Tuesday, 16 October, 2018

Tesla Stock Is Soaring After Elon Musk Promised an ‘Amazing Quarter’’

: 'No longer investable': One of Tesla's biggest former bulls just slashed his price target, and the stock is tumbling (TSLA) Tesla shares slip as analyst calls company "uninvestable"
Mandy Jefferson | 12 September, 2018, 01:29

Musk told employees on Friday afternoon that its third quarter, which comes to a close at the end of September, will be "the most fantastic quarter in our history", featuring double the vehicle production and deliveries Tesla achieved in Q2.

Like the iconic Ford Model T more than a century ago, Tesla standardized on black paint as the default option for all its new cars.

Shares came under renewed pressure last week amid senior personnel changes, and after CEO Elon Musk was filmed smoking marijuana during a live interview.

Tesla stock closed on Monday almost 8.5% higher at US$285.50, just off the session peak at US$286.03.

In June, the company met a long-delayed goal of making 5,000 Model 3s in one week, but in addition to sustaining that rate of production, it has a new hurdle to clear: delivering the $35,000 base-priced version of the Model 3 that prompted Tesla to make the auto in the first place.

However, the firm downgraded its Tesla rating to neutral from buy, noting that some of Musk's recent behavior could weaken consumer confidence in the brand.

The automaker will drop two of the seven colors for all three of its models in which they have been offered from its regular build menu, leaving obsidian black and metallic silver only as special-order options.

Trump will not answer obstruction questions, Giuliani says
Trump's lawyers had agreed to those terms but wanted to prohibit investigators from asking follow-up questions. There has been "no further commitment on interviews", he said.


Musk's breaking point started when the Tesla Model 3 was revealed to the public back in early 2016.

Tesla has been under even more scrutiny than usual after Musk tweeted on August 7 that he was considering taking Tesla private at $420 per share and had secured the funding.

Tesla stock tumbled again last week after the company's chief accounting officer suddenly resigned after less than a month on the job.

The only forecast Tesla had given previously for the third quarter was that it would produce 50,000 to 55,000 Model 3s. The stock fell 2.6 percent in pre-market trading on Tuesday.

Tesla predicted it would report a profit and be cash flow positive in both Q3 and Q4. Bernstein noted that headlines have overshadowed the little we've heard about fundamentals, suggesting that "the company appears to remain on track to meet its Model 3 production guidance". So, Tesla stock is receiving contradictory opinions, to say the least.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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