Bernstein says Musk was ' curt' and ' almost dismissive' on earnings call sees stock dropping nearly 30% Tesla Inc - Stock Markets HEAD TOPICS

Bernstein says Musk was ' curt' and ' almost dismissive' on earnings call sees stock dropping nearly 30%

10/21/2022 4:30:00 PM

Bernstein says Musk was curt and ' almost dismissive' on earnings call sees stock falling nearly 30%

Tesla Inc Stock Markets

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CNBC

Bernstein says Musk was curt and 'almost dismissive' on earnings call, sees stock falling nearly 30% Toni Sacconaghi, Bernstein senior research analyst who has a underperform rating on the EV player, said he's not pleased with Musk's performance on the call. WATCH LIVE Tesla 's quarterly revenue came in below expectations , and Elon Musk's remarks on the earnings call also seemed to upset a top tech analyst on Wall Street.Oct 20, 2022 at 5:45 pm Expand Cook County Board President Toni Preckwinkle, pictured Sept.While some on Wall Street appeared to take disappointing Tesla Inc.WATCH LIVE It's hard to say where Snap will go from here after its third-quarter results, according to Bernstein. Toni Sacconaghi, Bernstein senior research analyst who has a underperform rating on the EV player, said he's not pleased with the Tesla CEO's performance on the call. "Aside from the financials, the earnings call didn't sit well with us," Sacconaghi said in a note Thursday. (Erin Hooley / Chicago Tribune) With one day left until the application window closes, 206,000 people have so far put their names in for Cook County’s guaranteed income pilot program. "Answers to many questions on the earnings call were curt and almost dismissive, with CEO Musk instead repeatedly making very bold prognostications about Tesla's future and capabilities., was referring to Wednesday evening’s earnings call with Musk that followed third-quarter results that revealed car deliveries falling short of forecasts and gross-margin disappointment." The analyst said Tesla earnings call was less informative than usual with Musk dodging concerns and questions about demand, the potential for lower prices and details about Inflation Reduction Act.” Advertisement promisepilot. Instead, Sacconaghi said Musk tried to highlight Tesla's potential and aspirations. The analyst lowered his price target to $9 from $15, implying downside of 16. Musk said on the call Wednesday that he sees a potential path for Tesla to be worth "more than Apple and Saudi Aramco combined.gov until 11:59 p. Musk issued a forecast that Tesla would at some point be worth as much as the two most valuable companies in the world, Apple Inc." The CEO also said Tesla is "pedal to the metal" even with potential recession looming. Sacconaghi set his 12-month price target at $150 for Tesla, which would translate into a nearly 30% fall from Wednesday's close of $222. Friday.04. 2222, +0. The analyst said he continues to worry about demand levels even though Musk claimed his company had "excellent demand" and that it would continue to sell "every car we can make for the foreseeable future. The program is limited to those 18 or older with a household income at or below 250% of the federal poverty level — about $45,000 for a family of two and $81,000 for a family of five. Apple's data privacy update in 2021 that limited the ability of social media companies to track users online has continued to hurt the company. : "Lead times for cars have come down dramatically, especially in China, and we worry about weaker consumer spending and incremental competition," Sacconaghi said. "We believe that Tesla's order backlog declined in the quarter, pointing to orders lagging current production rates. Advertisement Preckwinkle has pledged to continue the program after its two-year run, and has suggested revenues from cannabis taxes might help fund it going forward. So far this year, Tesla’s stock has had a bumpy ride, about 37% lower." Apparently this is not the first time Sacconaghi was annoyed by Musk's comments on Tesla's earnings call. In the second quarter, Musk had cut Sacconaghi off when he asked a question about lowering capital expenditure, and the CEO called his question "boring" and "bonehead.2 million by the end of the year, a number expected to grow on average 13% annually through 2027, as more dispensaries launch." Tesla did not immediately respond to CNBC's request for comment.47 per share." Morgan Stanley remained underweight on the company, saying the company is dealing with "over reliant on branded, less proven spend, high execution risk with management/strategic change" against a more challenging economic backdrop. — CNBC's Michael Bloom contributed report.” Preckwinkle is up for re-election in November for a fourth term leading the 17-member board. . Read more:
CNBC » Cook County’s guaranteed income plan draws 206,000 applicants. Friday is the last day to apply before 3,250 recipients are selected. Annoyed by 'curt and almost dismissive' Elon Musk, one Wall Street analyst sees cracks emerging in Tesla Bernstein downgrades Snap, says it's unclear what's next for the social media stock after latest earnings Elon Musk Says Tesla Is ‘Pedal to the Metal' Even With Potential Recession Looming

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Candidate for U.S. Representative in New York, Tina Forte calls out opponent Alexandria Ocasio-Cortez for her refusal to debate, her radical leftist policies... Read more >> Cook County’s guaranteed income plan draws 206,000 applicants. Friday is the last day to apply before 3,250 recipients are selected.The cash handouts have been funded by federal COVID-19 money but cannabis taxes could a future funding source, Toni Preckwinckle says. 'Cook County’s guaranteed income plan draws 206,000 applicants. Only 3,250 will be selected.' Lower win rate than applying to be on 'jeopardy ' Is Covid money ? Just hand out money that doesn't generate output during a time of high inflation, what could possibly go wrong? Annoyed by 'curt and almost dismissive' Elon Musk, one Wall Street analyst sees cracks emerging in Tesla“Answers to many questions on the earnings call were curt and almost dismissive, with CEO Musk instead repeatedly making very bold prognostications about Tesla’s future and capabilities,” an analyst said as he rang alarm bells. Soo he blame Elon for a faulty gouvernement crazy Bernstein downgrades Snap, says it's unclear what's next for the social media stock after latest earningsThe firm lowered its rating after Snap reported poor third-quarter revenue results and softer user engagement numbers. Elon Musk Says Tesla Is ‘Pedal to the Metal' Even With Potential Recession LoomingOn Tesla’s third-quarter earnings call, CEO Elon Musk told analysts how his car company plans to continue expanding regardless of what happens with the economy. WATCH LIVE Tesla 's quarterly revenue came in below expectations , and Elon Musk's remarks on the earnings call also seemed to upset a top tech analyst on Wall Street.Oct 20, 2022 at 5:45 pm Expand Cook County Board President Toni Preckwinkle, pictured Sept.While some on Wall Street appeared to take disappointing Tesla Inc.WATCH LIVE It's hard to say where Snap will go from here after its third-quarter results, according to Bernstein. Toni Sacconaghi, Bernstein senior research analyst who has a underperform rating on the EV player, said he's not pleased with the Tesla CEO's performance on the call. "Aside from the financials, the earnings call didn't sit well with us," Sacconaghi said in a note Thursday. (Erin Hooley / Chicago Tribune) With one day left until the application window closes, 206,000 people have so far put their names in for Cook County’s guaranteed income pilot program. "Answers to many questions on the earnings call were curt and almost dismissive, with CEO Musk instead repeatedly making very bold prognostications about Tesla's future and capabilities., was referring to Wednesday evening’s earnings call with Musk that followed third-quarter results that revealed car deliveries falling short of forecasts and gross-margin disappointment." The analyst said Tesla earnings call was less informative than usual with Musk dodging concerns and questions about demand, the potential for lower prices and details about Inflation Reduction Act.” Advertisement promisepilot. Instead, Sacconaghi said Musk tried to highlight Tesla's potential and aspirations. The analyst lowered his price target to $9 from $15, implying downside of 16. Musk said on the call Wednesday that he sees a potential path for Tesla to be worth "more than Apple and Saudi Aramco combined.gov until 11:59 p. Musk issued a forecast that Tesla would at some point be worth as much as the two most valuable companies in the world, Apple Inc." The CEO also said Tesla is "pedal to the metal" even with potential recession looming. Sacconaghi set his 12-month price target at $150 for Tesla, which would translate into a nearly 30% fall from Wednesday's close of $222. Friday.04. 2222, +0. The analyst said he continues to worry about demand levels even though Musk claimed his company had "excellent demand" and that it would continue to sell "every car we can make for the foreseeable future. The program is limited to those 18 or older with a household income at or below 250% of the federal poverty level — about $45,000 for a family of two and $81,000 for a family of five. Apple's data privacy update in 2021 that limited the ability of social media companies to track users online has continued to hurt the company. : "Lead times for cars have come down dramatically, especially in China, and we worry about weaker consumer spending and incremental competition," Sacconaghi said. "We believe that Tesla's order backlog declined in the quarter, pointing to orders lagging current production rates. Advertisement Preckwinkle has pledged to continue the program after its two-year run, and has suggested revenues from cannabis taxes might help fund it going forward. So far this year, Tesla’s stock has had a bumpy ride, about 37% lower." Apparently this is not the first time Sacconaghi was annoyed by Musk's comments on Tesla's earnings call. In the second quarter, Musk had cut Sacconaghi off when he asked a question about lowering capital expenditure, and the CEO called his question "boring" and "bonehead.2 million by the end of the year, a number expected to grow on average 13% annually through 2027, as more dispensaries launch." Tesla did not immediately respond to CNBC's request for comment.47 per share." Morgan Stanley remained underweight on the company, saying the company is dealing with "over reliant on branded, less proven spend, high execution risk with management/strategic change" against a more challenging economic backdrop. — CNBC's Michael Bloom contributed report.” Preckwinkle is up for re-election in November for a fourth term leading the 17-member board. .