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10:03 a.m. ET: Tesla’s stealth bull market
Jim Chanos and David Einhorn, please call your respective offices: Tesla’s (TSLA) stock is on a tear, having hit new intraday highs above $387 and up 2% on the day (H/T CNN’s Paul Lamonica):
New all-time intraday high for Tesla. $TSLA up 2% today and hit $388.15, topping peak price from Aug. 2018. Stock up 16% YTD.
— Paul R. La Monica (@LaMonicaBuzz) December 18, 2019
On Wednesday, Bloomberg reported that Tesla was weighing a price cut on its China-built Model 3 sedans by 20% or more next year, citing people familiar with the matter. It’s a bet to lure in more buyers in the world’s biggest market for electric vehicles.
Still, given the volatile nature of 2019 — including an ugly Q1 miss in which it burned through cash and the ignominious unveiling of its long-hyped cybertruck — the carmaker’s ear-to-date gain of 16% is even more impressive. The stock is now just shy of an all-time high at $389.61.
Somewhere, CEO Elon Musk is surely smiling, given his relentless campaign against bearish investors trying to short the stock.
9:55 a.m. ET: Like a Phoenix from the ashes
Whether you’re looking to buy or rent, Phoenix has always been seen as one of the more desirable and affordable U.S. metro areas, according to the National Association of Realtors. The NAR’s chief economist tells Yahoo Finance that the Valley of the Sun’s thriving jobs market, a hot housing market and a great climate.
9:45 a.m. ET: Deutsche says go long on Facebook
Despite all kinds of legal, regulatory and political headaches, Facebook (FB) is Deutsche Bank’s top large cap pick for 2020, the bank said in a research note. It upped the stock’s price target to $270, from $260, amid what it called “renewed strength in the core Facebook app becoming a critical leg of the story,” as well its redoubling of video and algorithms for ads and content.
But wait, there’s more:
Not only has Facebook used its massive audience in its core product to scale new surfaces and experiences, but the company has managed several large transitions - the original rollout of news feed in 2006, the shift to mobile during the IPO in 2012, and more recently the shift to the Stories format. Looking at specific initiatives, in Marketplace the company has added premium inventory from established [third party] vendors, improved the search and discoverability on the platform (Figure 9), and streamlined the payment flow through Facebook Pay...
Aside from eCommerce, the company's work around Groups, Stories, and Watch have improved engagement trends in the core. We also see these new products increasing the utility nature of the platform, which helps with frequency and build durability. Net- net, we feel increasingly comfortable the strength in core Facebook -app engagement, ad impression growth and monetization – can continue over the medium term. As this becomes more clear over the course of the next few quarters, we see investors gaining comfort in terminal value in the core Facebook app and driving multiple expansion on, top of revenue and EPS upside captured in our above-consensus estimates for 2020 23.6% constant currency ad revenue growth estimate vs Street at 21%.
The stock traded up nearly 2% in early dealings, near $202.
9:30 a.m. ET: Stocks shrug off FedEx, Trump woes; aim for new highs
Wall Street was poised to build on Tuesday’s gains that carried major indices to new record highs, opening modestly higher at Wednesdays opening bell. Investors shrugged off bad news that included another negative profit outlook from FedEx (FDX), and Congress’ move to impeach President Donald Trump.
Here’s where markets began trading Wednesday:
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S&P 500 (^GSPC): +0.13%, or 4.09 points
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Dow (^DJI): +0.10%, or 29.08 points
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Nasdaq (^IXIC): +0.19%, or 17.03 points
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10-year Treasury yield (^TNX): flat to 1.8920%
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Gold (GC=F): -0.22% to $1,477.20 per ounce
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Brent Crude (CL=F): -0.67% to $60.53
With GOP support in the Senate relatively strong, market observers don’t expect the House’s impeachment of Trump to result in his removal from office. Meanwhile, the delivery giant reported earnings late Tuesday that missed expectations, citing “weak global economic conditions” and feeling the sting from having lost business from Amazon (AMZN).
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