Goldman plays catchup to Tesla's big run
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 10 July 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Show Notes
Carvana adds features to make it easier to buy electric vehicles
Baidu climbs after Beijing proposes draft rules for robotaxis
Episode transcripts: seekingalpha.com/wsb
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news and analysis. |
| 0:10.0 | Good afternoon. Today is Wednesday, July 10th, and I'm your host Kim Khan. |
| 0:14.0 | Our top story so far is today the day that Tesla's streak ends. Bulls are looking for an |
| 0:19.8 | 11th straight winning session and its touch and go with shares slightly lower. |
| 0:23.4 | Today Goldman Sachs boosted its price target to $248 on the stock |
| 0:27.8 | after factoring in the better than expected Q2 deliveries report. |
| 0:31.6 | Analysts Mark Delaney says, |
| 0:34.0 | the reduction in inventory levels is a positive sign for future pricing, all else equal. |
| 0:38.0 | He still has a neutral rating on the stock amid concerns about weak market conditions, Q3 production numbers, valuation, and tariff risk. |
| 0:47.0 | Investors have been bidding up Tesla and it now trades higher for the year after crossing the $250 level. Short interest on Tesla stands at only 3.3% of the total |
| 0:55.6 | float. On Tuesday, Bond Guru Bill Growth said Tesla is acting like a meme stock with |
| 1:00.7 | sagging fundamentals and straight up price action. |
| 1:03.2 | There seems to be a new meme stock every other day now, he said, of which most are |
| 1:07.4 | pump and dump. He also mentioned Chewy, Zapp Electric, and old favorite game stop. Speaking in winning streaks, the S&P 500 hasn't had a losing session in the second half. |
| 1:18.1 | The benchmark index is slightly higher with the NASDAQ performing better. Treasury yields are under a little pressure as Fed Chief Jay Powell speaks to Congress again, |
| 1:26.0 | this time before the House Financial Services Committee. |
| 1:29.0 | Powell said he believes that current Fed monetary policy is restrictive and that the neutral interest rate has moved up at least in the short term |
| 1:36.4 | on the data front may wholesale inventories are 0.6% on the month in line with a consensus and up from a 0.1% rise in April. |
| 1:45.0 | On a year to you basis though, inventories fell 0.5%. |
| 1:50.0 | Among active stocks today, Needham upgraded Carvana to buy from hold, calling it a secular growth story with a cyclical recovery kicker. |
| 1:58.0 | Analysts Chris Pierce says Carvana can grow unit sales and industry share by leveraging its digital first customer experience |
| 2:04.8 | and underutilized physical footprint. |
... |
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