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| | Top News  Getty Images The jury is out on Tesla's (NASDAQ:TSLA) Investor Day event at its Gigafactory in Austin, Texas. Elon Musk started off by talking about the clear path to a fully sustainable Earth, highlighting the dirty and wasteful energy economy that is currently in place. His "Master Plan Part 3" would eliminate fossil fuels including repowering the existing grid with renewables and a switch to all-electric vehicles by consumers and businesses (electric planes and boats were also mentioned). In terms of resources, the company is convinced there are enough nickel, lithium, and cobalt sources to power a sustainable economy.
Reaction: Investors were underwhelmed by the presentation, sending the stock down nearly 6% in AH trading on Wednesday. The future of Full Self-Driving, a robotaxi network, and charging infrastructure was discussed in broad strokes, and while a "next generation" electric-vehicle platform was announced, it didn't include too many details. Note that Tesla shares have been on rip since investors welcomed in 2023 - sending the stock up 90% YTD - and those betting against the volatile stock have, at times, found themselves in the opposite lane facing traffic.
It was another "buy the rumor, sell the news" event, noted Seeking Alpha contributor Bill Maurer. "The presentation was just too long and wordy for the average investor," which may have "fueled some of the selling in the after-hours session." SA contributor Long Term Tips has already broken down what Tesla's new master plan means for competitors.
Other highlights: Tesla disclosed that it broke ground on a lithium refinery plant in Corpus Christi, Texas with output expected within 10 months. The company also confirmed that a new Gigafactory will be built near the northern Mexican city of Monterrey. As for numbers, potential Tesla CEO successor Tom Zhu said Tesla has now produced 4M cars just seven months after passing the 3M vehicle mark for production. (180 comments)
| | Featured  What can $5 buy you at the mall today? Not much. But if you choose wisely, $5 can make a big difference to how you invest. Seeking Alpha Premium is the best source of analysis for almost any investment out there - not only the trending tickers. Thanks to Seeking Alpha's diverse pool of contributors and community debate, you get the bull and the bear perspective on 1000s of stocks. You'll be able to make the most informed buy, hold or sell decisions for your portfolio. Right now you can join Premium for the incredibly low price of $4.95 for your first 30 days. (You can cancel within the first 30 days, after which your annual subscription will kick in at $239 per year.) Get the edge you need to win by joining the leading community of engaged investors today. Go Premium nowIntroductory offer for new subscribers only. After 30 days, $239 will be charged automatically for an annual subscription. Auto-renews as annual subscription at the then current annual list price. Past performance is no guarantee of future results. | | | | | Outlook Over in Washington, the Senate just passed an anti-ESG measure that would overturn a Labor Department rule allowing fund managers and retirement plans to consider ESG (environmental, social, and governance) factors when making investment decisions. President Biden has said that he will nix the new bill if it comes to his desk - marking the first veto of his presidency - but the developments could signal further shifts in asset allocation strategies. With trillions of dollars pouring into the ESG space, a fight is brewing over the market narrative, as well as the PR and positioning that managers seek to take advantage of when marketing their funds. Contrarian investors wanting to bet against ESG can buy the God Bless America ETF (NYSEARCA:YALL), which is up 16% since its launch in October 2022. (10 comments)
| | Earnings Salesforce ( CRM) flexed its muscles in after-hours trading on Wednesday, rocketing up 15%, as the cloud-based business-software giant gave a strong sales forecast to go along with upbeat fourth-quarter results. In an accompanying statement, CEO Marc Benioff avoided any comments about Salesforce laying off 10% of its employees, and stuck to the typical earnings-report script, but said, "we hit the hyperspace button since we last spoke a quarter ago. Changes that used to take months are taking weeks." CFO Amy Weaver added to the sentiment by saying the results and outlook "set us up for a transformational fiscal year." Will the advances help Salesforce pacify activist investors, like Elliott Management, which has reportedly nominated a slate of directors in preparation for a potential proxy fight? ( 19 comments) | | Today's Markets In Asia, Japan -0.1%. Hong Kong -0.9%. China -0.1%. India -0.8%.
In Europe, at midday, London -0.2%. Paris -0.1%. Frankfurt -0.5%.
Futures at 6:30, Dow +0.3%. S&P -0.3%. Nasdaq -0.5%. Crude +0.5% to $78.06. Gold -0.2% to $1841.90. Bitcoin -1.7% to $23,365.
Ten-year Treasury Yield +3 bps to 4.03%
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