
Twitter reported encouraging earnings results. Cisco's earnings beat estimates, but revenue declined for the fifth quarter in a row.
The electric carmaker reported mixed fourth-quarter financial results on Wednesday. Earnings per share (EPS) accounted for 80 cents versus the forecast of $1.04 cents. The company’s revenue of $10.74 billion surpassed the estimate of $10.47 billion. Tesla said that it expected the pace of growth to pick up in 2021. Shares fell by more than 4% on the news.
The year 2020 has been extremely positive for Elon Musk’s company. The stock has actually gained more than 740%. It was the second year in a row of positive cash flow and Tesla has finally joined S&P 500.
Tesla deliveries rose by 36% during the pandemic year, while other major carmakers such as Ford, General Motors, and Fiat Chrysler reported full-year declines in auto sales.
Many traders and investors think highly of the company and expect it to continue beating expectations. If Tesla keeps delivering, this will lead the price to yet new highs. Joe Biden is more favorable towards clean energy companies and electric car manufacturers than Donald Trump has been. In addition, Tesla has strong facilities in China (Shanghai Gigafactory) that has contributed to the recent growth. As a result, the company’s aspirations for faster growth look well grounded.
For now, however, it’s necessary to understand that much of a positive outlook is already in the price. The average selling price fell 11% as the sale mixed shifted to the cheaper Model 3 and Y vs. the Model S and X. The company is going to face fiercer competition and it failed to provide a clear target for 2021 vehicle deliveries.
Pay close attention to the weekly chart: after a series of ‘inside bar’ patterns, the price may form a ‘Fakey’. This would send it to a correction towards $800.
You can also trade Tesla stock with FBS Trader mobile app. Remember that stock trading starts as the US session begins (at 16:30 MT time).
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Twitter reported encouraging earnings results. Cisco's earnings beat estimates, but revenue declined for the fifth quarter in a row.
Stocks rise and drop on their earnings reports. Let's review those which reported recently.
If you only you entered position with these stocks a month ago.. See the article and see what you'd have by now.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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