Tesla shares (NYSE: TSLA) are trading over 12% lower today after the company reported a mixed set of numbers for Q2 that failed to impress investors. Here are the key takeaways from the electric vehicle (EV) giant’s Q2 earnings. Tesla reported revenues of $25.50 billion in Q2 which was 2% higher YoY and ahead of the $24.77 billion that analysts expected. Notably, the company’s revenues rose YoY despite a fall in shipments and price cuts. The revenue beat seems driven by higher sales of regulatory credit and record sales of the energy segment. While Tesla remains the biggest seller of electric ..read more

Berkshire Hathaway (NYSE: BRK.B) has sold nearly $1.5 billion worth of Bank of America shares as Warren Buffett continues his selling spree. The “Oracle or Omaha” has been a net seller of shares for six consecutive quarters as the value investor hasn’t been finding opportunities amid high valuations. Notably, last year, Buffett exited banks like Wells Fargo, Goldman Sachs, and JPMorgan Chase. The conglomerate held nearly a 10% stake in Wells Fargo and was among its biggest shareholders. Historically, Buffett has tried to keep Berkshire’s stake in banks below 10% to avoid regulatory scrutiny ..read more

Over the last couple of weeks, Fed chair Jerome Powell has made some dovish comments about rate cuts. In the most recent instance speaking at the Economic Club of Washington D.C. Powell said that the Fed won’t wait for inflation to fall below 2% before it starts cutting rates. As part of the discussion with David Rubenstein, chairman of the Economic Club of Washington, D.C., and co-founder of The Carlyle Group, Powell said “The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long, because the tightening that you’re doing, or the ..read more

While Tesla still remains the biggest seller of electric cars in the US by a margin, its market share has dipped below 50% in Q2 per a report from Cox Automotive. Notably, Tesla’s deliveries have fallen YoY for two consecutive quarters and the Elon Musk-run company has failed to boost shipments despite cutting prices. In its report, Cox Automotive said that US electric vehicle (EV) sales hit a record high of 330,000 in Q2 even as Tesla’s deliveries dropped. According to Cox’s industry insights director Stephanie Valdez Streaty, “While Tesla’s sales continue to decline, with its share of EV sa ..read more

The odds of a September Fed rate cut have risen after the June jobs report which showed the US unemployment rate ticking up to 4.1%. Here’s what the June jobs report means for interest rates and markets. The US economy added 206,000 jobs in June which was slightly higher than expected. However, the Labor Department downwardly revised the nonfarm payroll data for April and May for a combined 111,000. Also, the June unemployment rate was 4.1% which was higher than the 4% that economists had expected. Importantly, average hourly earnings rose 3.9% in June which was the slowest pace of increase s ..read more

Chinese EV companies including NIO, Xpeng Motors, and Li Auto are trading higher today after reporting their June deliveries. Zeekr how is trading lower as markets seem disappointed with its report. Here are the key takeaways from their monthly delivery reports. NIO delivered 21,209 vehicles in June 2024, a YoY rise of 98.1% and a new monthly record for the Chinese EV company. It was the second consecutive month when its deliveries topped 20,000, NIO has delivered 87,426 vehicles so far in 2024, which is 51% higher than the corresponding period last year. NIO’s cumulative deliveries reached 5 ..read more

Apple shares rose double digits in June which helped the iPhone maker turn positive for the year and gain nearly 10% in the first half of the year. After a strong June performance, analysts see the good run continuing in the back half of the year also. Apple was having a terrible year and in January itself three brokerages downgraded the shares. It was the worst-performing share of the “Magnificent 7” group last year and despite the June gains it is the second-worst constituent in the first half of 2024. Tesla of course is the worst performing of the lot as the Elon Musk-run company continues ..read more

Earlier this month, Apple revealed its “Apple Intelligence” which helped trigger a rally in its share price. The company also reclaimed its $3 trillion market cap as investors gave a thumbs up to its artificial intelligence (AI) efforts. However, rolling out AI in its devices is not that easy for Apple, and the company is facing challenges in the EU and China which are its biggest markets outside the US. AAPL said that Apple Intelligence, iPhone Mirroring, and enhancements to its SharePlay screen-sharing service won’t be available in the EU this year, blaming the “regulatory uncertainties” ar ..read more

Earlier this week, the EU imposed tariffs of upto 38.1% on EV imports from China. The duties would be on top of the 10% tariff these imports already attract. The tariffs were much softer than many fear and significantly below the 100% tariff that the US imposed on Chinese electric cars last month. SAIC which owns MG faces the top tariff of 38.1%. However, Geely, which also owns a stake in Volvo, faces a tariff of 20%. BYD which is the largest seller of new energy vehicles (plug-in hybrids and battery electric cars) globally, and launched the Dolphin and Seal cars in the EU last year, faces ta ..read more

GameStop shares crashed on Friday and are lower in the US post-market price action. The meme darling has seen quite a bit of volatility over the last month after “Roaring Kitty” whose real name is Keith Gill became active online and started tweeting about the company. He shared a cryptic tweet on May 13 which added fuel to GameStop’s meme rally. However, the shares crashed last week after his livestream which did not offer any new insight into the investing theme for the gaming retailer. Gill holds 20,000 GME call options with a strike price of $20 that expires June 21. During the stream, he ..read more