According to AAA, national average gas prices have surged by about $1 over the past month... Of course, we know the ongoing war in Iran is driving this spike.
Problems Are Piling Up for This Massive Automaker
By Ethan Goldman, analyst, Chaikin Analytics
According to AAA, national average gas prices have surged by about $1 over the past month...
Of course, we know the ongoing war in Iran is driving this spike.
And this quick surge in gas prices probably makes electric vehicles ("EVs") more appealing to prospective car buyers.
So it would make sense that EV companies could cash in on this interest...
If this happens, we'll likely see it the next time EV companies report their quarterly earnings.
But as we wait for those reports, we've seen investors pummel the biggest name in that space...
I'm talking about Tesla (TSLA).
Now, as I discussed back in January, Tesla's business isn't entirely about EVs anymore. The company's work expands to humanoid robots, solar power generation and storage, and a fully autonomous taxi service...
This autonomous-taxi service is Tesla's "Robotaxi." Right now, the company only offers this service in Austin, Texas with its Model Y EVs.
Tesla doesn't plan to only use the Model Y as a Robotaxi. The company also plans to roll out a specially built "Cybercab" sometime in the future.
But recent developments with the project's leadership spell trouble for that project...
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Some Senior Staff at Tesla Have Jumped Ship
On March 30, Jose del Corral announced he was leaving Tesla. That same day, Mark Lupkey did the same thing.
And neither of these men were your average Tesla employee...
Del Corral was Tesla's head of product for customer experience. And Lupkey served as the company's Cybercab manufacturing operations leader.
Folks, it's not easy to see the future for the Cybercab when two big names in the program leave on the same day.
But it's much worse than these two high-level employees...
A few weeks earlier, Thomas Dmytryk left the company. He was a key player behind Tesla's update system and the Robotaxi's infrastructure.
And in February, Tesla lost Victor Nechita. He was the program manager for the Cybercab program.
Nechita's departure came only a day after the first Cybercab finished production in Texas.
Musk likes to share his flashy ideas of a robot-powered future. But he needs strong employees at Tesla to make that a reality...
Especially if he wants to see a $1 trillion pay package in return for hitting some major milestones.
Unfortunately for Musk, the Power Gauge suggests that a big surge in his company's stock isn't likely anytime soon...
Our System's Opinion of Tesla Has Dropped
When I last discussed Tesla back in January, the company received a "neutral" rating in the Power Gauge.
Since then, the stock has fallen by about 14%.
By now, Tesla's relative strength versus the S&P 500 Index has collapsed.
Meanwhile, the stock's Chaikin Money Flow – which measures the "smart money" buying activity on Wall Street – has also turned sharply lower. The big institutions currently just don't seem to care much for Musk's visions of the future.
Putting it all together in the Power Gauge, Tesla is firmly "very bearish" right now.
That's a clear warning to watch out for this stock.
Good investing,
Ethan Goldman
Market View
Major Indexes and Notable Sectors
# Hld: Bullish Neutral Bearish
Dow 30
+2.46%
4
18
8
S&P 500
+2.91%
78
280
141
NASDAQ
+3.39%
10
54
36
Small Caps
+3.50%
404
1085
391
Bonds
-0.10%
Information Technology
+4.24%
5
51
14
— According to the Chaikin Power Bar, Small Cap stocks are somewhat more Bullish than Large Cap stocks. Major indexes are mixed.
* * * *
Sector Tracker
Sector movement over the last 5 days
Materials
+3.14%
Utilities
+1.77%
Real Estate
+1.34%
Health Care
+1.26%
Staples
+1.07%
Energy
+0.69%
Financial
+0.18%
Communication
-0.24%
Discretionary
-0.64%
Industrials
-1.38%
Information Technology
-2.39%
* * * *
Industry Focus
Dow Jones REIT
11
47
41
Over the past 6 months, the Dow Jones REIT subsector (RWR) has outperformed the S&P 500 by 3.06%. However, its Power Bar ratio which measures future potential is Very Weak, with more Bearish than Bullish stocks. It is currently ranked #16 of 21 subsectors and has moved up 2 slots over the past week.
Indicative Stocks
AIV
Apartment Investment and Management Company
APLE
Apple Hospitality REIT, Inc.
AVB
AvalonBay Communities, Inc.
* * * *
Top Movers
Gainers
ON
+11.25%
SNDK
+10.98%
MPWR
+9.08%
COIN
+8.60%
FIX
+8.31%
Losers
CEG
-6.48%
MKC
-6.11%
CF
-5.64%
EOG
-3.55%
APA
-2.97%
* * * *
Earnings report
Earnings Surprises
SNX TD SYNNEX Corporation
Q1
$4.73
Beat by $1.42
RH RH
Q4
$1.53
Missed by $-0.67
NKE NIKE, Inc.
Q3
$0.35
Beat by $0.07
PVH PVH Corp.
Q4
$3.82
Beat by $0.52
MKC McCormick & Company, Incorporated
Q1
$0.66
Beat by $0.07
* * * *
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