Beat the street: Traders on alert for mega earnings; Tesla; Apple
US stocks look set to bump higher ahead of a mega earnings week punctuated by GDP and inflation readings. Tesla kicks off earnings flood a day after the company cut prices for some of its models.
General Motors beats the street. Apple’s Q1 smartphone shipments in China tumble 19%. We discuss how to trade the iPhone maker with IGTV’s Jeremy Naylor.
(AI Video Summary)
A major earnings week
In today's edition of "Beat the street", Angeline Ong discusses the anticipation ahead of a significant earnings week with major companies like Tesla, Microsoft, Meta, and Alphabet reporting. Tesla reports a decrease in earnings and revenue, impacted by price cuts and layoffs, indicating a transitional phase with scaled production of the Cybertruck but abandoning plans for a low-cost EV. Also highlighted is Micron's $100 billion mega fab plan in New York, growth in PepsiCo's Q1 revenues, and a 19% decline in Apple’s first-quarter smartphone shipments in China indicating a strategic shift towards other markets like India.
Stock performances
The episode also covers stock performances, with Tesla shares down 40% yearly and General Motors shares up over 20% year-to-date. The show concludes with a projection on the stock market, focusing on Apple's and Visa's performance, and provides trading insights, including Bitcoin's rally, hinting at a cautiously optimistic start to the trading session.
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