Tesla Misses Year-End Delivery Estimates, Software Stocks to Watch in 2023 & Higher Lithium Prices Raise Cost of EVs 01/03/23

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 3 January 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Phil LeBeau and New Street Research analyst Pierre Ferragu discussing Tesla missing estimates for year-end deliveries. Then, we dive into what to expect from tech stocks in 2023 with CNBC’s Mike Santoli and BMO Wealth Management Chief Investment Strategist Yung-Yu Ma, and our Julia Boorstin reports on potential social media regulations in the year ahead. Next, Morgan Stanley analyst Keith Weiss joins with his outlook for software, and CNBC’s Pippa Stevens breaks down surging prices in Lithium used for the production of electric vehicles. Later, CNBC’s Kate Rooney shares the latest in the trial of FTX Founder Sam Bankman-Fried, and CNBC’s Seema Mody covers manufacturer John Deere’s investments in robotics, drones and artificial intelligence. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm John Fort. You're listening to CNVC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:08.2	Good Tuesday morning. Welcome to Tech Check. I'm George Roso with John Fort. Carl has the morning off.
0:13.1	Today, Tesla takes another tumble out of mist on deliveries to their troubles as the stock comes off its worst year ever.
0:19.1	But we've got a fresh bull take this hour,
0:21.8	plus two upgrades for two fintex, why Wall Street is optimistic on PayPal and Block in 2023.
0:27.8	PayPal, the top gainer on the S&P right now, and later is Workday the surprise stock of the new
0:33.0	year. We've got two guests calling it a dark horse top pick today. John, happy New Year.
0:38.7	Ah, thanks, Dee.
0:39.7	Happy New Year to you as well.
0:41.3	The markets overall kicking off 2023.
0:44.0	The same way we ended 22 was some volatility and uncertainty.
0:48.1	Lots of optimism at the open with the Dow seeing a nice 240 point gain before it went about flat, where it is now. Same story with
0:56.4	the NASDAQ as it loses a 1.4% gain now about flat, along with the S&P economic data and a
1:06.1	huge decline by Tesla, as you mentioned, D, to blame. And I think this Tesla thing is, in a way, about more than Tesla, right?
1:14.3	Because the missed delivery numbers have brought the stock back down to around where it was
1:20.1	at the lows last week.
1:21.8	And it raises questions about demand for Tesla's going forward, about inventory, and what the impact is going to be on labor
1:29.7	and production levels. Because now that they've got this inventory built up, do they need to
1:33.4	keep making as many? So many different companies, not just in tech, but throughout the economy,
1:38.3	might be asking the same question once we start to get results in about two weeks, right,
1:43.7	on Q4, how December actually ended up. We don't know yet, and we're not going to know exactly what Tesla is going to do until we get those more detailed numbers from them as well. And it's not just Tesla causing some of the pressure here. We're starting off 2023, much in the same way that we saw 2020, and that is what's under pressure.
2:09.0	It's tech. It's the NASDAQ leading the way. But in 2021, right, we saw a lot of these pandemic darlings, high-flying growth names come back down to Earth.
	...

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