EV Stocks Slide, Social & Tech Stocks in Focus and More Stories
EV Stocks Slide, Social & Tech Stocks in Focus and More Stories
Vonetta Logan's weekly recap of the big business, news, markets, political, cultural and viral trending stories featured this week on Daily Dose
What’s up tastynation! Welcome to this week’s edition of Weekly Dose! Each week, I recap the top stories that I covered on Daily Dose. If you missed any eps of Daily Dose you can catch up on them here.
I’m back after being off last Friday. How old is too old for an Easter basket? Asking for a friend.
Who has exciting plans for the eclipse? This graph showing sold out Airbnb (ABNB) rentals perfectly lines up with the path of the eclipse. I hope the weather cooperates on Monday for everyone. Just remember you’re not supposed to stare directly at it unless you’re wearing protective eyewear. The same rules apply to starting directly at Tom.
Let’s get to this week’s recap.
EV stocks get less electric
All eyes were on Tesla (TSLA) this week as the electric car manufacturer was on the clock to report its Q1 deliveries. The bar was already low before the number came out, but somehow Tesla still managed to disappoint.
Tesla reported first-quarter vehicle deliveries of 386,810, a drop of 8.5% from the same quarter last year. Tesla’s deliveries for the quarter fell far below even the most bearish of analysts’ expectations. That bummer of a press release brought down not only Tesla, but even comparatively good news from competitors couldn’t escape the dark cloud hanging over the titular leader.
Rivian (RIVN) delivered 13,588 vehicles in the first quarter beating estimates for quarterly deliveries, fueled by strong demand for its electric pickup trucks and SUVs, although its shares fell 5% as Tesla's weak numbers fanned concerns about an EV market slowdown. The disappointing numbers of course sent analysts running for the exits which led to several downgrades of Tesla this week. One outspoken Tesla bear was like “this stock is going to $14.”
Meanwhile, Ford (F) announced it would delay the release of an all-electric SUV and will instead focus on hybrid vehicles.
EV prices fall—a lot
The EV manufacturer news was coupled with the release of a study this week that analyzed the value of EVs.
The study, from from iSeeCars.com, showed that the average price of an EV fell 31.8% in the past year compared to just 3.6% for internal combustion engine vehicles. The fast depreciation rate could dissuade car buyers from choosing EVs over internal combustion engine vehicles.
But the final death knell seemed to ring on Friday morning as I was procrastinating, I mean writing this blog. “Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters.”
Tesla’s stock started the week around $174 a share, it looks to finish out the week at around $167. Tesla is set to report earnings on April 17. Hopefully, we all won’t be April fools.
Social shenanigans
Remember back in the day, there used to be a Jeopardy! category simply called “potpourri. I imagine it occurred when the Jeopardy! writers were fresh off a three-day bender and weren’t quite sure what to do with all the random bits of facts they had. Hi! It’s me. I’m the Jeopardy! writers this week. So here is my spicy potpourri of social/tech stock shenanigans.
Alphabet's Google (GOOGL) came in hot this week telling the world that “Incognito” mode on your browser doesn’t do what you think it does. Uh, hold on just a sec **frantically clears cache.**
Spotify's (SPOT) stock surged 8% this week as the music streaming site announced it would probably raise prices on its premium subscriptions.
Apple (AAPL) tried to gain some traction in the markets this week by announcing a potential line of personal home robots. Engineers have been looking into a robot that can follow users around their homes, as well as a tabletop device that uses robotics to adjust a display screen, Bloomberg reported, citing people familiar with the research team.
Newly minted meme stock Trump Media (DJT) continued its downward trajectory this week as investors realize the company is not very good at businessing. If you too want to get short DJT, it’ll cost ya.
Analysts also initiated coverage this week on another hot meme stock, Reddit (RDDT). Bernstein and Baird issued its first ratings on the stock on Wednesday, while Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan (JPM) and Bank of America (BAC) will wait until mid-April as the Wall Street banks were underwriters for Reddit's IPO. Analysts are wary about Reddit’s ability to turn dank memes into gold.
Disney (DIS), after successfully vanquishing an activist investor this week, also announced it was cracking down on password sharers. Those two “threats” seem vastly different, but what the heck do I know?
TikTok,hopes to forestall an outright ban in the United States, got busy this week posting economic impact statements. TikTok touts the platform generated $14.7 billion for small- to mid-size businesses (SMBs) last year, and a further $24.2 billion in total economic activity, supported through small businesses' use of TikTok.
Finally, rounding out the social shenanigans this week we have Meta (META). Meta started the week by addressing a class-action lawsuit in which Facebook users alleged that Netflix (NFLX) had access to their private DMs to glean info on what shows to recommend. According to the lawsuit, “Facebook secretly signed whitelist and data-sharing agreements” with Netflix, along with “dozens” of other third-party app developers. Also this week, Meta announced a new video player that shockingly looks exactly like TikTok. But blatant copy-catism and pesky lawsuits couldn’t stop Meta. The stock reached a new intraday high on Thursday. The stock is now up about 45% for the year after almost tripling in 2023. I hate it here.
Random chicanery
These are my favorite funny stories of the week
That’s it for this week! See ya next week!
Vonetta Logan has more than a decade of markets experience and has been a trader for five years. She is an on-air personality, creative writer and news correspondent at tastylive. Vonetta appears Monday-Friday on Daily Dose and contributes to Luckbox Magazine. @vonettalogan
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