must start to be calmed down on the Musk and Trump fronts and it's not good for either side.
This feud does not change our bullish view of Tesla and the autonomous view but clearly does put a fly in the ointment of the Trump regulatory framework going forward. It’s another Twilight Zone moment in this Musk/Trump relationship which now is quickly moving downhill.”

Ives expounds on the idea that the “Trump regulatory framework” could be in jeopardy as a result of today’s events, saying investors are now concerned that it could “change the regulatory environment for Tesla on the autonomous front over the coming years under the Trump Administration.” (Translation: investors expected the administration to ease regulation of self-driving cars to Tesla’s benefit.)

This is the closest I’ve seen to someone on Wall Street laying out the rationale of many investors in so-called Trump trades — stocks like Tesla that soared after Trump won the 2024 election. One category of Trump trades, which includes Taser maker Axon Enterprise and deportation contractor and private prison operator GEO Group, were simply expected to generate more government business due to Trump administration policies.

But another set of companies were, in some cases, bets that personal, political, and/or financial connections with the administration could produce favorable outcomes in terms of government policy.

As I’ve said before, that’s a pretty decent definition of corruption. But just for the record, now that Musk has joined the resistance, it should go without saying that government efforts to punish him or his companies for public criticism of the president would also meet that description.

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Tesla bull on Trump-Musk brawl: “Jaw dropping and a shock to the market”

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