A Warning From Elon Musk

By George Banko

October 19, 2023

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures improved their gains on Thursday. In an attempt to rebound from the most recent selloff, investors are awaiting a speech by Federal Reserve Chair Jerome Powell to check-in on the state of interest rate hikes.

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Here’s a look at the top-moving stocks this morning.

Tesla (Nasdaq: TSLA)

Tesla is down 6.14% premarket after warnings from CEO Elon Musk regarding the cybertruck. Musk mentioned that the cybertruck will hold a delivery event on Nov. 30, but it’ll be 12-18 months before it’s a positive cash flow contributor. He also added that ramping up production will be “extremely difficult” and plans to create a Mexico EV factory will be delayed until at least 2026.

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Netflix (Nasdaq: NFLX)

Netflix is up 12.79% premarket after the streaming giant reported a surge in subscribers. Third quarter earnings of $3.73 per share was better than the $3.49 Wall Street was expecting. The company added 8.76 million subscribers in the quarter, far more than the 6.2 million that had been expected.

Taiwan Semiconductor Company (NYSE: TSM)

Taiwan Semiconductor Company is up 3.01% premarket after the world’s largest contract chip manufacturer gave an upbeat outlook heading into 2024. Taiwan Semiconductor is a major supplier for Apple and Nvidia, and the company reported net profits fell to $211 billion in July-September, which was down from $280.9 billion a year earlier. However, CEO C.C. Wei mentioned that they’re starting to see demand “stabilize in the PC and smartphone market” and expect profits to bounce back in the near future.