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🛫 Market Takes Off To Unchartered Skies, Leaves This Stock Behind
More bad news for Boeing, Tesla shares are on the rise after Friday's rout and more
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Happy Monday! This is your pilot speaking, please keep your seatbelts fastened as we ascend to levels never seen before in the stock market. Wait, what’s that? We left $BA at the gate? Plus, Tesla bounces back after getting crushed Friday.
—Aaron Bry
Plus, if you’ve been thinking about buying the dip on Lithium, today’s partner has you covered.
MARKET SNAPSHOT
Last Week: A strong Friday brought us to all-time highs, with the Dow Industrial Average showing strength against the other major indices. Tesla closed down nearly 9%, but the QQQs still moved higher by around .3%.
On Our Radar: Bond market is closed today, but earnings are coming back this week in a big way. Netflix, Bank of America, ASML and other mega-cap stocks are set to report this week.
TOP STORY
What Happened: Jim Cramer expressed his concerns regarding Boeing Co’s financial health after the plane maker announced plans to lay off 17,000 employees in the wake of ongoing safety issues and worker strikes.
What Happened: Cramer, in CNBC‘s Lightning Round on Saturday, voiced his worries about Boeing’s financial situation, stating, "I'm worried…The balance sheet's not great, and they should have raised capital when they had a chance to.” Here’s how the market is responding to Boeing’s announcement.
PRESENTED BY ATLAS LITHIUM
Lithium prices have dropped sharply due to oversupply, creating a potential value opportunity for investors. While prices plummeted from 2022 highs, some market experts expect demand for lithium to surge again by 2025, driven by electric vehicle (EV) adoption, energy storage needs and favorable policies.
Atlas Lithium (NASDAQ: ATLX), a key player in Brazil's lithium industry, believes it is poised to benefit from this rebound with its processing technology. The company is advancing its lithium project and expects to begin production in late 2024, positioning it well, it says, to meet potential future demand.
FIVE ZINGERS
Gold From Goldman: Goldman Sachs is gearing up to report earnings this week. Here’s how many shares you’d need to own to rake in $500 a month from dividends.
SoFi, So Fly: $SOFI shares are surging higher this morning after the company announced plans to expand its loan business.
It’s Getting Sirius: SiriusXM shares traded higher this morning after reports that Warren Buffett and Berkshire Hathaway bought more shares.
$CATs and Bears: Caterpillar’s stock took a hit this morning following some bearish analyst coverage from Morgan Stanley.
Your Chance At $30k Risk-Free: Benzinga's World Championship of Trading is about to take off, and all you have to do is sign up and paper trade for your chance at the prizes.
ONE FOR THE ROAD
Basically: Electric vehicle maker Tesla, Inc.’s shares are poised for outperformance on Monday, as they are solidly higher in premarket trading.
So: The stock fell 8.78% or $20.97 last Friday before closing at $217.80, the lowest close since Sept.9. The premarket strength could point to bargain hunting after the stock’s 13% plunge in the week ended Oct. 13. But, is it too late to buy the dip?
PRESENTED BY SPROTT
Generally, price movement in an asset class can be attributed to several factors, but for commodities, the underlying principles of supply and demand are often the primary reasons. Recently, Chinese battery giant Contemporary Amperex Technology Co., commonly called CATL, has shut down its major lithium mine in Jiangxi province. Jiangxi is a substantial source of lithium carbonate, with estimates that it accounted for 5% to 6% of global supply. News of the mine’s closure had a catalyzing effect on the stock prices of lithium miners, as firms from Asia to the Americas saw an uptick in their equity prices.
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