(KRON) – Winner: Markets Rise as Tech Bounces Back
Stocks are rising as earnings across the board continued to beat expectations, while bond yields remained below their recent high. It seems everything is going right for the stock market this week.
With almost a fifth of the S&P 500 having reported earnings for the first quarter of the year, tree-quarters are beating expectations.
Weekly jobless claims total 184,000, just above expectations in tight labor market.
HBO grows to nearly 77 million total subscribers as Netflix reports a decline.
Winner: Tesla reports blockbuster record quarter
Tesla’s revenue is up 81% year-over-year, while earnings per share increased more than doubled.
Tesla closed with a yet another record number of vehicles delivered to customers.
Tesla expects the difficulties in supply chain to drag on this year.
Some interesting notes:
- Tesla is working on a vehicle that won’t have a steering wheel or any pedals, and it’s targeting 2024. IT could be used as the “dedicated robotaxi.”
- Tesla remains on track for deliveries of the Cybertruck in 2023.
- Musk is developing a humanoid robot Optimus that will be worth more than the car business.
- Elon Musk’s Boring Company wants to build a network of underground tunnels to transport people and cargo around cities. It is still private but now valued at $5.675 billion.
- Sales of regulatory credits to other automakers who are unable to make as many EVs to qualify on the credits themselves rose to a record $679 million.
- Tesla’s solar deployments fell by 48% as import challenges held up some components.
Winner: Amazon offers Prime delivery to other retailers
In its latest move to compete with FedEx and UPS, Amazon will let other online merchants piggyback on its Prime service to deliver goods quickly to their customers.
Amazon launched a new service, Buy with Prime, that lets third-party merchants use Amazon’s vast shipping network to fulfill orders on their own sites, while also appealing to Amazon’s 200 million-plus Prime customers.
These web sites will be able to put the Prime badge on their websites next to items that are eligible for free two-day or next-day delivery.
Prime members will use the payment and shipping information stored on their Amazon accounts to place an order.
Buy with Prime won’t be free for sellers.
Amazon is on track to become the nation’s largest delivery service by early 2022.