Tesla Drops + A Tiny Stock Rallies 161%

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

After a bullish day yesterday tech stocks pulled back fairly heavy today with the S&P500 and NASDAQ both closing in the red.

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Market-Moving News 📈

Tesla Shares Drop 6% After Robotaxi Unveiling Delay

📉 Stock Plunge Amidst Delay

Tesla's stock fell approximately 6% on Thursday following a Bloomberg report that the electric vehicle maker is delaying the unveiling of its Robotaxi by two months.

🚗 Delayed Launch Details

Initially set for an August 8 introduction, Tesla has postponed the launch to October to allow more time for prototype development, according to Bloomberg, citing sources familiar with the situation.

Tesla did not immediately respond to CNBC's request for comment.

📈 Recent Rally Reversed

The stock drop on Thursday came after an 11-day rally driven by a better-than-expected second-quarter deliveries report, which had previously erased the stock's losses for the year. However, the shares are now back in negative territory for 2024, a year that has seen significant layoffs and a decline in sales due to an aging lineup of EVs and increased competition in China.

🤖 Musk's Robotaxi Promises

Tesla CEO Elon Musk has long promised shareholders a robotaxi. In 2015, he claimed Tesla’s cars would achieve “full autonomy” within three years. In 2016, Musk said Tesla would be able to send one of its cars on a cross-country drive without any human intervention by the end of the following year.

📅 Unmet Deadlines

These promises extended into 2019, when Musk told institutional investors that Tesla would have one million robotaxi-ready vehicles on the road in 2020. However, the company has yet to deliver a robotaxi, an autonomous vehicle, or technology that can transform its cars into “level 3” automated vehicles. Meanwhile, competitors like Alphabet’s Waymo and General Motors-owned Cruise have outpaced Tesla.

🚀 Future Vision Reiterated

During a lackluster first-quarter earnings report in April, Musk reiterated his vision for Tesla as a company focused on developing robotaxis that will generate income for their owners and create a driverless transportation network.

“If somebody doesn’t believe Tesla’s going to solve autonomy, I think they should not be an investor in the company,” Musk stated on the earnings call. The company is expected to report second-quarter results later this month.

⏳ Unveil vs. Release

At Tesla, “unveil” dates do not necessarily indicate an imminent commercial release of a new product. For instance, Tesla unveiled its fully electric heavy-duty truck, the Semi, in 2017, but did not begin deliveries until December 2022.

Locafy Limited [LCFY] $6.07 (+161%)
LCFY was the biggest gainer in the market after announcing its first signed contracts through a partnership agreement.

Cyngn Inc [CYN] $7.24 (+83%)
The autonomous vehicle company rallied on news that they have expanded their dealer network.

Kazia Therapeutics Limited ADR [KZIA] $1.24 (+86%)
KZIA continued its rally today after going into orbit yesterday due to positive clinical data.

Inspire Veterinary Partners Inc. [IVP] $1.59 (24%)
IVP was one of the biggest winners yesterday but what goes up must come down.

Asset Entities Inc [ASST] $1.62 (22%)
Shares of Asset Entities pulled back today after a strong rally that began earlier in the week.

NVIDIA Corp [NVDA] $127.40 (6%)
Shares of one of Wall Street's favorite stocks fell today as investors rotated out of large-cap tech stocks.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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