Tesla's Robotaxi Delay

Plus, Solana's market fluctuations.

July 12, 2024

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Today is Friday, July 12, 2024.

The Early Bird Index today is 76.31.

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Tesla's Robotaxi Delay

Shares of Tesla (Nasdaq: TSLA) fell 8.44% on Thursday followed by another 1.78% in after-hours trading due to a negative report about the company.

Details: Bloomberg reported that Tesla is postponing its planned robotaxi launch. Instead of an August launch, it will come out in October.

  • The decision to delay was reportedly made so Tesla employees would have more time to build additional prototypes.

  • This delay has been communicated internally, but Tesla did not comment on the report.

Background: Tesla has hyped its new robotaxi for nearly a decade, only to continue the empty promises each year. Investors assumed that August would finally be the big reveal.

Early Bird’s Nest Egg Gains: The robotaxi is crucial to Tesla’s long-term strategy.

  • According to Cathie Wood, the robotaxi market could generate $8 to $10 trillion in revenue globally by 2030.

  • Tesla has the infrastructure to design and manufacture robotaxis, giving it a competitive advantage over traditional automakers.

  • Operating a robotaxi fleet would allow Tesla to collect massive amounts of real-world driving data to further improve autonomous driving technology.

Final Thoughts: Tesla’s stock is now negative for the year because of this report.

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Notables

Notable Earnings Today: JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C), Bank of New York Mellon (NYSE: BNY), Fastenal (Nasdaq: FAST), Ericsson (Nasdaq: ERIC).

Notable IPOs Today: FirstSun Capital Bancorp Common Stock (Nasdaq: FSUN), Icon Energy Corp. Common stock (Nasdaq: ICON), Launch One Acquisition Corp. Unit (Nasdaq: LPAAU).

Notable Equity Crowdfunding Campaigns Ending Today: Palomino The Movie (Rise Up Crowdfunding), SwingVision (Wefunder).

Notable Economic Events Today: Producer Price Index / Core PPI (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET), WASDE Report (12:00 p.m. ET).

Solana's Market Fluctuations

Source: Solana

Despite some positive momentum, the price of Solana dropped 3% Thursday, lower than most other cryptocurrencies.

Details: Asset managers recently filed paperwork for spot Solana ETFs (exchange-traded funds), a positive development. In the past 7 days, Solana is up 9%.

Final Thoughts: Thursday’s decrease is part of normal market fluctuations. There’s a lot of positive momentum in altcoins for the next few weeks.

Five9 Might Be Considering Sale

The call center software company Five9 (Nasdaq: FIVN) ticked up 1.05% in after-hours trading on Thursday due to a positive report.

Details: Reuters reported that investment firm Anson Funds Management amassed a stake in Five9 and is urging the company to consider a sale. The company did not respond to the report.

Final Thoughts: Five9 is down 45% this year, including a 4% drop in the last 30 days.

Beautiful Retirement: Estée Lauder Finance Chief Tracey Travis to Retire (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.