🍗 Tesla Fire Sale? Or Dip Buy Opportunity?
Morning Tendies
April 04, 2023
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Tesla selloff after delivery numbers, Oil leaps 6% after OPEC+ surprise production cuts, UFC & WWE to combine and create $21.4B entertainment company, SoFi acquires mortgage lender Wyndham Capital Mortgage, and much more…
Let’s Dive In!!!
📈 Markets
🚘 Tesla Drops After Record EV Deliveries. Tesla reported first-quarter delivery and production numbers that topped estimates, indicating previous price cuts are boosting demand. But is it enough?
Tesla delivered 422,875 vehicles beating 421,000 estimate
Tesla produced 440,808 cars beating 432,500 estimate
Tesla’s stock finished the trading session down -6.12%
Why is the stock down?
First, Wall Street is in disagreement of the expectation number. Some people are saying analyst expectations for deliveries were 430,000.
Secondly, Tesla should’ve blown deliveries out of the water. You can use either number for the analyst’s expectation, it doesn’t matter. Deliveries should've been more. These numbers for the first-quarter are following Tesla’s price cuts. Tesla barely beating delivery expectations after massive price cuts to all their models isn’t good.
🛢 Oil leaps 6% as OPEC+ cuts output. OPEC announced they are cutting an additional 1.65 million barrels of oil production per day. This builds on production cuts of 2 million barrels per day for late-2022. In total, now OPEC is producing nearly 5 million barrels less per day than just a few years ago.
💰 Earnings
What we’re watching this week:
Wednesday: Conagra Brands
Thursday: Levi Strauss & Co
🌎 What Else is Happening?
Extra Space (EXR) agrees $12.4 Billion all-stock deal for Life Storage (LSI) - (BBG)
UFC & WWE combine to create $21.4B entertainment company - (ESPN)
Inflation stress for small businesses hits record high - (FB)
Micron Technology (MU): China probes US chip maker for cybersecurity risks as tech tension escalates - (CNN)
Teck Resources (TECK) rejects unsolicited buyout offer from Glencore - (MW)
Mars buying Heska (HSKA) to boost its Petcare unit - (MW)
SoFi (SOFI) acquires mortgage lender Wyndham Capital Mortgage - (MW)
BioNTech (BNTX) enters cancer drug partnership with DualityBio - MW
General Motors (GM) U.S. sales jump 18% in the first quarter - (CNBC)
Covanta acquires Texas-based Circon Holdings - (MW)
Klaviyo hires bankers, plans for late 2023 IPO - (WSJ)
🍗 Tendie Time
A Roundup of Stuff We Find Interesting, Informative, or Just Plain Funny
Snoop Dogg surprise elbow move leaves fans in awe at WrestleMania - HuffPost
Dungeons & Dragons: Honor Among Thieves steals box office with $38.5M debut - Entertainment Weekly
Home Values have increased by 354% in one city - and it’s not California or New York - Entrepreneur
Elon Musk’s Twitter changes logo to Dogecoin, pushing the memecoin up 20% - Fortune
Quote of the Day:
“The best way to make your dreams come true is to wake up”
😂 Meme Refresher
That’s it for today!!
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research