Tesla Model S Plaid Deliveries Start In First Gear; S&P 500 Hits High; Google, RH In Buy Zones| Investor’s Business Daily


Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally on Thursday shrugged off a hot inflation report, with the S&P 500 index hitting a record high and Treasury yields fresh lows.




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A bipartisan group of senators announced an infrastructure deal late, but will party leaders back it? Tesla CEO Elon Musk held a low-key, no-surprise Model S Plaid event Thursday night, announcing that deliveries will start with a slow ramp up.  Tesla stock rose slightly early Friday after reclaiming a key level Thursday.

In Thursday’s session, several stocks broke out or flashed buy signals, including RH (RH), Signet Jewelers (SIG), Zscaler (ZS), CrowdStrike (CRWD), Google parent Alphabet (GOOGL) and Adobe (ADBE).

Meme stocks sold off Thursday, including GameStop (GME), AMC Entertainment (AMC), Clover Health (CLOV), Bed Bath & Beyond (BBBY) and Workhorse Group (WKHS).

Some bounced back somewhat, including GME stock and AMC.


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Homebuilders fell sharply, including Century Communities (CCS), LGI Homes (LGIH) and D.R. Horton (DHI). That continues their weak performance despite sliding Treasury yields.

Several hot stocks sold off as share offerings priced, after the sale plans knocked them earlier this week. Those include Celsius (CELH), PLBY Group (PLBY) and Rev Group (REVG). All three lost 15% or more. CELH stock has a clearly failed breakout while PLBY stock wiped out an early entry. REVG stock broke below the low of a base.

Adobe and Google stock are on IBD Leaderboard and Long-Term Leaders. Google, CELH stock and CRWD stock are on IBD 50.

Bipartisan Infrastructure Deal?

A bipartisan group of 10 senators — five from each party — say they’ve reached a “tentative understanding” on an infrastructure spending deal without explicit tax increases. The package reportedly includes $579 billion in additional spending. Including baseline outlays, spending would be $974 billion over five years or $1.2 trillion over eight. The senators suggest indexing the gas tax to inflation, providing a de facto increase, and using unused Covid funds.

But it’s unclear if President Biden or congressional leaders from either party will go back it.

Dow Jones Futures Today

Dow Jones futures rose 0.25% vs. fair value. S&P 500 futures climbed 0.15% and Nasdaq 100 futures advanced 0.15%.

The 10-year Treasury yield kept sliding, dipping two basis points to 1.44% after hitting 1.43% overnight.

Copper futures rose 2%, a positive sign for various mining stocks.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


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Stock Market Rally

The stock market rally rallied at Thursday’s open but then pulled back in late morning, with the Nasdaq briefly turning negative. But the major indexes rebounded.

The 10-year Treasury yield initially rose modestly on the hot inflation report, but reversed lower to 1.46%, setting new three-month lows. Bond traders do not appear concerned with inflation or the Federal Reserve, which meets next week.

The Dow Jones Industrial Average edged up 0.1% in Thursday’s stock market trading, with Apple (AAPL) and Caterpillar (CAT) weighing on blue chips. The S&P 500 index climbed 0.5%. The Nasdaq composite advanced 0.8%. The small-cap Russell 2000 retreated 0.8%.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) retreated 1.7% due to some sharp individual losers. The Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.5%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.8%. ADBE stock is the No. 1 component in IGV, which also owns CRWD and ZS stock. The VanEck Vectors Semiconductor ETF (SMH) rose 1.3%.

SPDR S&P Metals & Mining ETF (XME) dipped 0.4% and Global X U.S. Infrastructure Development ETF (PAVE) slid 1%. U.S. Global Jets ETF (JETS) also fell 1%. SPDR S&P Homebuilders ETF (XHB) retreated 1.1%, with the ETF losses minimized because RH stock is the No. 1 component.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 1.9% and ARK Genomics ETF (ARKG) 2.7%. ARKK closed just below its 50-day and 200-day lines, while ARKG reclaimed those levels on Wednesday. Tesla stock is the No. 1 holding for ARK Invest across its ETFs.


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Tesla Model S Plaid Event

Tesla (TSLA) finally held its Model S Plaid event Thursday night, touting the revamped luxury electric sedan.

The Model S Plaid can go from a rolling start to 60 miles per hour in just under two seconds. But Plaid deliveries will take a lot longer to pick up.

At the end of the brief event, Elon Musk said Tesla will begin deliveries of 25 Plaid sedans “now.” He said that’ll soon pick up to hundreds per week, reaching 1,000 per week in the third quarter.

The EV giant paused Tesla Model S and X production for months as it switched over to “Plaid” versions. Elon Musk originally said in late January that Model S Plaid deliveries would begin in February.

The Model S Plaid looks very similar to the decade-old Model S on the outside. But the interior has been refreshed somewhat. Elon Musk touted the new screens and sound system, as well as the Plaid’s video game capabilities.

On Wednesday, Tesla raised the price of its high-end Plaid by $10,000 to $129,990. But that top-of-the-line Plaid won’t hit 200 mph, as previously claimed, until the right tire and wheel mix is available in the fall.

On Sunday, Musk canceled the Plaid Plus, saying the Plaid is “so good.” The Plaid Plus, which was priced well above the Plaid, was supposed to have a range topping 500 miles.

The Model S Plaid Plus cancellation could reflect further trouble with mass producing 4680 battery cells. If so, that would be a bad sign for the Tesla Semi and Cybertruck, both of which are slated to use the 4680 cells.

The Plaid event had no surprises about batteries, the Cybertruck or any other Tesla vehicle or project.

Tesla stock climbed slightly in premarket trade.

On Thursday, Tesla stock popped 1.9% to 610.12, reclaiming its 200-day line. TSLA stock remains below its sliding 50-day line.

RH Stock

RH stock surged 16% to 707.14, rebounding from its 50-day line and breaking a trend line. The upscale furniture retailer reported booming earnings and revenue growth, guiding higher on sales and margins. RH stock is 8.1% above its 10-week line, so it’s actionable here. But investors could wait to see if it forms a handle. RH stock is on track to have a base with a 733.15 buy point after Friday.

Signet Stock

Signet stock vaulted from its 50-day line to a record high, clearing a flat base with a buy point of 68.39/68.46. Shares hit an intraday high of 74.80 but then slashed gains before rebounding somewhat. Signet stock closed up 14% to 69.58.

The relative strength line for SIG stock hit a new high. The RS line, the blue line in the charts provided, tracks a stock’s performance vs. the S&P 500 index.

Zscaler Stock

Zscaler stock popped 4.55% to 204.91, moving above a double-bottom buy point of 199.60, after hitting resistance multiple times at just below 200. The last time was on May 26, following strong Zscaler earnings. ZS stock broke a tiny trend line earlier in the week.

The RS line for Zscaler stock is off the February peak but is at a three-month high.

CrowdStrike Stock

CrowdStrike, another cybersecurity play with a similar chart to ZS, jumped 6.85% to 228.60, breaking past resistance right around 227. CRWD stock was actionable from a short trend line break; again, much like ZS stock. The official buy for CRWD stock is 251.38.

Adobe Stock

Adobe stock rose just over 4% to 535.52, a record close and clearing a 525.54 early entry in a nine-month consolidation. ADBE stock is 5.8% above its 10-week line, which can be an attractive buying area for Long-Term Leaders. But, Adobe earnings are due June 17, giving new investors little time build a cushion in ADBE stock.

The RS line for Adobe stock is trending higher again, but has fallen significantly since last September.

Google Stock

Google stock edged up 1.1% to 2,435.13, edging past a 2,431.48 buy point from a flat base. The RS line hit a record high along with GOOGL stock, giving the weekly MarketSmith chart a very bullish blue dot.

GME Stock

GME stock plunged 27% to 220.39. GameStop stock is now down 11% for the week despite rising in the prior three sessions.

Late Wednesday, GameStop topped earnings views and named two Amazon execs to be its CEO and CFO. But it also said it might sell 5 million shares of GME stock, at a time when investors are punishing stock offerings. GameStop also disclosed an SEC probe related to trading in the stock.

Executives also again didn’t take questions in a brief GameStop earnings call.

Other Meme Stocks

Clovis Health slumped 15% to 14.34 after reversing from record highs Wednesday to close down 24%. While CLOV stock hasn’t erased Tuesday’s 86% gap-up surge, it has fallen below that day’s low. So anyone who actually bought CLOV stock on Tuesday is now down.

AMC stock skidded 13% to 42.81. Since the wild June 2 gap up, AMC stock has remained within that day’s trading range.

WKHS stock slid 11%. BBBY stock fell 8%.

Most investors should avoid meme stocks. The wild moves offer the potential for huge gains but also massive losses. Given the weak fundamentals and often-poor company prospects, most of these stocks are likely to see huge declines over time.

But if you’re going to play meme stocks, buy them as they clear some plausible resistance on a chart. Do not chase them. Consider using options so you can size your potential loss up front. Consider at least partial profits quickly and be ready to cash out before seeing a massive gain turn into a loss.

Market Rally Analysis

The S&P 500 index finally moved above its early May peak to an all-time high, despite the late morning wobble. The Dow Jones and Nasdaq are closing in on record territory. The Russell 2000 is pulling back but after a strong run.

However, the S&P 500 has been nudging higher, not showing real power in the past couple of weeks. Tracking volume on the major indexes is tricky when meme stocks are in play, with CLOV stock trading more than 700 million shares on Tuesday.

But new buying opportunities continue to appear, as RH, Zscaler and even Adobe stock show. Some stocks rebounded bullishly from early losses, including Roblox (RBLX). Miners and many other stocks are quietly forming positive consolidations.

Chip-gear makers and many medicals had solid sessions.

But it’s still a tricky stock market rally.

Homebuilders are breaking down despite falling Treasury yields. Financials are struggling. After opening higher as the 10-year yield nudged up, they retreated once again as interest rates hit fresh lows.

The brutal sell-offs in CELH stock and others announcing and pricing share offerings is something to note. Sometimes, stocks quickly shake off share offering news, but not always. With a lot of new IPOs in recent months, investors have to be ready for share offerings and lock up expirations.


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What To Do Now

Buying as close to the buy point as possible, at least with your initial position, is crucial in the current market environment. As a stock gets extended, don’t chase it.

To avoid missing out, do your homework. Build up those watchlists, taking a closer look at a select handful of nearly actionable stocks. Stay engaged with the market, using alerts when possible to catch breakouts as they’re happening. That way, you can buy the right stocks at the right time.

Even if you do everything right, some of your buys are going to struggle or fail. The key is to keep those losses small.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Tesla V3 Supercharging is now available in Australia, 3-bays of 250kW in Devonport, TAS


Tesla has announced the official opening of their first V3 Supercharger station in Australia which is located in Devonport, Tasmania. The 3-bay site, is located at 11A Esplanade, East Devonport, TAS, Australia, 7310 and from photos on Plugshare, we can see it’s already being used.

Until now, Devonport’s fastest charging options were 2x 50kW chargers by Chargefox, located in multi-story car parks.

The latest generation of Supercharging was announced way back on March 6th, 2019 and while it has been rolling out internationally, Aussie Model 3 owners have had to wait till now to see the higher charge rates afforded by V3.

With the ability to charge at up to up to 250kW, the new chargers offer only the CCS2 connectors, with a thinner, liquid cooled cable, delivering smoother power delivery to add as much as 275 km of charge in 15 minutes.

V3 Superchargers are designed in such a way that their power is not shared with the adjacent stalls. This means if you have another Tesla owner pull up to charge next to you, your charging rate is maintained.

While the 250kW rate is still less than Australia’s fastest charging rates of 350kW found at 3rd party chargers from ABB and Tritium, those are really designed to future-proof the charging infrastructure for years to come. There remains no electric vehicle on the road today (in Australia) that can leverage charging that that ultra-fast rate.

The standard V2 Superchargers found in Australia regularly offer 120kW of charging, so the step up to V3 will reduce the time required to stop and recharge. This also means that more vehicles per day can leverage the chargers, however the decision to only use CCS2, does mean Model X and Model S owners are out of luck, unless they’ve paid for a CCS2 retrofit, or use adapters.

While Tasmania kicks off the V3 Supercharger rollout in Australia, there have also been a number of Tesla owners sharing photos of sites with V3 chargers in Victoria and Queensland that look to be online shortly.

Tesla says they will continue to open new locations with V3 Supercharging across Australia in 2021. If we look at the planned locations on Tesla’s map, we see Warrnambool, Frankston, Melbourne East, Traralgon, Bairnsdale, Holbrook, Wollongong, Sydney Central, Newcastle, Armidale, Tenterfield, Brisbane South, Brisbane West, Bunderberg, Rockhampton, Williams, Perth, Perth North and Hobart are all on the to-do list.

Not all of those sites will be V3 Superchargers, but its clear Tesla are committed to expanding the network through 2021/2022. If you’re a Tesla owner in Tasmania and try out the V3 Supercharging, please let us know your experience in the comments.

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Tesla crash victim lauded ‘full self-driving’ in videos on Tiktok


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BERKELEY — A Tesla car driver killed in a recent accident in California praised the automaker’s “full self-driving” features, and posted videos on his apparent Tiktok account, in which he appeared to drive with his hands off the wheel.

On May 5, a Tesla Model 3 crashed into an overturned truck on a highway in Fontana, killing the Tesla driver and injuring the truck driver and a motorist who had stopped to help him.

The Associated Press news agency cited police as saying a preliminary investigation had determined the Tesla’s driver assistant system Autopilot was engaged prior to the crash.

But in a correction issued late on Friday, police said, “There has not been a final determination made as to what driving mode the Tesla was in.”

Two videos of a man driving with his hands off the wheel were posted on the alleged Tiktok account of the victim, 35-year-old Steven Hendrickson of Running Springs in California.

“What would do I do without my full self-driving Tesla after a long day at work,” said a message on one. “Coming home from LA after work, thank god, self-drive,” said a comment on another video, adding, “Best car ever!”

Tesla dubbed its driver assistant features “Autopilot” or “Full Self-driving,” which experts say could mislead consumers into believing the car can drive by itself.

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On its website, Tesla said its Autopilot feature does not make the vehicle autonomous, however.

On his Facebook account, Hendrickson was shooting a video while driving on autopilot, saying, “Don’t worry. I am on autopilot.”

Family members were not available for comment and Tesla, which has disbanded its public relations teams, was not immediately available for comment.

Tesla Club-SoCal, a group of Tesla owners in Southern California, said on social media that he was an active member who “loved his Tesla.” He is survived by his wife and two children, it added.

The National Highway Traffic Safety Administration has been investigating more than two dozen crashes of Tesla vehicles, including the Fontana crash and a high-profile one in Texas last month that killed two men.

Since 2016 at least three Tesla vehicles operating on Autopilot have been in fatal crashes, two involving a Tesla car driving beneath a semi-truck in Florida.

The U.S. transport safety board said Tesla’s autopilot system failed to properly detect a truck as it crossed the car’s path, contributing to the accidents also caused by a lack of driver attention and an adequate driver monitoring system. (Reporting by Hyunjoo Jin; Editing by Clarence Fernandez)

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Automated steering ‘not available’ on Texas road where Tesla crashed -NTSB


FILE PHOTO: The remains of a Tesla vehicle are seen after it crashed in The Woodlands, Texas
FILE PHOTO: The remains of a Tesla vehicle are seen after it crashed in The Woodlands, Texas, April 17, 2021, in this still image from video obtained via social media. Video taken April 17, 2021. SCOTT J. ENGLE via REUTERS

May 11, 2021

By David Shepardson and Hyunjoo Jin

WASHINGTON (Reuters) -U.S. safety officials investigating the cause of a Tesla Model S crash that killed two men in Texas last month said on Monday that testing suggested the vehicle’s automated steering system was “not available” on the road where the accident occurred.

But the car’s cruise-control function could still have been in operation, the National Transportation Safety Board (NTSB) said in its preliminary report.

The report drew no conclusions about the cause and circumstances of the fiery April 17 crash in a suburb of Houston. The NTSB and local police are still investigating.

Local police have said they believed the crash occurred with no one in the driver’s seat, raising questions about Tesla’s driver-assistance systems.

The NTSB said footage from the owner’s home security cameras showed the owner entering the driver’s seat and the passenger entering the front passenger seat.

The accident has raised fresh questions about the safety of Tesla Inc’s “Autopilot” system. Tesla Chief Executive Elon Musk said last month Autopilot could not have been engaged in the vehicle involved in the Texas crash.

Tesla shares fell 6.4% to close at $629.04 on Monday.

The NTSB report makes clear that Autopilot is in fact two systems. One is a “Traffic-Aware Cruise Control” that controls the vehicle’s speed and distance from vehicles up ahead. The second is “Autosteer” which governs lateral steering movements. Both must be engaged for Autopilot to be considered in operation.

NTSB said its tests of a similar car at the crash location showed that Traffic-Aware Cruise Control could be engaged but that Autosteer was “not available on that part of the road.”

Autosteer assists within “clearly marked lanes” and is not always available. Tesla says on its website it plans an “upcoming” Autosteer release for use on city streets.

Tesla says Traffic-Aware Cruise Control matches a car’s speed to that of surrounding traffic, while Autosteer assists in steering.

Tesla and police in Texas did not respond to a request for comment.

The electric car maker said during an April 27 conference call to discuss quarterly results that a study with investigators showed Autosteer “did not and could not engage on the road condition” during the Texas crash.

The crash in Spring, Texas, killed the 59-year-old owner, William Varner, an anesthesiologist, and the passenger, aged 69.

The Tesla traveled 550 feet (167.64 m) before departing the road on a curve, driving over the curb, and hitting a drainage culvert, a raised manhole, and a tree, the NTSB said.

It said the crash damaged the front of the car’s high-voltage lithium-ion battery case, where a massive fire started. The fire destroyed the car, including the onboard storage device, and NTSB released a photo of the charred remains of the vehicle.

The NTSB said the car’s restraint control module, which can record data associated with vehicle speed, belt status, acceleration, and airbag deployment, was recovered but sustained fire damage.

In addition to the NTSB, the National Highway Traffic Safety Administration is also investigating the crash. NHTSA, the federal agency responsible for vehicle safety, has opened 28 investigations into crashes of Tesla vehicles, 24 of which remain active. At least four, including the fatal Texas accident, have occurred since March.

(Reporting by David Shepardson in WashingtonAdditional reporting by Hyunjoo Jin in San FranciscoEditing by Barbara Lewis and Matthew Lewis)



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Tesla owner arrested after repeatedly riding in the back seat while it was on autopilot | US News


A motorist who was spotted in the back seat of his Tesla as it travelled down a San Francisco Bay Area freeway has been arrested for reckless driving.

California Highway Patrol said Param Sharma, 25, has also been cited for disobeying an officer.

Police were alerted after receiving a number of calls describing a person seated in the backseat of a Tesla Model 3 without anyone in the driver’s seat while travelling on Interstate 80 across the San Francisco-Oakland Bay Bridge.

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Sharma, 25, has also been cited for disobeying an officer (Pic: Instagram/goldcollarlavish)

A motorcycle officer spotted the Tesla, confirmed the only occupant was in the backseat, took action to stop the car and saw the person inside move to the driver’s seat before coming to a halt.

Authorities said they cited Sharma, of San Francisco, on 27 April for a similar offence.

In an interview with The Associated Press on Wednesday, Sharma said he did nothing wrong, and he will keep riding in the back seat with no one behind the steering wheel.

“It was actually designed to be ridden in the back seat,” Sharma said.

(Pic: Instagram/goldcollarlavish)
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He believes his Model 3 can drive itself (Pic: Instagram/goldcollarlavish)

“I feel safer in the back seat than I do in the driver’s seat, and I feel safer with my car on Autopilot, I trust my car Autopilot more than I trust everyone on the road.”

He believes his Model 3 can drive itself, and does not understand why he had to spend a night in jail.

He said he started riding in the back seat of autonomously driving Tesla vehicles in 2018 and has gone about 40,000 miles without being in the driver’s seat.

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Tesla tells regulator that full self-driving cars may not be achieved by year-end


FILE PHOTO: A Tesla Model X electric car at the Brussels Motor Show
FILE PHOTO: A Tesla Model X electric car is seen at the Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo

May 7, 2021

By Hyunjoo Jin

BERKELEY, CALIFORNIA (Reuters) – Tesla Inc told a California regulator that it may not achieve full self-driving technology by the end of this year, a memo by the California Department of Motor Vehicles (DMV) showed.

Tesla CEO Elon Musk said during an earnings conference call in January that he was “highly confident the car will be able to drive itself with reliability in excess of human this year.”

Tesla has also rolled out what it describes as a “beta” version of its “full self-driving” (FSD) program to a limited number of employees and customers since October, and Musk has touted the capability on Twitter.

“Elon’s tweet does not match engineering reality per CJ. Tesla is at Level 2 currently,” the California DMV said in a memo about its March 9 conference call with Tesla representatives, including autopilot engineer CJ Moore. Level 2 technology refers to a semi-automated driving system, which requires supervision by a human driver.

The memo was released by legal transparency group PlainSite, which obtained it under the Freedom of Information Act (FOIA).

“Tesla indicated that Elon is extrapolating on the rates of improvement when speaking about L5 capabilities. Tesla couldn’t say if the rate of improvement would make it to L5 by end of calendar year,” the memo said, referring to level 5 full autonomous technology.

The California DMV, Tesla and Moore were not immediately available for comment.

“Tesla indicated that they are still firmly in L2,” California DMV said in the memo. “As Tesla is aware, the public’s misunderstanding about the limits of the technology and its misuse can have tragic consequences.”

The California Highway Patrol is investigating why a Tesla vehicle crashed into an overturned truck on a highway near Fontana, California, on Wednesday, killing the Tesla’s driver. The patrol did not say whether the Tesla was operating on Autopilot or not.

Federal highway safety regulators are investigating more than 20 accidents involving Tesla vehicles.

(Reporting by Hyunjoo Jin. Editing by Gerry Doyle)



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Tesla: Bitcoin sales and environmental credits boost profits



The electric car maker reports record deliveries for the quarter despite production hurdles.

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Tesla comes under growing China pressure after customer complaint


Tesla charging stations are pictured in a parking lot in Shanghai
FILE PHOTO: Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021. REUTERS/Aly Song

April 22, 2021

SHANGHAI (Reuters) -Tesla Inc came under increased pressure in China on Wednesday from regulators and state media after Monday’s protest by a disgruntled customer at the Shanghai auto show went viral and forced the electric car maker into a rare apology.

The singling-out of Tesla in China, which accounts for 30% of the U.S. firm’s global sales and where it makes cars at its own factory in Shanghai, comes amid ongoing U.S.-China tensions and as other foreign firms have encountered backlash.

“China will continue to open up its market to foreign business, but that does not mean foreign companies will be offered any privilege,” the Global Times, a tabloid published by the ruling Communist Party’s official People’s Daily, said in an opinion piece on the “Tesla blunder”.

On Monday, an unhappy customer clambered on top of a Tesla at the auto show in protest over the company’s handling of her complaints about malfunctioning brakes, triggering a social media storm, with regulators and state media also weighing-in.

Late on Wednesday, China’s market regulator urged Tesla to ensure product quality in the country, while the official Xinhua news agency said that Tesla’s apology was “not sincere”.

“The arrogant and overbearing stance the company exhibited in front of the public is repugnant and unacceptable, which could inflict serious damage on its reputation and customer base in the Chinese market,” the Global Times write.

Tesla, whose cars are popular in China, declined to comment, but said in a statement it would share data on the brake incident with regulators, after a local regulator demanded it.

In videos that went viral from Monday’s car show, a woman wearing a T-shirt emblazoned with the words “The brakes don’t work” shouted similar accusations while staff and security struggled to restore calm.

Tesla on Tuesday apologised to Chinese consumers for not addressing the complaint in a timely way, and said it would launch a review of its service operations in the world’s biggest auto market.

However, the Xinhua news agency said Tesla’s apology fell short.

“A big company should have the responsibility of being a big company, no company can do whatever it wants,” it said in a commentary on Wednesday night.

“If a company does not rectify when it has a problem, if it does not change a problematic senior executive … it will eventually make mistakes again,” it said.

‘ARROGANCE’

On Monday, Grace Tao, a Tesla vice-president, told a local media outlet that “there is no possibility Tesla will compromise” and said the she suspected that there was someone putting the customer up to the protest. The interview prompted accusations of “arrogance” on Tesla’s part from state media.

Meanwhile, the Global Times published a story on a deadly accident reportedly involving a Tesla that “surfaced online on Wednesday,” which it said raises further Tesla quality control concerns.

Last month, Tesla came under scrutiny in China when the military banned its cars from entering its complexes, citing security concerns over cameras in its vehicles, sources told Reuters. Earlier this month, Tesla said cameras in its cars are not activated outside of North America.

Chinese internet users last month began calling for boycotts of brands including H&M, Adidas, and Nike over past statements saying they do not use cotton from Xinjiang, where some researchers and foreign lawmakers say authorities use coercive labour to meet seasonal needs, which China denies.

(Reporting by Shanghai and Beijing newsrooms; Editing by Hugh Lawson, Steve Orlofsky and Marguerita Choy)



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Dow Jones Futures: Stock Market Rally Enters Power Trend; Square, Snap Carve Handles; Are Apple, Tesla Next?


Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had another strong week, with the Dow Jones, S&P 500 index and Nasdaq 100 all hitting record highs.




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The stock market rally is now in what IBD’s Market School deems a Power Trend, meeting all the criteria. The Nasdaq composite is above the 50-day moving average and has held above the 21-day exponential moving average for 10 straight days. The 50-day line is in an uptrend and the 21-day line has now been above the 50-day for five straight days. A Power Trend is another signal that the current stock market rally, is in a strong uptrend.

But there are some signs that the market rally is getting too extended, with investors getting too bullish.

Sea Limited (SE), Square (SQ), Snap (SNAP), 10X Genomics (TXG) and Netflix (NFLX) have newly formed handles with buy points. Apple (AAPL), Amazon.com (AMZN) and Tesla (TSLA) are working on possible handles.

Keep in mind that Snap and Netflix earnings are on tap this coming week, while Apple stock, Amazon and Tesla are due the following week.


Why This IBD Tool Simplifies The Search For Top Stocks


Investors shouldn’t take these stocks and build a portfolio out of them, even if they all break out. Highly valued growth stocks have been laggards in the current market rally. Concentrating in any one sector or investing theme could leave investors exposed to a sell-off. A good example was Wednesday’s reversal in many story stocks, including Square, Snap, TXG and Tesla stock.

Focusing on one area could mean missing out on gains in other sectors, such as steel, housing retailers and financials, amid an ever-rotating stock market rally. Still, having a couple of these names — if they break out — is worth considering.

Meanwhile, Coinbase (COIN) is now a publicly traded company. The cryptocurrency exchange is highly profitable with booming growth. But investors shouldn’t jump into this new IPO right away.

Square stock is on IBD Leaderboard. Square and Snap stock are on the IBD 50.

Dow Jones Futures

Dow Jones futures will reopen at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


Market wizard Mark Minervini joins IBD Live Monday as the panel analyzes actionable stocks and the market rally.


Coronavirus News

Coronavirus cases worldwide reached 141.29 million. Covid-19 deaths topped 3.02 million.

Coronavirus cases in the U.S. have hit 32.37 million, with deaths above 580,000.

New U.S. Covid cases are picking up modestly, but deaths continue to slide. Most seniors have been vaccinated, while overall immunizations continue to ramp up.

But global new cases are right at prior highs, as infections surge in India, Brazil, Turkey, Argentina and Iran, with European cases still high. While the U.S. is on track to achieve herd immunity within a few months, vaccinations have barely started in much of the world.

Stock Market Rally

The stock market rally turned in solid weekly gains once again, with the Dow Jones and S&P 500 hitting fresh highs.

The Dow Jones Industrial Average rose 1.2% in last week’s stock market trading. The S&P 500 index climbed 1.4%. The Nasdaq composite advanced 1.1%, while the big-cap Nasdaq 100 rallied 1.45%. The small-cap Russell 2000 gained 1%.

The 10-year Treasury yield fell 9 basis points to 1.57%. The big decline came despite strong growth and inflation data. Bond traders apparently are not as worried about accelerating inflation. Booming economic growth and low interest rates is a recipe for broad-based market gains.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.9% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) rose 1.1%.  The iShares Expanded Tech-Software Sector ETF (IGV) popped 2.9%. The VanEck Vectors Semiconductor ETF (SMH) declined 1.4%.

SPDR S&P Metals & Mining ETF (XME) jumped 4.1% and Global X U.S. Infrastructure Development ETF (PAVE) added 1.3%. U.S. Global Jets ETF (JETS) sank 3.15%, as travel plays struggled.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) edged up 0.9% but pulled back from a 10-week line test on Wednesday. ARK Genomics ETF (ARKG) climbed 1.1%. Tesla is no. 1 holding for ARK Investments across its ETFs. Square stock also is a top five ARK Invest holding, while the ARKG ETF owns a fair stake in TXG stock. ARK has bought up significant COIN stock over various ETFs since Wednesday’s debut.

Growth Stocks With Handles

A handle is a good place to shake out weak holders. A proper handle needs to be flat to downward-sloping. It must be at least five days or one week long. And the midpoint of the handle should be above the middle of the base, limiting the overhead supply. The buy point is 10 cents above the top of the handle.

SE stock has a cup-with-handle base with a 258.70 buy point on a daily chart, according to MarketSmith analysis. On a weekly chart, there’s no handle, so the buy point would be 285.10. This is the first real base for SE stock in at least a year.

Square stock is working on a consolidation, nearing record highs. After rising for 10 straight sessions, SQ stock has pulled back in recent days. That could be healthy development.. On a daily chart, a proto handle still needs a couple of days to be proper. But on a weekly chart, SQ stock has a handle with a 278.23 buy point. On either a daily or weekly chart, the recent pullback came on light volume following some above-average volume up days.

Snap stock is working on a handle on a daily chart, but on a weekly chart it has a handle that’s just above the midpoint of the base. The buy point is 65.96. That possible buy point is just above the mid-March peak of 65.13, in what could be seen as a “W” in a double-bottom base. Investors also could view the current pattern as a cup base with 73.69 entry. Snap earnings are due Thursday night.

10X Genomics stock tried to break out on Wednesday past a 201.80 buy point, but like many growth plays reversed lower. On a daily chart, TXG stock might be forming a high handle with a 203.30 entry. Technically, 10X Genomics has a high handle on a weekly chart, because of the down week. But TXG stock’s “down week” was only off 0.3%.

Netflix stock has a handle on a weekly chart at 559.85. On a daily chart, NFLX stock is on track to have a handle after Tuesday, just in time for Netflix earnings after the close. Netflix is in a base going back to late January but really has been going sideways since last July. So its relative strength line has been trending lower over that time. Investors may want to see a powerful breakout before subscribing to Netflix stock. Even that’s no sure thing: NFLX stock gapped out of a base after Q4 earnings, but then quickly fell back.

Possible Handles

Apple stock technically is three days into a handle, but an investor has to squint to see it. AAPL stock could use a good shakeout in its handle attempt, perhaps with a weekly decline. But until then Apple stock has a cup base with a 145.19 buy point.

Amazon stock is working on a handle, though there hasn’t been much of shakeout. However, the top of this would-be handle came in just shy of the Feb. 3 peak of 3,434, signaling the importance of that key level. For now, investors could treat 3,434.10 as a buy point, as either an early entry on a consolidation going back to early September, or as the top of a cup base within that larger consolidation.

As with NFLX stock, Amazon has been going sideways essentially since last July, giving a woeful RS line.

Tesla stock jumped Monday and Tuesday, moving above its 50-day and 10-week lines as well as its March highs. But share reversed lower on Wednesday, starting a possible handle. A handle could be valid on a daily chart after Tuesday, but a bigger shakeout that shows up on a weekly chart could be healthy. A key negative: Tesla stock’s 50-day line has been in decline for more than a month.

Wait for COIN Stock IPO Base

Coinbase is a cryptocurrency exchange giant, minting real dollars for its digital asset trading. It’s getting a lot of attention and could have a bright future. But it’s not time to jump into COIN stock. It’s better to let a new stock find its footing and set up some sort of base. An IPO base can be very short, and are often highly volatile. But they offer a much-higher chance of success than buying an IPO in its debut or first few days, without any real chart pattern.

Coinbase opened Wednesday at 385, quickly ran up to 429.54, but then sold off. After that first hour of trading, COIN stock has only traded below 385. In the past two days, shares have never topped 350, closing Friday at 342. Anyone who bought COIN stock in the first few minutes is sitting on a big loss.

Market Rally Analysis

The stock market rally is now in a Power Trend, a positive signal. But the S&P 500 and Dow Jones are nearly 6% above their 50-day moving averages. That’s just shy of the 6% level suggesting they’re becoming extended. With Microsoft (MSFT), Google (GOOGL), Facebook (FB) and Nvidia (NVDA) hitting record highs and Apple, Amazon and Tesla rebounding, it’s not that surprising to see the major indexes separate from key levels.

But be on watch for a market pullback, even if it’s fairly modest. Along with ongoing market rally rotation, investors may want to be wary of adding significant new exposure in the very short term.

Other possible issues: Investor bullishness is relatively elevated, according to the Bulls vs. Bears reading and other psychological indicators. The rise in tech titans such as Apple is masking flat action in the Nasdaq advance/decline line.

Still, despite the ongoing sector shifts, a diverse group of stocks has taken advantage of the broad uptrend.

What To Do Now

We’ve gone from cyclicals to chips to big techs and back to cyclicals. Balanced leadership means you can avoid too much exposure to a sector just before a reversal. Keep a broad watchlist, not only for potential buys, but to help you be aware of which sectors are trending or lagging.

Go through your portfolio. You might consider taking partial profits into strength on some winning stocks. For stocks that are lagging or losing, how much patience do you give them?

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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