Tesla Falls Again For Another Day.
The ink on my 06 Mar 2024 Tesla post has not even dry yet.
Already there are more "bad" news, making its rounds in the media.
All these will further depress Tesla stock price, in the immediate term.
1) Tesla law suit on OpenAI.
Was it naive of Mr musk's to think that OpenAI will not rebut his lawsuit brought against them?
Surely he must have know by now that his blabbering digital trails will always come back to haunt him?
Two previous landmark lawsuits because of his incessant Tweetshave already caused him his "freedom" and $44 Billions.
The latest reveal by OpenAI served only to contradict him and his lawsuit against OpenAI. (see below)
It also shows the level of hypocrisy when things do not go Mr musk's way.
2) Downgrade again.
Analyst at Morgan Stanley has decided to downgrade its target price by -7%, from $345 to $320.
They have cited weak EV sales in the China (world's largest EV market) as the main reason, despite its hefty price cut.
Looks like the price slash "magic" charm, is ineffective this time.
Honestly, as a rational consumer - - would you stumble into a big ticket item purchase "blindly", knowing that if you hold out longer, there maybe even more discounts and freebies to be had?
With a weak Chinese economy that is not dissipating anytime soon, it pays to wait it out a wee bit longer for big ticket purchase.
Who knows, there maybe even more enticement ahead to be had?
Magnificent 7 - YTD performances.
3) Quarterly Reporting again?
With 3 more weeks before Q1 2024 is over, many at Wall Street thinks that Tesla will not be able to hand in a credible Quarterly report card, this time round.
Hence punters are going all out to short Tesla. And why not?
Looking at the Magnificent 7's YTD performance (see above) ranking from "Best" to "Worse":
- $NVIDIA Corp(NVDA)$ : #Top.
- $Meta Platforms, Inc.(META)$ #2
- $Amazon.com(AMZN)$ #3..
- Microsoft. #4.
- Google. #5.
- Apple Inc. #6.
- TSLA. #Bottom.
Clearly, Nvidia is still the star performer, followed by Meta Platform Inc (a surprise to me) and Amazon rounding off the Top 3 performing stocks.
Google, Apple and Tesla forms the bottom 3 Magnificent 7 stocks, with Tesla at the bottom by quite a wide berth.
Question
- Do you take profit (while still ahead) and buyback when it falls further?
- Do you sit tight and just pray that it will blow over ?
When it comes to investment and Tesla (in particular), not taking action (to sell) is an action itself, too?
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