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Tesla Pulls Back Hard as Market Falls | Herd on Wall St.
Good morning, traders. Happy Wednesday, July 24th. Tesla missed earnings Tuesday night, and the stock dropped 11% in early trading Wednesday. The firm reported adjusted earnings of 52C, a share on revenue of $25.5B, lower than the estimated 62C. Based on moomoo data, huge outflows from the stock came from small-value traders. Tesla ripped the Nasdaq lower.
My name is Kevin Travers, and I'm coming to you live for the first time; we were pushing Tesla earnings last night as they came out here at moomoo news; here are stock stories from the moomoo herd on Wall Street today.
$Alphabet-C (GOOG.US)$ and $Alphabet-A (GOOGL.US)$ were both in decline, falling 4% after the firm's cloud and other sector revenue beat estimates. Some analysts pointed to the firm's margins, which have hovered around the 25.22% it had in 2022.
$Visa (V.US)$ fell 3%, the lowest decliner on the Dow Jones. The stock fell after reporting earnings Tuesday night that disappointed investors. The credit giant processed 8% fewer payments by volume in Q2.
$AT&T (T.US)$ meanwhile, climbed 3% even though its earnings and revenue fell. the firm affirmed its guidance for the year Wednesday morning even despite a Q2 profit that fell 10% year over year. Still, the stock climbed in part because of better-than-expected subscriber growth.
Within industries tracked by moomoo, Auto manufacturers fell a whopping 7% on the Tesla news. EV firms like $Rivian Automotive (RIVN.US)$ fell 6%, $Lucid Group (LCID.US)$ fell 4%.
In commodities, crude oil futures climbed 0.49%. Bitcoin climbed 1.35%, Gold and silver both climbed, while the U.S. 2-year fell and the U.S. 10-year fell.
Wednesday the market was in decline. Shortly after 11:30 am ET, the $S&P 500 Index (.SPX.US)$ fell 1.57%, the $Nasdaq Composite Index (.IXIC.US)$ fell 2.48%. The $Dow Jones Industrial Average (.DJI.US)$fell 0.85%.
3400 equities were in the green, and 6300 declined.
In macro, PMI numbers came out Wednesday morning, about 20 bips higher than estimated at 55.3 vs 55.1. Last month, the index was at 54.8, so prices producers paid climbed in July
This week in macroeconomic news, investors are awaiting PCE results on Friday. Investors will watch for lesser inflation gauge indexes throughout the week, like quarterly GDP estimates for the second quarter on Thursday.
Tuesday, existing home sales for June came in at 3.8M, about .1M lower than estimated.
Yesterday, users said that Tesla would bust and miss earnings, and many of you were right! One user said in the long term, there is nothing to worry about.
Traders, what are you watching today? Comment below and I will share it with moomoo tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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Chris Ng85 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Susiang :
Clement Lemons : okk
104423482 : GOOD
103539497 : hi
Stock_Drift : Yeah, my portfolio was 99% red today. It happens.
70557046 : Just Market manipulation as usual.
LittleSoldier : Ev’s Suck!!!
Thank the democrats for your losses, way to go green energy!!
goodfortune : sad wednesday.. not happy
TickleMyStocks : Elon’s struggle to do business in China is problematic. Chinese EV cars are the future, and it seems Tesla is in trouble.
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