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Stocks were in a bearish mood on Wall Street as a large swath of profit taking appeared to take place ahead of the New Year Eve and the start 2023, meaning New Year day.
The major three averages sold off heavily on the opening bell in Wall Street with the Nasdaq and the S&P500 crashing by one percent intraday. European stocks also suffered losses.
As stocks moved lower the US dollar started to firm, with the EURUSD pair falling just short of the 1.0700 price level and the GBPUSD pair giving back intraday gains.
With the markets becoming less volatile, traders will keep an eye on volatile stocks, therefore, investors will keep an eye on shares of Tesla after the stock gained 8% on Thursday.
The sharp rebound that followed two days of selling which sent Tesla shares to their lowest level since August 2020. Tesla’s stock once topped $1,000.
Shares were higher by about 6% early Friday. Tesla shares have lost over 65% this year and more than 35% this month. Elon Musk has listed a top ten way of turning the company.
- Name a new chief executive of Twitter by the end of January.
Stop his personal sales of Tesla stock and formally adopt a 10b5-1 plan “so investors know there is no major selling block around the corner as Musk sold roughly $40 billion of TSLA stock the past year.”
Present investors a more conservative delivery target for Tesla EVs. “The 50% growth target is not happening in our opinion, with 35%+ delivery growth a more hittable and realistic goal for 2023.”
Re-focus on Tesla and not Twitter. “Musk is the hearts and lung of Tesla and vice versa.”
Set a delivery target for the Cybertruck by the end of 2023. “Timing is key here with competition from all angles and worries production woes will push this into 2024. Giga Austin is up and running and now key to hitting this next growth endeavour for Tesla.”
Make changes to the Tesla board of directors to add more experience in tech and EVs.
Issue a Tesla stock buyback. “Announcing a major stock buyback program is important/key for the Street’s confidence and with the stock at these levels a no brainer strategic move in our opinion for Tesla given its massive treasure chest.”
Foster more financial transparency around margin structure at Tesla. “We believe this is a hidden gem at the company with more production/sales in China and Giga Berlin and Austin ramping.”
Refrain from political issues on Twitter. “The more political on Twitter that Musk becomes is a bad thing for selling EV cars to the masses.”
Present a comprehensive strategy for his plans at Twitter. “Right now very simply the fear is Twitter is bleeding money with advertisers fleeing (for now) which means more losses and therefore more Musk TSLA stock sales. Once a new CEO is in place lay out the 3-year strategy of Twitter and what this can become, Super App, ‘X’, WeChat 2.0, etc.
