29/01/2024 08:21

First Up

Last week saw leading EV manufacturer Tesla (TSLA US) plunge over -13% while the tech-based NASDAQ 100 surged to new all-time highs. The shares in Elon Musk’s $US580bn behemoth fell after the company's earnings missed expectations, and they said volume growth this year “may be notably lower” than was previously expected – this underwhelming demand for EVs, especially in the US, has been the main cause of the weakness of the lithium price and related stocks.

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12/09/2023 09:26

Tesla Inc (TSLA US) $US273.58

Tesla surged more than +10% overnight following bullish commentary from Mornay Stanley, we aren’t targeting a test of all-time highs by the EV maker but a break of $US300 looks likely this side of 2024 as the stock continues to demonstrate its trading appeal.

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17/08/2023 09:14

Global Markets

US stocks fell overnight led by the tech based NASDAQ which closed down -1.1% after the Fed minutes left further rate hikes on the table – no great surprise in our opinion, Jerome Powell et al must leave the door open for further hikes if inflation fails to fall into their target area. The NASDAQ has now fallen -2.2% over the last 2-days as the “Magnificent Seven” surrender some of the stellar gains of 2023.

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21/07/2023 09:09

Global Markets

US stocks experienced a mixed session overnight with the tech-based NASDAQ tumbling -2.3% while the Dow eked out a gain of +0.5%, not an unusual scenario during reporting season. Disappointing earnings from Tesla Inc (TSLA US) and Netflix (NFLX US) dragged the influential tech sector lower with Netflix (NFL US) falling -8.4%.

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04/07/2023 09:38

Global Markets

US stocks edged higher overnight ahead of the US Independence Day holiday with a +6.9% rally by Tesla (TSLA US) leading the gains. While we believe the NYSE FANG+ Index will test the 8000 level in the coming weeks, MM’s preferred scenario is this will prove to be a breakout to initially fade with a pullback similar to the one in March our preferred scenario.

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22/06/2023 09:25

Global Markets

US stocks closed lower overnight led by a pullback in tech shares with the AI names which have helped push the S&P500 to fresh 12-month highs this week some of the session’s worst performers e.g. Alphabet (GOOGL US) -2.1% and NVIDIA (NVDA US) -1.7%. Interestingly even as the market slipped lower with the S&P500 ending down -0.5% the Fear Index (VIX) also fell illustrating that investors are comfortable with stocks at current levels.

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12/05/2023 09:21

Electric vehicles & decarbonization

EV’s and decarbonisation as we suggested in a note earlier this week will be one of the most influential themes of the next few decades – this was almost a given by those that spoke about it, and is now a very well-trodden investment thematic. We have ‘played’ this theme in a number of different ways across MM portfolios and we continue to see opportunities in this area, although EV manufacturing is an area where competition is becoming a challenge.

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21/04/2023 09:24

Global Markets

US stocks recovered overnight as sentiment was soured by Tesla which tumbled -9.6% following a disappointing quarterly result following car price cuts and comments from Elon Musk that the company’s focus remains on growth – tech stocks have outperformed in 2023 after many turned cost/profitability focused as opposed to growth at any price (GAAP) but Musk does like to be different.

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27/01/2023 09:24

Tesla Inc (TSLA US)

Tesla Inc (TSLA US) led gains in the NASDAQ 100 after Elon Musk suggested the company has the potential to produce 2 million vehicles this year – he loves to stir the pot! The company’s actual 4th quarter results were a mixed bag with earnings beating expectations while revenue was a miss. Markets clearly focused on the earnings which surged 80% to $4.07 beating analysts’ forecasts and helping the stock close up +11%.

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17/01/2023 09:19

Tesla (TSLA US)

Elon Musk has attracted plenty of attention over the years and it hasn’t been overly positive through 2022 as his foray into Twitter dominated the press – fortunately, this has been a simple case of “if in doubt stay out” for MM. However, unfortunately for the tech-based NASDAQ significant falls such as the one by TSLA have limited the recovery in the overall index with investors sentiment remaining clearly on the cautious side.

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