Tesla’s $350 Billion Stock Slump Shreds Investor Expectations

Bloomberg03-28

First-quarter stock decline among worst such runs everSinking delivery estimates have eroded investor confidenceEnthusiasm toward Tesla has eroded significantly with investors concerned over a lack of...

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Ohshi
·03-28
I'm retail investor but not drive Tesla... [Happy]
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href=https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-350-billion-stock-slump-shreds-investor-expectations?srnd=homepage-americas><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>First-quarter stock decline among worst such runs everSinking delivery estimates have eroded investor confidenceEnthusiasm toward Tesla has eroded significantly with investors concerned over a lack of...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-350-billion-stock-slump-shreds-investor-expectations?srnd=homepage-americas\">Source 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More importantly, recent newsflow implies tepid demand for its cars in coming months.“Delivery estimates have been cut a lot, and that has really killed investor confidence in the name. It will be hard to spin the first-quarter numbers positively, even if they modestly beat expectations,” said Nicholas Colas, co-founder of DataTrek Research. “Valuations are often tied to a company’s weakest link. In Tesla’s case, that is the automotive business.”Reasons for the shares’ dismal run this year — down 28% compared to a 10% advance in the S&P 500 Index — are many. However, the biggest cloud looming over the EV giant is the slowdown in the demand for electric vehicles, which is happening just as competition from legacy carmakers and Chinese rivals is heating up.The soon-to-end first quarter will rank among the stock’s three worst ever. The EV maker is the biggest percentage decliner on the S&P 500 so far this year. The stock has given up all its gains since mid-May, and has erased over $350 billion from its market capitalization since touching a 52-week high in July.Expectations are low. Analysts have been rapidly dialing back their estimates for deliveries, revenue and profit, while the share of bullish ratings on the stock has dropped to the lowest in about three years. But more importantly, enthusiasm toward Tesla has eroded significantly, with investors concerned over a lack of new catalysts that can propel the stock near term.Several analysts cut estimates just this week. Mizuho Securities’ Vijay Rakesh noted that EV sales expectations were decelerating faster than expected. Rakesh estimates EV sales will grow about 15% over last year in 2024, down from his prior expectation of 25%. And Sanford C. Bernstein’s Toni Sacconaghi said that as growth expectations decline, the stock increasingly looks expensive compared to large-cap tech companies.“There is quite a bit of pessimism already built into the stock at these levels,” said Ivana Delevska, chief investment officer at SPEAR Invest. “From here, I think it will be a binary outcome,” she added, saying that the company will either show progress in its self-driving technology, or will continue to trade with the struggling EV market.In recent weeks, investors have begun to pay relatively more for options protecting against a selloff. The cost of puts that profit on a 10% slump in shares within the next month has trended higher — signaling rising skittishness toward the stock.At the same time, Tesla’s claim to become a major artificial intelligence player has also started to look shaky. While self-driving cars — which the company is trying to develop — would be a major feat in AI, it remains a problem notoriously difficult to solve. Experts and analysts don’t expect it to become a widely-adopted technology any time soon.All of this pushed Tesla’s shares into the so-called technical oversold territory last week, signaling that the stock has fallen too far, too fast.If the delivery figures next week are significantly better than what analysts currently expect, a relief rally in the shares - however temporary — cannot be ruled out. The idea is that with so much negativity already built into the shares, there may not be much room left for more.Also, as long-term Tesla bulls will be quick to note, the current weakness in EVs could prove to be just a blip for the company in the next few years, as adoption of these cars pick up globally amid strong political push. That helps to support the stock price as well.But even then, the near-term concerns about Tesla and its core EV business will continue to haunt investors, until there is a clear sense of the trajectory of EV sales this year and the next.“The big focus for investors on Tesla right now is going to be delivery volume and gross margin - the direction of the stock will be based off of these numbers relative to whisper expectations,” said David Wagner, portfolio manager at Aptus Capital Advisors.“But for now, momentum has taken hold of the stock and there has been some indiscriminate selling as Tesla has been a funding mechanism for the narrative de jour - AI.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":289169646444760,"gmtCreate":1711632609715,"gmtModify":1711632614763,"author":{"id":"3572430379090714","authorId":"3572430379090714","name":"Ohshi","avatar":"https://community-static.tradeup.com/news/2ad654c603e3ee9ca47904f8b9b9f7ae","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3572430379090714","authorIdStr":"3572430379090714"},"htmlText":"I'm retail investor but not drive Tesla...&nbsp;[Happy]&nbsp;&nbsp;","listText":"I'm retail investor but not drive Tesla...&nbsp;[Happy]&nbsp;&nbsp;","text":"I'm retail investor but not drive Tesla... [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/289169646444760","repostId":2422989751,"repostType":2,"repost":{"id":"2422989751","kind":"news","pubTimestamp":1711631700,"share":"https://ttm.financial/m/news/2422989751?lang=&edition=fundamental","pubTime":"2024-03-28 21:15","market":"us","language":"en","title":"Tesla’s $350 Billion Stock Slump Shreds Investor Expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=2422989751","media":"Bloomberg","summary":"Tesla's $350 Billion Stock Slump Shreds Investor Expectations","content":"<html><head></head><body><ul style=\"\"><li><p>First-quarter stock decline among worst such runs ever</p></li><li><p>Sinking delivery estimates have eroded investor confidence</p></li></ul><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/dc328ec3c8d26334fe4cf6dab518c638\" alt=\"Enthusiasm toward Tesla has eroded significantly with investors concerned over a lack of new catalysts.\" title=\"Enthusiasm toward Tesla has eroded significantly with investors concerned over a lack of new catalysts.\" tg-width=\"2000\" tg-height=\"1334\"/><span>Enthusiasm toward Tesla has eroded significantly with investors concerned over a lack of new catalysts.</span></p><p style=\"text-align: start;\">Tesla Inc. shares have shown signs of life in recent days after this year’s extreme slide, but investors lack the clarity needed to bet on any lasting recovery.</p><p style=\"text-align: start;\">The electric vehicle maker is due to provide its first-quarter delivery numbers early next week and rapidly dropping estimates over the past month suggest a lackluster report. More importantly, recent newsflow implies tepid demand for its cars in coming months.</p><p style=\"text-align: start;\">“Delivery estimates have been cut a lot, and that has really killed investor confidence in the name. It will be hard to spin the first-quarter numbers positively, even if they modestly beat expectations,” said Nicholas Colas, co-founder of DataTrek Research. “Valuations are often tied to a company’s weakest link. In Tesla’s case, that is the automotive business.”</p><p>Reasons for the shares’ dismal run this year — down 28% compared to a 10% advance in the S&amp;P 500 Index — are many. However, the biggest cloud looming over the EV giant is the slowdown in the demand for electric vehicles, which is happening just as competition from legacy carmakers and Chinese rivals is heating up.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4a2e38691ef7ff8cda2cf84b25e93059\" tg-width=\"1200\" tg-height=\"675\"/></p><p style=\"text-align: start;\">The soon-to-end first quarter will rank among the stock’s three worst ever. The EV maker is the biggest percentage decliner on the S&amp;P 500 so far this year. The stock has given up all its gains since mid-May, and has erased over $350 billion from its market capitalization since touching a 52-week high in July.</p><p style=\"text-align: start;\">Expectations are low. Analysts have been rapidly dialing back their estimates for deliveries, revenue and profit, while the share of bullish ratings on the stock has dropped to the lowest in about three years. But more importantly, enthusiasm toward Tesla has eroded significantly, with investors concerned over a lack of new catalysts that can propel the stock near term.</p><p style=\"text-align: start;\">Several analysts cut estimates just this week. Mizuho Securities’ Vijay Rakesh noted that EV sales expectations were decelerating faster than expected. Rakesh estimates EV sales will grow about 15% over last year in 2024, down from his prior expectation of 25%. And Sanford C. Bernstein’s Toni Sacconaghi said that as growth expectations decline, the stock increasingly looks expensive compared to large-cap tech companies.</p><p style=\"text-align: start;\">“There is quite a bit of pessimism already built into the stock at these levels,” said Ivana Delevska, chief investment officer at SPEAR Invest. “From here, I think it will be a binary outcome,” she added, saying that the company will either show progress in its self-driving technology, or will continue to trade with the struggling EV market.</p><p style=\"text-align: start;\">In recent weeks, investors have begun to pay relatively more for options protecting against a selloff. The cost of puts that profit on a 10% slump in shares within the next month has trended higher — signaling rising skittishness toward the stock.</p><p style=\"text-align: start;\">At the same time, Tesla’s claim to become a major artificial intelligence player has also started to look shaky. While self-driving cars — which the company is trying to develop — would be a major feat in AI, it remains a problem notoriously difficult to solve. Experts and analysts don’t expect it to become a widely-adopted technology any time soon.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1e82b6c9f7f1b608cf9769a90fcaa7cb\" tg-width=\"1200\" tg-height=\"675\"/></p><p>All of this pushed Tesla’s shares into the so-called technical oversold territory last week, signaling that the stock has fallen too far, too fast.</p><p>If the delivery figures next week are significantly better than what analysts currently expect, a relief rally in the shares - however temporary — cannot be ruled out. The idea is that with so much negativity already built into the shares, there may not be much room left for more.</p><p style=\"text-align: start;\">Also, as long-term Tesla bulls will be quick to note, the current weakness in EVs could prove to be just a blip for the company in the next few years, as adoption of these cars pick up globally amid strong political push. That helps to support the stock price as well.</p><p style=\"text-align: start;\">But even then, the near-term concerns about Tesla and its core EV business will continue to haunt investors, until there is a clear sense of the trajectory of EV sales this year and the next.</p><p style=\"text-align: start;\">“The big focus for investors on Tesla right now is going to be delivery volume and gross margin - the direction of the stock will be based off of these numbers relative to whisper expectations,” said David Wagner, portfolio manager at Aptus Capital Advisors.</p><p style=\"text-align: start;\">“But for now, momentum has taken hold of the stock and there has been some indiscriminate selling as Tesla has been a funding mechanism for the narrative de jour - AI.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s $350 Billion Stock Slump Shreds Investor Expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s $350 Billion Stock Slump Shreds Investor Expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-28 21:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-350-billion-stock-slump-shreds-investor-expectations?srnd=homepage-americas><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>First-quarter stock decline among worst such runs everSinking delivery estimates have eroded investor confidenceEnthusiasm toward Tesla has eroded significantly with investors concerned over a lack of...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-350-billion-stock-slump-shreds-investor-expectations?srnd=homepage-americas\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4550":"红杉资本持仓","BK4588":"碎股","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1548497426.USD":"安联环球人工智能AT Acc","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4551":"寇图资本持仓","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4574":"无人驾驶","LU0823411888.USD":"法巴消费创新基金 Cap","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4527":"明星科技股","LU0082616367.USD":"摩根大通美国科技A（dist）","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4581":"高盛持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4099":"汽车制造商","BK4511":"特斯拉概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0056508442.USD":"贝莱德世界科技基金A2","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4592":"伊斯兰概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","TSLL":"Direxion Daily TSLA Bull 2X Shares","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0823414478.USD":"法巴经典能源转换基金","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0097036916.USD":"贝莱德美国增长A2 USD"},"source_url":"https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-350-billion-stock-slump-shreds-investor-expectations?srnd=homepage-americas","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2422989751","content_text":"First-quarter stock decline among worst such runs everSinking delivery estimates have eroded investor confidenceEnthusiasm toward Tesla has eroded significantly with investors concerned over a lack of new catalysts.Tesla Inc. shares have shown signs of life in recent days after this year’s extreme slide, but investors lack the clarity needed to bet on any lasting recovery.The electric vehicle maker is due to provide its first-quarter delivery numbers early next week and rapidly dropping estimates over the past month suggest a lackluster report. More importantly, recent newsflow implies tepid demand for its cars in coming months.“Delivery estimates have been cut a lot, and that has really killed investor confidence in the name. It will be hard to spin the first-quarter numbers positively, even if they modestly beat expectations,” said Nicholas Colas, co-founder of DataTrek Research. “Valuations are often tied to a company’s weakest link. In Tesla’s case, that is the automotive business.”Reasons for the shares’ dismal run this year — down 28% compared to a 10% advance in the S&P 500 Index — are many. However, the biggest cloud looming over the EV giant is the slowdown in the demand for electric vehicles, which is happening just as competition from legacy carmakers and Chinese rivals is heating up.The soon-to-end first quarter will rank among the stock’s three worst ever. The EV maker is the biggest percentage decliner on the S&P 500 so far this year. The stock has given up all its gains since mid-May, and has erased over $350 billion from its market capitalization since touching a 52-week high in July.Expectations are low. Analysts have been rapidly dialing back their estimates for deliveries, revenue and profit, while the share of bullish ratings on the stock has dropped to the lowest in about three years. But more importantly, enthusiasm toward Tesla has eroded significantly, with investors concerned over a lack of new catalysts that can propel the stock near term.Several analysts cut estimates just this week. Mizuho Securities’ Vijay Rakesh noted that EV sales expectations were decelerating faster than expected. Rakesh estimates EV sales will grow about 15% over last year in 2024, down from his prior expectation of 25%. And Sanford C. Bernstein’s Toni Sacconaghi said that as growth expectations decline, the stock increasingly looks expensive compared to large-cap tech companies.“There is quite a bit of pessimism already built into the stock at these levels,” said Ivana Delevska, chief investment officer at SPEAR Invest. “From here, I think it will be a binary outcome,” she added, saying that the company will either show progress in its self-driving technology, or will continue to trade with the struggling EV market.In recent weeks, investors have begun to pay relatively more for options protecting against a selloff. The cost of puts that profit on a 10% slump in shares within the next month has trended higher — signaling rising skittishness toward the stock.At the same time, Tesla’s claim to become a major artificial intelligence player has also started to look shaky. While self-driving cars — which the company is trying to develop — would be a major feat in AI, it remains a problem notoriously difficult to solve. Experts and analysts don’t expect it to become a widely-adopted technology any time soon.All of this pushed Tesla’s shares into the so-called technical oversold territory last week, signaling that the stock has fallen too far, too fast.If the delivery figures next week are significantly better than what analysts currently expect, a relief rally in the shares - however temporary — cannot be ruled out. The idea is that with so much negativity already built into the shares, there may not be much room left for more.Also, as long-term Tesla bulls will be quick to note, the current weakness in EVs could prove to be just a blip for the company in the next few years, as adoption of these cars pick up globally amid strong political push. That helps to support the stock price as well.But even then, the near-term concerns about Tesla and its core EV business will continue to haunt investors, until there is a clear sense of the trajectory of EV sales this year and the next.“The big focus for investors on Tesla right now is going to be delivery volume and gross margin - the direction of the stock will be based off of these numbers relative to whisper expectations,” said David Wagner, portfolio manager at Aptus Capital Advisors.“But for now, momentum has taken hold of the stock and there has been some indiscriminate selling as Tesla has been a funding mechanism for the narrative de jour - AI.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":7,"commentSize":1,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}