- Ring The Bell
- Posts
- ⚡️ Musk Fires Back
⚡️ Musk Fires Back
Tesla dips on Reuters report, Musk says it's fake news, and why one analyst is saying buy the dip on $AMD
Brooks Dyroff
April 05, 2024
Happy Friday, Zingers! So yesterday the market tanked on hawkish Fed speak that indicated we may not get the three rate cuts that Powell mentioned just a few weeks ago. Then, this morning we got hot labor data that should make it even less likely that the Fed will be able to cut three times.
So, what’d the market do? It ripped higher, because of course it did. Confused? Don’t worry, you’re not the only one.
Today’s Price Action:
$SPY: +1.04%
$QQQ: +1.18%
$DIA: +0.74%
Also, today’s partner is giving away a $50 Amazon card if you fill out this survey.
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
Briefly: Tesla stock traded lower today following reports of the EV maker dumping its low-cost vehicle plans amid competition from Chinese EV makers.
What Happened: According to a Reuters exclusive report, Tesla has canceled production of its much-anticipated affordable car, which veers away from CEO Elon Musk’s original mission to create electric vehicles accessible to a broader audience.
The Details: This decision dampens hopes for expanding Tesla’s market reach and signifies a shift in focus toward developing self-driving robotaxis on the same vehicle platform, the report added. Musk’s vision, outlined in his 2006 master plan, involved using profits from luxury models to fund the development of a cost-effective family car.
But Wait: Interestingly, Musk challenged the credibility of the report in his latest tweet. Tesla stock then rallied back on Musk’s rebuttal, but still ultimately closed lower.
Increasing Competition: Despite previous assurances from Musk about launching the budget-friendly model by the second half of 2025, the project’s discontinuation comes amid escalating competition from Chinese EV makers, offering cars at significantly lower price points - some as low as $10,000 - Reuters writes.
PRESENTED BY UNICOIN
Hey There Zingernation: Ready to win some extra cash? We've partnered with Unicoin to bring you an exciting opportunity. Simply complete our quick survey for a chance to snag a $50 Amazon card. It's easy, it's fun, and it takes just a few minutes.
ONE TRADE IDEA FOR NEXT WEEK
Briefly: AMD got absolutely crushed yesterday, closing down nearly 10%. But one analyst is saying ‘What goes down, must come up’.
New Target: Piper Sandler analyst Harsh V. Kumar reiterated an Overweight rating on Advanced Micro Devices with a price target of $195.
The Strong Suits: Kumar maintained that the MI300’s price-to-performance ratio is really strong and is gaining traction, specifically around inference applications. Latency relating to memory performance is paramount for these applications, and Kumar deemed the MI300 is configured to address these issues.
The Numbers: Kumar expressed confidence in management’s ability to execute its goals for MI300 targets for this year and 2025. Kumar currently modeled for $4 billion in MI300 revenues for 2024 and $7.6 billion for the 2025 fiscal year.
PRESENTED BY UNICOIN
Hey There Zingernation: Ready to win some extra cash? We've partnered with Unicoin to bring you an exciting opportunity. Simply complete our quick survey for a chance to snag a $50 Amazon card. It's easy, it's fun, and it takes just a few minutes.