Tesla (TSLA) shares plummeted on Thursday after reporting a first quarter earnings miss. The EV maker reported gross margins of 19.3%, falling short of Wall Street’s expectations. Nancy Tengler, Laffer Tengler Investments CEO and Chief Investment Officer, joined Yahoo Finance’s Seana Smith and Dave Briggs to discuss whether now is the time to buy Tesla stock.
“I’m going to be buying after this report,” Tengler said. “We bought some on January 3rd or 4th. It was just dumb luck. We pretty much almost bottom ticked it.”
The disappointing earnings report caused a flurry of price target cuts from analysts. Investors have started to question Musk’s focus at Tesla as the CEO has become increasingly embroiled in drama at Twitter. But Tengler is bullish on Musk. “I think Elon Musk is so often underestimated.”
– We have added to many of the names in technology and consumer discretionary as I mentioned. And we’ve also added the metals and miners that drive planetary decarbonization because we think we’re in a commodity supercycle.
– How does Tesla fit into that strategy?
– I’m going to be buying after this report. Yeah, we bought some on January 3rd or 4th. It was just dumb luck. We pretty much almost bottomed picked it. And I think what I heard is different from what the Street heard. This is a management team that is going to increase share, which is driving consumers into their ecosystem, which is what Apple has done. And then I think they’ll reap the benefits for the long term. I think Elon Musk is so often underestimated. I’ve done it myself but I’m going to be in buying.
– Huh. Not concerned about those declining margins.
– That are still double GMs and probably quadruple 4.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
