Getting Ready for Layoffs
Tesla (TSLA) – Managers are walking the floors with their clipboards at Tesla, as they’ve been asked what jobs are critical.
Bloomberg reports this morning that the company is preparing for layoffs as EV sales continue their slump. It doesn’t help that GM (GM) and Ford (F) are reviving their Hybrid vehicle lines, a move that will pressure the more expensive full EV vehicle manufacturers like Tesla and Rivian (RIVN).
Higher on Earnings
Ford Motors (F) – Ford shares are motoring higher today, as the company beat their earnings target, announced a supplemental dividend, and announced their plans for the Hybrid/EV market for 2024.
Shares have broken above $12.50 and are heading to $15.
An Expensive Earnings Miss
Alibaba (BABA) – Oh buddy, Chinese stocks have been seeing pressure from continued economic weakness, but Alibaba is likely to accelerate lower.
The company missed on their earnings, announced in-line expectations for the next quarter, and announced plans for an additional $25 billion in share buybacks.
The last point has the stock hanging in there for the day, but I expect we’ll see a $70 price on BABA over the next few weeks.
About the Author
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience, is celebrated for his quantitative expertise in quantifying investors’ sentiment to navigate Wall Street with a deeply rooted technical and contrarian trading style.