Tesla in the spotlight
Wall Street cuts profits
April 24, 2024, 10:57 p.m
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After a flood of balance sheets with strong figures, US investors are becoming more cautious. Experts estimate that investors will switch to other asset classes in the future. Meanwhile, Tesla is making up a lot of ground.
Wall Street has almost completely reduced its initial gains following strong corporate figures. The Dow Jones Index the standard values closed 0.1 percent lower at 38,460 points in the evening. The technology-heavy one Nasdaq On the other hand, it advanced 0.1 percent to 15,712 points. The broad one S&P 500 closed little changed at 5071 points. “Investors are becoming a little more cautious, although corporate balance sheets still appear to be quite strong,” said Brian Nick, chief strategist at financial services provider The Macro Institute. “It’s not that the stock market is being pulled out of the water, but it could be that investors are starting to see more opportunities across different asset classes.”
Among the individual stocks, semiconductor manufacturers were in the spotlight. The titles of Texas Instruments rose 5.6 percent after the analog chip specialist gave an optimistic forecast for the second quarter. The securities of other chip companies such as Arm advanced in their wake by almost four percent. “The large companies are staying on track and can largely convince with their quarterly financial statements,” said Konstantin Oldenburger, analyst at broker CMC Markets.
“And those who like Tesla Because they can’t score points at the moment, investors are consoling themselves with visionary and at the same time vague promises about the future.” Elon Musk’s company has promised cheaper new models for the coming year and can therefore score points with investors despite a slump in profits. The shares of the electric car manufacturer jumped by more than twelve percent. Musk did not give any details about which electric vehicles were involved and how many new models would come onto the market. The cars would use “aspects” of the existing and further developed platforms and would be on the existing production lines This would allow Tesla to keep its investments under better control in “uncertain times”.
Humana withdraws forecast – health insurance companies weaker
The US health insurer, among others, was on the losing side Humana. The company withdrew its forecast for 2025, pushing the share price down 3.6 percent. Humana plans to provide a new outlook once it has more clarity about future reimbursement rates from the US government. The company had already lowered its profit forecast for the coming year from $37 per share to $22 to $26 in January.
The US solar company’s shares also had disappointing sales prospects Enphase Energy to. The securities of the provider of voltage converters and battery storage for solar power generation fell by 5.5 percent. The titles of rivals like SunPower and Sunrun lost around one and 2.4 percent in their wake. Enphase forecast second-quarter revenue of $290 million to $330 million after a surprisingly weak report for the first months of 2024. Analysts had expected $337.2 million, according to LSEG data. Rising inventories in Europe, a reform of electricity meters in California and the US Federal Reserve’s high interest rates have dampened demand for the company’s products.