Tesla BOMBS in after-hours trading

The victim of its own price war? ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Tesla was down big time in after-hours trading as it suffered blowback from its price war. The good news for the company is that revenue and profits from the first quarter actually came in pretty close to expectations. The bad news... well... Net income was down 24% from last year. Earnings per share were exactly what was expected and revenue was actually slightly higher, but the trend still wasn't good. "Tesla helped kick off an EV price war," smirked CNN (no fan of Elon Musk). "Now, those lower prices are hitting the company's sales and profits." The gross profit margin was just over 19%, which is the lowest profit margin since the end of 2020 and problems caused by the pandemic. The stock was down more than 2% during the trading day yesterday and more than 6% in after-hours trading. Elon Musk reportedly leaned on full autonomy as the cure to Tesla's problems. "Of course, rational people know that is not the truth, and Tesla's stock price fell more as the call ended," said Marketwatch, "with that as basically the only answer to legitimate concerns about the EV maker's changing margin profile." Could this be the end for Tesla? Certainly not and only a fool would dismiss Elon Musk. Still, investors need to be aware of the powerful enemies Elon Musk has made as he learns rightward in an increasingly left-wing American corporate and media culture. When it comes to time, Musk is spending more and more trying to turn Twitter around. (Just look at his feed.) Finally, remember Charlie Munger's comment that BYD is so far ahead of Tesla in China that "it is ridiculous." Tesla may still have a bright future, but for those who want to buy at the dip, consider waiting a moment... This EV maker may have farther to fall, and plenty of people cheering for it to do so. Keep Moving, Corey Snyder Publisher, Rogue Investing WORD ON THE STREET ESPN Cutting Jobs, Biden Dismisses McCarthy, Fox Still On Hook - Big Mouse Demands Sacrifice - Disney is the parent company of EPSN, and that means the sports media company needs to share some of the pain of the cost cutting effort. ESPN will reportedly begin layoffs early next week - and some on-air talent will be cut. Start your betting bool about who survives! - "Take Default Off The Table" - President Joe Biden shrugged off Speaker of the House Kevin McCarthy's plea to consider spending cuts. "Take default off the table and let's have a real serious, detailed conversation about how to grow the economy, lower costs, and reduce the deficit," he said. Biden took care to link the GOP to former president Donald Trump, saying, "MAGA Republicans in Congress are threatening to default on the national debt." - Smartmatic Lawsuit Looms For Fox - Though Fox has paid $787.5 million to settle a lawsuit with Dominion, Fox is still facing a $2.7 billion lawsuit from Smartmatic USA. The case is moving slower than the Dominion case, with some analysts estimating that it is about a year behind. - IBM Impresses On Earnings - IBM reported better than expected first quarter earnings, with $1.36 per share instead of the $1.26 per share that was expected. Revenue was actually slightly below expectations. However, the company warned about troublesome economic circumstances. "We are seeing some deceleration in consulting from the previous robust growth levels, especially in the United States," said CEO Arvind Krishna. HOT SPOTS: What's Going on in Geopolitics - US Intercepts Russian Jets - American fighter jets intercepted Russian bombers flying near Russia earlier this week. "The Alaskan Region of North American Aerospace Command (NORAD) detected, tracked, positively identified and intercepted two Russian aircraft entering and operating within the Alaska Air Defense Identification Zone (ADIZ) on April 17, 2023," said NORAD. The aircraft were identified as Tu-95 strategic bombers. - At Least 78 Killed In Stampede In Yemen – Gunfire and an electrical explosion caused havoc at an aid distribution center in Yemen's capital of Sanaa. At least 79 people were killed after Houthis fired into the air to control a crowd, inadvertently blowing up an electrical wire. - Consumer Financial Protection Bureau Employee Does The Opposite Of His Job - An employee at the CFPB mailed records containing the personal information of about 256,000 to a personal email account. Though there's no evidence the information leaked beyond that, the employee no longer works for the CFPB. Well, good. CUTTING EDGE: What[']( )s Happening In Tech - WeWork Building Has Seen Better Days - 25 Taylor Street in San Francisco, once the headquarters for WeWork, is now a sad indicator of the collapse of Silicon Valley. In 2014, the building was valued at $28.1 million. Now, however, it is valued at just $9.5 million. (And that's in an age of inflation!) - Record Label Complains About Fake Drake Song – At the request of Universal Music Group, platforms across the Internet removed "Heart on My Sleeve," a song that sounded like it was from Drake. Of course, it wasn't - it's from someone named Ghostwriter777, who used AI. UMG complained this was a "violation of copyright law." - Taylor Swift Dodges Crypto Trap - While celebrities are being dragged before various regulatory bodies for signing on to shady crypto deals, Taylor Swift is not one of them. Though she was reportedly offered a $100 million sponsorship deal with FTX, Swift sidestepped what could have been a catastrophe. "Can you tell me that these are not unregistered securities?" she asked. Many other celebrities are no doubt wishing they asked the same. "Taylor is smart and her father is a well-regarded investment banker," tweeted Elon Musk in response to the story FOR YOUR CONSIDERATION --------------------------------------------------------------- "It’s no secret that competition within the streaming market is heating up…That leaves Netflix [NFLX] , which is in an extremely difficult position." Have a Netflix account? Well, bad news - the service is about to crack down on how you use your password. Have some Netflix stock? That might even be worse news. Don't miss Mr. X on the obstacles the streaming giant faces in what's becoming a war for the streaming market. [THE STREAMING ARMS RACE]( ) Enjoying Dawn Report? Learn something, made some money? 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