Running on E… Tesla reports on Wednesday, but we already know that its record delivery streak is over. Last quarter, Tesla deliveries fell for the first time in over two years (blame: China’s Covid lockdown). To ramp up output, Tesla’s upgrading its Berlin and Shanghai factories — but that’ll halt production at the major plants for weeks. Elon’s “super bad feeling” about the economy led to 200+ layoffs in June and (another) set of Tesla price hikes. Still, Tesla demand is hot. Its Model Y was China's best-selling SUV in June.
A shot in the arm... Johnson & Johnson drops quarterly earnings tomorrow, and investors have good vibes (the stock’s up this year, and that’s saying a lot). Analysts expect quarter-over-quarter sales growth for the 136-year-old company, which has become more associated with vaccines than Tylenol and Band-Aids. J&J had forecast up to $3.5B in vax sales this year, but walked that back as demand for shots sagged. Now health officials are pushing booster shots to combat the "worst version" of the virus, and US Covid hospitalizations are on the rise — nearing 6K a day.