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Good Morning!
Happy Wednesday! Let’s see what is moving markets:
👉 Tesla missed earnings
👉 Senate votes on TikTok
👉Boeing earnings are in
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TESLA: Missed Earnings
Despite being a top electric vehicle maker in the U.S., Tesla's financial results have been lackluster for several quarters. Adjusted earnings per share dropped to 45 cents in the first quarter, missing analysts' expectations of 52 cents per share. Revenue fell nearly 9% to $21.3 billion, which was below the anticipated $22.3 billion. Tesla shares rebounded after Elon Musk promised cheaper vehicles by year-end, alleviating concerns about the company's recent poor earnings and growth slowdown. Tesla shares were up 11% as of 7:45 a.m. on Wednesday.
Source: Investopedia
Musk hinted at future plans for a new robotaxi model, set to be unveiled in August, which will incorporate features from both current and upcoming vehicle platforms. He also criticized other automakers for cutting back on electric vehicles in favor of hybrids.
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CONGRESS: Swipes Left
The U.S. Senate has voted to prohibit TikTok's ownership by its Chinese parent company, ByteDance, potentially setting up a legal showdown over free speech rights. The legislation, which also provides aid to Ukraine, Israel, and Taiwan, passed with bipartisan support amid concerns over data privacy and potential Chinese propaganda. President Joe Biden is expected to sign it into law.
Source: WSJ
The bill allows nearly a year for ByteDance to divest from TikTok before facing a ban. TikTok's significant growth in the U.S. market is tied closely to various sectors of the economy, from content creators to small businesses.
EARNINGS: Boeing
On Wednesday, Boeing reported a smaller loss and less cash burn than expected, signaling progress in stabilizing its supply chain during the ongoing 737 Max crisis. The company spent $3.9 billion in the first quarter, less than the anticipated $4.5 billion. CEO Dave Calhoun, who plans to step down by year-end, noted the challenges in a note to employees.
Source: CNBC
The Federal Aviation Administration has restricted Boeing from boosting production due to safety issues and noncompliance in its supply chain. Consequently, Boeing has reduced its production rate and deliveries have slowed significantly. Revenue in Boeing’s main commercial airplane division fell 31% to $4.65 billion compared to last year, but the company’s losses improved slightly to $355 million, or 56 cents per share. Adjusted losses were $388 million, or $1.13 per share. Revenue dropped 8% to $16.57 million, slightly better than expected.
Headlines You Need To Know: 🎙
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Chart of the Day
📊 The Tesla Ecosystem
Source: Tesla
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