Shares of Tesla in the regular trading session on Wednesday fell by 2.14% to $864.16, but in extended trading (postmarket), the paper of the largest manufacturer of electric vehicles fell by more than 7% in reaction to the published quarterly report.
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Key points of the report for the 4th fiscal quarter of 2020:
Adjusted earnings per share $0.80, forecast $1.03 (range $0.69 to $1.43)
Revenue $10.74 billion, forecast $10.38 billion (range $9.46 billion to $11.13 billion)
Free cash flow of $1.87 billion, a forecast $1.04 billion
Cash and cash equivalents $19.38 billion, forecast $17.16 billion
Capital expenditures $1.15 billion, forecast $970 million (range $700.0 million to $1.23 billion)
After the release of Tesla's quarterly results, smaller electric car makers and industry-related startups also came under pressure. Workhorse Group shares fell 9.6% in extended trading, Lordstown Motors shares fell 2.1%, Nikola shares fell 3.5%, Nio sank 1.7%, and Fisker's capitalization declined 4%.
Despite the fact that Tesla did not announce an official forecast of car deliveries this year, it was said that it is expected to exceed 2020 deliveries by 50%. If we take into account that last year Tesla sold 500 thousand cars worldwide, it turns out that deliveries in 2021 should be at least 750 thousand cars.
The US market was seized by a sell-off: the S&P and Nasdaq lost 2.6% each.
One possible reason: the rapid growth of low-liquid companies. Large hedge funds, as a rule, open positions that are neutral in relation to the market or sector - that is, they actually buy and sell shares at the same time. Losses in low-liquid securities (GME, AMC, and so on) they forced the funds to close some of the profitable long positions, which probably led to a correction in the stock indices. The downsides by sector ranged yesterday from 1.4% (energy) to 3.8% (communications services).
Technical picture: indexes ended the day with the highest decline since October 2020. Futures on the S&P index fell in the range 3640 - 3760. If the correction continues, we can expect a decline to the lower limit of the channel 3640. In the event of a rebound, the nearest target is 3760.
Unlike stock indexes, the situation on the oil market is striking in its stability.
The quotes continue to consolidate near the level of 56. If the growth continues, the target will be the resistance level of 60. In the case of a correction, a decline to the support line of 52 is most likely.
Ri approached the 136-138 support zone. At the end of the day, the index futures lost 2.5%. 40% of the fall was caused by the growth of the dollar against the ruble. In the evening session, the index looked much better than its American counterparts. If the correction continues, a decline to 136 is most likely. In the event of a rebound, the target will be the resistance line 142.
The external news background is moderately negative: s&P -0.42%, Nasdaq -0.26%, csi300 -2.69%, n225jap -0.14%.
