- Tesla stock faced heavy selling on Thursday, down around 3% as Wall Street shorts build up once again.
- Amid a slew of worrying headlines, several mainstream media organizations reported a collapse in Tesla vehicle registrations in the key market of California.
- Despite these claims, TSLA bulls shouldn’t be too worried due to a mistaken assumption in the reporting.
It has been a stunning few months for Tesla (NASDAQ:TSLA) as Elon Musk’s EV manufacturer has proven the nay-sayers wrong with a parabolic rally. Unfortunately for nervy bulls eyeing their profits, Wall Street’s most heavily shorted stock finally has some bad news to digest.
Tesla Stock Drops Sharply; Don’t Blame Morgan Stanley
Tesla stock has skyrocketed on some incredibly bold moves from Elon Musk, the most impressive of which was his wooing of China with an incredible factory in Shanghai. Most of this positive news helped fuel a historic short squeeze, prompting a massive bear attack on TSLA Monday.
While most of the media was obsessing over Morgan Stanley’s momentum downgrade to underweight (which is a pretty common occurrence at the bank), they missed a release from Reuters that painted a much darker picture for TSLA, According to the report, demand for Tesla appears to have collapsed in its most prosperous market:
Tesla Inc’s (TSLA.O) overall vehicle registrations nearly halved in the U.S. state of California during the fourth quarter, according to a Dominion Cross-Sell report, which collates data from state motor vehicle records….. California, a bellwether market for the electric-car maker, plummeted 46.5% to 13,584 in the quarter ended December 2019, from 25,402 in the same period a year earlier. Model 3 registrations, which accounted for about three-fourth of the total, halved to 10,694.
The reason for this huge drop? Allegedly, the diminishing impact of an EV tax credit, which expired at the end of 2019.
Tesla and Apple Have Both Rallied On Handouts
Bearing some correlation to Apple’s (NASDAQ:APPL) buyback spree fueled by Trump’s tax-cuts, the difference here is that Elon Musk is not able to dictate the handouts to impact TSLA, unlike Tim Cook who can use his fat cash pile at Apple however he wants.
Despite all of this, the biggest reason to ignore the registration data is that cross-sell figures have a lag, which means they misrepresent deliveries versus registrations. California takes weeks to report a registration, which would mean the huge delivery in December would probably not have registered. This is also not the first time this effect has happened.
Investors looking at bright green screens must ask themselves a tough question. Does Tesla stock’s monster rally look sustainable given a gradually worsening macro environment? What they should not do is get too worried about the cataclysmic drop in registrations, whatever CNBC, Reuters or Fox Business might have said.
This article was edited by Sam Bourgi.
Joe Biden keeps a tight lid on mainstream media – Boston Herald
Why is Joe Biden always putting a “lid” on his campaign? If you’re not familiar with the press lingo, a “lid” is a note to your press pool that you plan no further public events on your schedule. Biden tends to put a “lid” on it at 9 or 10 in the morning, saying his press corps has nothing to cover.
On Sept. 23, they called a “lid” at 9:30 a.m. — the ninth time they’ve done it this month. Is it due to never-ending debate prep? Biden denied that, saying he’s just getting ready to prepare.
Since March, Biden has barely done any campaigning, trying to make a virtue out of the fact that he’s not going anywhere or saying much of anything during the coronavirus pandemic. Biden’s staff would claim that while Trump endangers his voters by having rallies, their candidate is leading by example.
He’s not leading by example. He’s lidding by example.
Guess what? The liberal media, those energetic watchdogs who bombastically claim to keep democracy from “dying in darkness,” don’t care one whit. I popped into the Nexis search engine to find out how many times Brian Stelter’s Army at CNN has raged against Biden’s “lid.” In the last month, there are two scripts that contain the words “Biden” and “lid.” Neither was about a Biden story.
One was CNN’s White House shrieker Jim Acosta still obsessing over the Lafayette Square protesters cleared out on June 1 so President Trump could strike a pose in front of St. John’s Episcopal Church. Apparently, someone in the military wanted to use a heat ray on protesters, but it was never used. How this nonstarter is “news” is anyone’s guess.
Acosta used the L-word as he told Don Lemon: “I don’t think this is the last we’ve heard from this whistleblower. He is, I mean, he is doing something patriotic here, Don. He is blowing the lid off of our government using what are some pretty ridiculous tactics, harsh and un-American tactics on our fellow citizens.”
Actually, no — these tactics were not used.
ABC, CBS, NBC, PBS? Is there something wrong with the search engine? These networks all send cage fighters into the Trump and McEnany briefings, but they’re docile little lambs on the “lid.”
The Washington Post? No stories with “Biden” and “lid,” and media specialists like Erik Wemple and Paul Farhi haven’t touched it. USA Today had nothing.
What about NPR? Nope, media reporter David Folkenflik was napping like a Biden, although one weekend anchor promised “breaking news on the canning lid shortage.”
The New York Times? “Biden” and “lid” drew no stories. At least Mark Leibovich of the Times reported on Sept. 22 describing Biden’s “tightly restricted bubble,” that his “pandemic-era campaign appearances can resemble the pandemic-era NFL — quiet, eerie and almost entirely fan-free.” He noted pro-Trump protesters hold signs saying “Hidin’ Biden.” But the story was loaded with Biden fans supporting his, er, restraint.
It’s not like Biden’s press corps is known for asking him the tough questions. On Sept. 23, he traveled to North Carolina, and reporters asked him softballs like, “What gives you the sense that you can win?”
Let’s bet that if Biden loses, all this extremely cooperative behavior will be upended. The media will complain that Biden was a bad candidate who didn’t campaign and venture outside the bubble enough. As usual, they’ll assign exactly zero blame to their own pusillanimous silence.
Tim Graham is a syndicated columnist.
Minister sees strengths in BBC critics eyed for top UK media jobs – TheChronicleHerald.ca
LONDON (Reuters) – Britain’s culture minister said on Sunday that two prominent critics of the BBC who have reportedly been offered important roles in the British media had “strengths”.
Prime Minister Boris Johnson has asked Charles Moore, a former editor of the Daily Telegraph, to become the chairman of the BBC and wants Paul Dacre, a former editor of the Daily Mail, to be chairman of media regulator Ofcom, according to The Sunday Times.
Culture minister Oliver Dowden said the process for the appointment of both roles would be launched soon and that the government was seeking “strong, credible” people and a chair of the BBC who could hold it to account.
“There are strengths to both Charles Moore and to Paul Dacre,” he told Sky News.
(Reporting by Costas Pitas; Reporting by Andrew Heavens)
Sania Mirza on social media toxicity: Everybody has an opinion about everything and feels the urge to… – Hindustan Times
Like many others in the public domain, Sania Mirza too feels social media toxicity has reached an unusual high. The tennis ace feels that people are expressing their anger and frustration in the space. And no matter how much ones tries to avoid this negative environment, it does get on people, something Mirza herself have experienced.
“We’re living in difficult times and I honestly think that a lot of people are frustrated. And somehow that is coming out on social media and you can see how much it has erupted. There’s a lot more hate in the last few months on social media than it was before. Everybody has an opinion about everything and they somehow think that they need to put it out on social media every single time, which should not be the case in my opinion,” she says.
With no intention of passing any judgment, Mirza adds that every individual has their own way of dealing with things. Though it’s important to have a dignified stand when it comes to expression, according to her, most of these people do not realise that expressing opinions, discussions are fine but passing judgment and all the threats and abuses aren’t.
“The last few months, things haven’t been easy and it has affected us real hard. People are going through a lot and may be, unknowingly, have become hateful towards others. And everyone is forming an opinion about almost everything, right or wrong,” she adds.
Highlighting the “great ups” of social media, Mirza agrees that there are lot of cons too that have come out in the fore more now, turning the otherwise valuable space “pretty toxic”. And she has her way of dealing with it.
“I do take a break from social media every now and then and don’t really indulge in it every single day. To be honest, I never read the ‘mentions’ because I think that mental sanity is important than anything else. I laugh at it most of the time but there are days when it does get to you, so I kind of cut off from it. You’ve to take social media with a pinch of salt. Good or bad, you can’t take it too seriously,” she explains.
Spending time with family is what keeps Mirza’s heart and mind off this negativity. The 33-year-old, had earlier spoken about how difficult it is for her and son Izhaan to stay away from husband and cricketer Shoaib Malik for over six months due to the pandemic. Finally, along with her son, sister Anam Mirza and brother-in-law Mohammad Asaduddin, she flew down to Dubai recently.
“It was obviously very tough and it wasn’t really something that was in our control. We had to deal with the circumstances… It was great to see Shoaib after so long, not just for myself but also for Izhaan. I think Izhaan is very excited to spend time with his dad. I thought he would take a little time but actually he went to him straight away. Surprisingly, he remembered him and all the little things he used to do with him. I guess that’s what a father and a son relationship is all about,” she says adding, she will be coming back to India soon.
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