CryptoCurrency

Tesla stock drops 3% after Q3 deliveries fall short of estimates

Published

2 hours ago

October 3, 2024

Tesla Q3 deliveries could drive 'further strength' in the stock

Tesla (TSLA) announced third quarter deliveries on Wednesday that slightly missed expectations, sending the stock down about 3%.

The EV maker delivered 462,890 vehicles in the three months ending Sept. 30, up 6.4% quarter over quarter to mark the first quarter of delivery growth this year. The numbers also came in ahead of the 435,059 EVs the company delivered in the year-ago period.

Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg.

The Model 3 and Model Y represented the bulk of Tesla’s overall total, with those two vehicles combining for 439,975 deliveries.

Prior to the delivery numbers’ release, Tesla stock had been up around 20% in the past month, fueled by optimism about its upcoming robotaxi event on Oct. 10 and good news coming out of China indicating rising sales there.

But investors have also debated a “notably lower” annual vehicle growth rate, which Tesla warned about after the first quarter.

The company is currently dealing with stiff competition in China from Chinese automakers like BYD and Xpeng. Recent price cuts have also squeezed profit margins as competition intensifies.

Analysts have said next week’s robotaxi event will serve as a pivotal moment for the company’s future and its plans to further utilize artificial intelligence.

“We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla,” Wedbush analyst Dan Ives wrote in a note to clients on Tuesday.

Tesla will report third quarter earnings on Oct. 23.

Alexandra is a Senior Reporter at Yahoo Finance. Follow her on X @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

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Palantir Technologies, Inc. (NYSE:PLTR) stock may not have seen explosive growth but it has become a quite favorite with retail investors and as the company celebrates its fourth anniversary as a public company, here’s a look at how the company has rewarded its investors.

The Company: Palantir was co-founded by venture capital investors Peter Thiel, Alex Karp, its current CEO, and Stephen Cohen in 2003. Headquartered in Denver, Colorado, the company provides data analytics software and services to government and business clients.

Check It Out:

The company currently has four platforms, namely

Gotham is primarily used across government functions and it helps users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. It is also now offered to commercial customers. Foundry creates a central operating system for clients’ data. Apollo enables the rapid, secure delivery of software and updates across businesses, and also enables customers to securely deploy their own software in virtually any environment.

AIP allows responsible AI-advantage across the enterprise by using primary, core components built to effectively activate LLMs and other AI within any organization.

In the most recent quarter, Palantir reported revenue growth of 27% to $678 million, with government customers accounting for $371 million or roughly 55% of the total revenue. The commercial segment contributed $278 million. Lending credence to the ongoing momentum, the company closed 27 deals valued at over $10 million during the quarter and the customer count climbed 41%.

The company also raised its revenue guidance for the full year to $2.742 billion to $2.750 billion.

Palantir was added to the broader S&P 500 Index in September.

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Tech bull and Wedbush analyst Daniel Ives recently raised the price target for Palantir shares from $38 to $45, citing his increasing confidence in the enterprise-driven AIP Strategy. More enterprises are strategically discussing the potential deployment of AIP, in 2025, said Ives. “With AI spending expected to ramp significantly within IT budgets in 2025, we believe the Messi of AI – Palantir is in a prime spot to continue expanding its pipeline/deal flow,” he added.

The Palantir IPO: Palantir went public on Sept. 2020 through a direct listing, and the reference price was $7.25 apiece, giving the company a valuation of $16 billion. The shares opened the session at $10 and traded in a range of $9.11 and $11.41 before closing at $9.50.

The Palantir Stock: Although the stock did not get a post-listing boost, it topped at $39.22 in early Feb. 2021 and went about a broad consolidation move throughout the year. The stock pulled back along with the broader market in 2022 and turned into a muted performance until mid-2023. Since then, the stock has staged a nice recovery.

$1,000 invested in Palantir at the stock’s closing price of $9.50 on the debut session would have fetched an investor 105 shares. The same shares would be worth about $3,916 based on Monday’s closing price. The hypothetical investment would have fetched a return of about 292%. The S&P 500 has gained a little over 71% during the same period.

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This article If You Invested $1,000 In Peter Thiel Co-founded Palantir When It IPOed 4 Years Ago, Here’s How Much You Would Have Now originally appeared on Benzinga.com

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CryptoCurrency

Toyota had a plan for the big U.S. port strike

Published

2 hours ago

October 3, 2024

NewsAdmin

Toyota had a plan for the big U.S. port strike

U.S. dockworkers on the East Coast and Gulf Coast walked off the job Tuesday, kicking off the first large-scale work stoppage among dockworkers in nearly 50 years. The move is predicted to have an enormous impact on global shipping and the automotive industry as new vehicles are slow to come in and out of America.

Now, it’s emerged that Toyota saw this coming, so began ramping up production to ride out any strike action that may hit its ability to ship cars around the world, reports Reuters. The Japanese automaker, which operates plants in places like Mississippi, Alabama, Texas and Tennessee, built up its inventory of vehicles and parts ahead of the U.S. port strikes, as Reuters reports:

Toyota, which relies on the U.S. East Coast and Gulf Coast ports to import everything from vehicle components to fully-built cars, said it was closely monitoring the situation.
Dockworkers on these coasts began a strike, their first large-scale stoppage in nearly 50 years, after negotiations for a new labor contract broke down.
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“We built up some extra stock here over the last couple of weeks to help us buy a couple of days’ worth of inventory,” said Jack Hollis, chief operating officer at Toyota’s North American unit.
The company had plans that it could implement to change ports and locations, Hollis said.
“It would just be crippling to the economy if this goes on for too long,” he added.

While Toyota might claim the increased inventory was in preparation for the dockworkers strike, it did also reveal this week that sales for the third quarter of 2024 were down by “about eight percent,” according to Reuters. The drop in sales was attributed to fewer selling days last quarter, as well as “inflationary headwinds.”

Toyota posted sales of 542,872 units for Q3 of 2024, which follows similar drops in demand from automakers like Nissan and General Motors.

A version of this article originally appeared on Jalopnik’s The Morning Shift.