theguardian_business

Tesla stock suffers double-digit drop on carmaker’s worst day in years

📰 source: theguardian_business · 💼 business

tesla stock plunged 13.5% on thursday in one of its worst single-day losses ever, wiping out billions in market value. the automaker missed earnings expectations by a wide margin — 31 cents per share versus the 51 cents analysts expected — despite beating revenue estimates. musk faced tough questions on the earnings call about the slow progress of robotaxi and optimus robot, two projects that have consumed massive capital with little return. tesla spent $5.8bn in q2, leading to negative free cashflow of $1.1bn, the first time in over two years. the broader market also tumbled, with the nasdaq down over 2% and the s&p 500 falling more than 1%, dragged by big tech's disappointing results and rising oil prices. the selloff erased $767bn from the magnificent seven's collective market cap.

why it matters: tesla's earnings miss and huge capex signal trouble for the ev maker's valuation, dragging down the entire tech sector.

source: theguardian_business
sentiment: -0.80 · impact: 0.85

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Top Wall Street analysts like these 3 stocks for their solid growth potential

How a small Israeli startup was linked to rogue AI hacks at OpenAI, Anthropic and Meta

Andy Burnham to tour Britain in effort to reconnect government with public

‘Like being in prison’: the ship crews stuck in Gulf since February