The first Magnificent 7 stock will report their earnings after the close. Tesla which has been "not so magnificent" in 2024. IN fact it has been pretty horrible. Nevertheless, it is the first of the a number of big-cap "name" stocks to report this week.
What is expected?
Here's a summary of Tesla's anticipated financial performance in bullet format, including expectations versus prior results:
- Earnings Expectation: Tesla is projected to report adjusted earnings per share (EPS) of $0.51. Last year this time they did $0.85. Not good. Last quarter EPS was at $0.71.
- Revenue Expectation: Anticipated top-line revenue of $22.31 billion, marking the first revenue drop in four years.A year ago revenues were at $23.329B. Last quarter Revenues came in at $25.167 billion
- Operating Profit: Expected to be $1.49 billion, a 40% decrease from the previous year.
Other items of interest:
- Q1 Deliveries: Reported at 386,810 vehicles, significantly below the estimate of 449,080.
- Q1 Production: Recorded at 433,371 vehicles, also below the estimate of 452,976.
- Sales vs Production: The gap of sales to production of about 46,500 fewer vehicles increases concerns about decreasing global demand for Tesla vehicles.
The stock is trading today up $3 or 2.09% at $145.06. Yesterday, the price moved to the lowest level going back to January 2023. That comes after reaching a high of nearly $300 on July 19, 2023. The low price in 2023 reached $101.81.
IN 2023, the closing level at the end-of-the -year was at $248.48. At current levels, the price is down close to 42% on the year. The high for the year was on the first trading day of the year.
Upside targets come in at $152.37, $160.51, and then near the broken 61.8% and 50 day MA near $176. Move below the low from yesterday, and the price can ultimately look toward the low from 2023 at $101.80 over time. In between,,targets at $124.31, $115.60 before the low price at $101.81 (see chart below).
Other earnings after the close include Visa, Texas Instruments, Chubb
Later this week other big names include:
- Wednesday: AT&T, Boeing, Ford, IBM, Meta Platforms
- Thursday: Caterpillar, Comcast, Alphabet, Microsoft, Intel
- Friday: Chevron, ExxonMobil, AutoNation
