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⚡️ Austin, We Have A Problem
Tesla skrrrts expectations. Plus, a 943-year-old CEO?
Brooks Dyroff
January 24, 2024
Happy Wednesday Zingers! Sometimes a younger company needs a more, shall we say, experienced leader to come in and give the company an air of respectability — like when Steve Jobs and Steve Wozniak brought on 41-year-old Ronald Wayne to head up Apple while they were in their early 20s.
But, according to a recent report from Moody’s, some are taking it way too far. More than 2,000 companies have a listed director who is more than 123 years old. For reference, the oldest human ever lived to be 122.
One company even had a 943-year-old director on its books. They say he is hoping to retire by his 975th birthday, and totally would have been able to by now, if it weren’t for that doggone speculative Tulip bet in 1640.
Today’s Price Action:
$SPY: +.11%
$QQQ: +.55%
$DIA: -.25%
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TODAY’S MOST VOLATILE STOCKS
ONE TOP MOVER
Briefly: If Elon still wants to buy up 25% of Tesla shares, at least they’ll be a bit cheaper now.
What Happened: Tesla missed EPS and sales estimates after the close today, sending the stock lower.
Back Up: The Street was expecting EPS to come in at $0.74 and sales to come in at $25.62 billion. But Tesla missed both sets of numbers, reporting an EPS of $0.71 and sales of $25.17 billion.
Zoom Out: Tesla has been rewarded by investors for having much stronger margins than its competitors, but in its most recent quarter, Tesla’s margins dropped year-over-year.
Price Action: Tesla shares were down around 4% in after-hours trading at the time of publication. But if Musk really does want a bigger say, he’ll still have to shell out. The company’s shares are up 44% over the last year.
What Next: Read the full earnings breakdown here.
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FIVE MOVERS
Roku stock was volatile today, trading higher in the pre-market session. Shares eventually closed lower, despite strong streaming numbers from $NFLX.
Baidu stock closed higher on Wednesday, continuing its positive move following China’s stimulus plan announcement.
Spirit AeroSystems (a manufacturer of Boeing parts, not Spirit Airlines) saw its shares climb after a report found Boeing failed to properly install the door panel that blew off midflight.
Puma stock got crushed today after the company reported weak preliminary results, citing macro headwinds and global economic uncertainty.
Ford stock moved lower today after the company announced a recall impacting two million Explorer SUVs.
ONE TRADE IDEA FOR TOMORROW
Briefly: According to Hightower Advisors strategist Stephanie Link, “I like it a lot.” #Analysis.
What To Like: “It’s trading at 13 times EBITDA and historically it’s traded at over 20 times EBITDA,” noted the investment strategist, who bought Amazon shares for the second time in a week.
What Else: Amazon Web Services (AWS) should see an acceleration from the 12% growth the company reported last quarter, Link said. She anticipates 15% to 16% growth when Amazon reports Q4 results.
What Next: Read the full breakdown here.
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