Tesla Stock Is Rising. Here's What's Moving Shares
Tesla stock rose early Monday, despite another profit warning from another auto maker which hammered shares of Tesla's traditional peers.Shares of the electric-vehicle maker were up 0.7% at $262.32 shortly after the market opened for trading, while the S&P 500 and Dow Jones Industrial Average were both about 0.2%.The move comes after Stellantis shares dropped 12.5% to $14.06 after cutting its full-year financial guidance. The Chrysler parent now expects operating profit margins of 5.5% to 7%, down from prior guidance for "double digits." Free cash flow is expected to be negative 5 billion euros to 10 billion euros , while prior guidance projected "positive" free cash flow for 2024.Lower wholesale shipments in North America and increased Chinese competition were reasons cited for the cut.Neither issue is a shock. In recent guidance cuts, auto makers Volkswagen and Mercedes-Benz cited a weakening Chinese market. What's more, Stellantis had a very difficult first half in the U.S., leavin
