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🐠 Memory Like A Goldfish

🐠 Memory Like A Goldfish

The market's shortsightedness goes on full display. Plus, why Ron Baron is calling a bottom in Tesla.

Brooks Dyroff
April 25, 2024

Happy Thursday, Zingernation! Two weeks ago, the market talk was all about interest rates and inflation. Now, the media cycle is dominated by earnings reports and their reactions. It kind of reminds me of how, on Monday nights, my girlfriend only wants to talk about The Bachelor. Then, every other night, it’s about how a pile of towels keeps materializing on the bathroom floor.

–Aaron Bry and Nic Chahine

Today’s Price Action:

$SPY: -.38%
$QQQ: -.48%
$DIA: -.92%

Plus, learn more about Jeff Bezos’ next trillion-dollar bet.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

TODAY’S MOST VOLATILE STOCKS

TODAY’S TOP STORY

rubber band bike GIF by Electric Cyclery

Billionaire Ron Baron Calls The Bottom In Tesla Stock

Briefly: Billionaire investor Ron Baron believes Tesla stock has fallen far enough and is now getting ready to rip higher from current levels.

So Basically: The longtime Tesla bull went on CNBC to explain why Tesla stock is down so much for the year — and why he expects it to “go up huge” from here.

Back Up: Tesla shares are down approximately 34% year-to-date amid continued concerns about slowing demand for electric vehicles.

So Then: Baron maintained, “People were concerned that he was going to abandon the idea of having a low cost car and go all in to robotaxis. That’s the reason the stock is down.”

So What? The stock was down ahead of the company’s quarterly results this week, but shares popped after CEO Elon Musk introduced an accelerated timeline for the launch of new models and discussed the development of an affordable vehicle.

What Next: Baron anticipates a swift rebound in Tesla shares. When asked when he expects it to “go up huge,” he said, “Now. I mean now is the bottom.”

Click here to read more.

PRESENTED BY INVESTORPLACE

Jeff Bezos Just Humiliated Elon Musk

It's no secret since their initial meeting in 2004 Jeff Bezos and Elon Musk have been involved in a bitter rivalry…

But what happened on December 31st 2021, just took this feud to an entire new level. That was the exact day Bezos made a massive bet on the most powerful technology in history...

A technology Bank of America predicted would be, "Bigger than fire and bigger than all the revolutions that humanity has seen."

Make no mistake, the rivalry between Elon Musk and Jeff Bezos is over...

And Bezos won. Sounds crazy, but this brand new video that explains everything…

Go here now to get the full details.

FIVE MOVERS

AMD shares moved higher after investors took bullish positions and bought the dip on semiconductor stocks during today’s session.

United Airlines shares closed higher today on the heels of its peer, American Airlines, which reported strong earnings before the open.

Caterpillar stock took a hit today, closing down more than 5% after the construction giant failed to impress investors during its earnings call.

Paramount shares closed lower amid rumors that the company is mulling a merger with Skydance.

Intel shares dropped after hours after the tech giant reported worse-than-expected earnings.

ONE TRADE IDEA FOR TOMORROW

AT&T Makes Strong Start To The Year

Briefly: AT&T reported an earnings beat for the first quarter, while its revenues remained flat. Here are some key analyst takeaways from the release.

So Basically: Scotiabank analyst Maher Yaghi reiterated a Sector Outperform rating while raising the price target from $22 to $22.50. AT&T's wireless performance is "off to a strong start," Yaghi said in a note, with 350K phone net additions during the quarter.

So Then: BofA analyst David Barden maintained a Buy rating and price target of $20. "AT&T once again meaningfully beat expectations on post-paid phone subscriber net adds, contributing to mounting evidence the wireless market is operating within a healthy competitive dynamic," Barden wrote in a note.

Click here to read the full analyst breakdown.