Tesla CEO Elon Musk introduced the Cybercab, a vehicle consumers could purchase for under $30,000.<p></div></div></div><div class=
Tesla CEO Elon Musk introduced the Cybercab, a vehicle consumers could purchase for under $30,000.

Tesla

Tesla falls after robotaxi event

Tesla shares sank 8% after a disappointing robotaxi event.

Tesla CEO Elon Musk introduced the Cybercab, a vehicle consumers could purchase for under $30,000. Tesla aims to begin production before 2027.

Related: Analyst unveils bold ‘Apple-esque’ Tesla stock forecast

JP Morgan describes the event as “underwhelming” and maintains an underweight rating with a $130 target on the stock.

The firm said the event lacked important details on sensors, regulatory approval, and business plans. Tesla’s decision to sell robotaxis to individuals rather than only for its own use may reduce investor optimism, shifting focus from long-term returns to up-front vehicle sales, the analyst said.

Tesla stock is down nearly 12% year-to-date.

AMD gains after new AI chip launch

Advanced Micro Devices added 3% after the company launched a new artificial intelligence chip that directly competes with Nvidia.

The new chip, Instinct MI325X, will start production before the end of 2024, AMD said on Oct. 10.

Related: Analysts reset AMD stock outlooks after AI acquisition

Piper Sandler raised AMD’s price target to $200 from $175 and kept an overweight rating after the event, thefly.com reported.

Piper notes that AMD raised its projected AI accelerator market size to $500 billion by 2028, up from $400 billion by 2027, and believes AMD will capture a “significant share.”

The firm views AMD as well-positioned in the data center market and considers it their top large-cap stock pick.

Wells Fargo jumps after earnings

Wells Fargo gained 6% after the banking company reported Q3 earnings that exceeded expectations.

The company earned $1.52 per share, higher than the $1.28 expected. Revenue of $20.37 missed the $20.42 billion forecast.

Wells Fargo reported $11.69 billion in net interest income, down 11% from the year-earlier quarter and short of analysts’ estimate of $11.9 billion. The bank attributed the decline to increased funding costs as customers moved to higher-yield deposit products.

More Wall Street Analysts:

“Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others,” CEO Charles Scharf said in a statement.

“Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds,” he said.

Wells Fargo stock is up 24% year-to-date.

Related: Veteran fund manager sees world of pain coming for stocks

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision