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Tesla stock is weak again despite the likelihood CEO Elon Musk will step down as head of Twitter and earnings estimates for 2023 staying stable.
Investors are perplexed, but traders know why. Investors can’t, or shouldn’t, ignore the stock chart.
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Ford Motor
has a legal hearing set to start Monday related to a product liability case that resulted in a $1.7 billion punitive award against the auto maker. Investors seem to be a little nervous about the Georgia case. They probably don’t need to be — yet.
The award was part of a jury verdict that held, in part, Ford (ticker: F) was responsible for insufficient roof strength of its super-duty trucks. Two people were killed in 2014 after their super-duty truck rolled over. Ford maintains that its design is sound.
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By Robb M. Stewart
OTTAWA–Producer prices in Canada eased in November, led by energy products, and Canadian companies paid slightly less for raw materials.
Statistics Canada’s industrial product price index fell 0.4% in November from the month before, when the index advanced 2.4%. On a 12-month basis, the producer-price index increased 9.7%.
Excluding energy products, producer prices were unchanged on-month in November, the data agency said.
Energy and petroleum products prices fell 2.7% from the month before, with prices for finished motor gasoline and diesel fuel both lower. Market data show that the downward trend continued into the first half of December, Statistics Canada said.
The price of softwood lumber was down for a fourth consecutive month in November, in part a reflection of a cooling housing market in Canada and the U.S., and prices for motorized and recreational vehicles also slipped from October, the agency said. Prices rose for primary non-ferrous metal products, in part due to the appreciation of the Canadian currency against the U.S. dollar.
The industrial product price index measures the prices that manufacturers in Canada receive once their goods leave the plant. It doesn’t reflect the final prices consumers pay for goods on store shelves.
The raw materials price index, which tracks prices paid by manufacturers, was down 0.8% from October, driven by a fall in crude energy products that more than offset the largest month-over-month increase in prices for natural gas since the agency began measuring the index in 1980. Compared with a year earlier, prices for raw materials were up 8.0% in November.
Annual consumer inflation held steady in October after peaking in June, Statistics Canada said last month. The agency will release November’s consumer-price index on Wednesday.
The Bank of Canada, like the Federal Reserve, has aggressively raised interest rates this year to tackle inflation but recently signaled the rate cycle may be coming to an end. The central bank this month again lifted its monetary policy rate, bringing the cumulative increase this year to 4 percentage points for a key rate of 4.25%, the highest level in almost 15 years.
Write to Robb M. Stewart at robb.stewart@wsj.com
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There is little time off for investors following
Tesla
these days. The weekend before Christmas is no exception. In the past couple of days, there have been more tweets about
Tesla
‘s management. Investors have also learned where
Tesla
might put its next manufacturing plant. And Elon Musk has a finance lesson for investors.
“Securities Analysis 101,” tweeted out the Tesla (ticker: TSLA) CEO on Saturday. “As the ‘risk-free’ real rate of return from Treasury Bills approaches the much riskier rate of return from stocks, the value of stocks drop. For example, if T-bills and stocks both had a 10% rate of return, everyone would just buy the former.”
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During the wildest year for global markets since 2008, individual investors have been doubling down on stocks. Many professionals, on the other hand, appear to have bailed out.
U.S. equity mutual and exchange-traded funds, which are popular among individual investors, have attracted more than $100 billion in net inflows this year, one of the highest amounts on record in EPFR data going back to 2000.
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We all make mistakes—but the Federal Reserve may be making a bigger one than most. That could mean another difficult year for the stock market in 2023.
Those concerns were front and center this past week, following the Federal Open Market Committee’s December meeting. The Fed didn’t do anything to surprise the market as it raised the federal-funds rate by a half-point, just as everyone expected, and suggested a terminal rate of just over 5%, a level investors had slowly come around to. But the dot plot reflected the Fed’s belief that rates would have to go high and stay high, while Chairman Jerome Powell continued to strike a hawkish tone.
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By Xavier Fontdegloria
Switzerland’s National Bank on Thursday increased interest rates for a third consecutive time in as many meetings, but slowed the pace of rises as inflation pressures moderated.
The Swiss central bank increased its policy rate by 50 basis points, to 1.0%, after a larger increase of 75 basis points at its September meeting.
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https://www.barrons.com/articles/tesla-rivian-lucid-stock-ev-demand-51671055341
Eventually supply and demand realities catch up with everyone—even
Tesla
Morgan Stanley analyst Adam Jonas looked into 2023 and sees some concerning signs for electric-vehicle makers.
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To start 2023, investors will have a choice to invest in a brand new $18 billion company with some 50,000 energized employees and a plan to create shareholder value.
To close out 2022, that company—GE HealthCare—is on the road, introducing itself to investors. With each new detail that emerges investors get a better sense of where the new stock should trade.
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Oracle
shares were moving higher late Monday after the company posted better-than-expected financial results for its latest quarter. The enterprise software giant continued to see success in shifting more of its business to the cloud during the period.
“Simply put, we had an outstanding quarter,” Oracle CEO Safra Catz said on a call with analysts. “More and more customers are recognizing our second generation infrastructure cloud as being better architected for higher performance, better security and unmatched reliability” than other cloud providers.
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Things tend to slow down for the holidays. The stock market isn’t there yet.
With Christmas just a couple of weeks away, it’s easy to look ahead to candy canes, caroling, and presents under the tree, but there’s still work to be done. The coming week certainly won’t be boring, with highly anticipated inflation data and a Federal Reserve decision on back-to-back days. The two events will do much to determine the direction of the market for the coming weeks—a deeper slide or a resumption of the Santa Claus rally.
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Headwinds for
Tesla
—and its stock—appear to be growing. The latest may be among the biggest concerns of all for the company.
Bernstein analyst Toni Sacconaghi wrote Tuesday that
Tesla
(ticker: TSLA) “increasingly appears to have a demand issue.”
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By Colin Kellaher
Shares of BioVie Inc. rose sharply in premarket trading Tuesday after the clinical-stage biopharmaceutical company reported positive results from a pair of Phase 2 studies assessing the potential of its NE3107 drug candidate in Parkinson’s disease and Alzheimer’s disease.
The Carson City, Nev., company said the study of NE3107 in Parkinson’s met both main objectives, with patients treated with a combination of the drug and levodopa seeing meaningful improvements in their motor score and an absence of adverse interactions of NE3107 with levodopa.
BioVie said that based on the study findings, it will proceed with planning the Phase 3 program for discussion with the U.S. Food and Drug Administration.
Meanwhile, BioVie said patients treated with NE3107 in the Alzheimer’s study experienced improved cognition and biomarker levels, with no drug-related adverse events observed.
BioVie shares, which closed Monday at $5.21, were recently up 15% to $5.98 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
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Stock futures traded lower Monday as investors remained keyed on interest rate policy from the Federal Reserve and as a surge in China stocks over a loosening of Covid-19 restrictions in the country failed to boost U.S. equities.
Here are some stocks that could make moves Monday:
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