Did Tesla Beat or Miss Q2 Delivery Estimates?\u00a0
Depending on whom you ask, Tesla Inc. (NASDAQ: TSLA) either beat or missed consensus delivery estimates for the second quarter. The EV maker delivered 201,250 units, a new record for quarterly deliveries that beats the previous record of 184,800 posted in the first quarter.
According to Refinitiv’s consensus estimate, Tesla was expected to deliver 201,000 units in the quarter. FactSet’s consensus was 207,000, in a range from 195,000 to 231,000 deliveries.
Deliveries of the company’s Model S and Model X vehicles fell from 2,020 in the first quarter to 1,890 in the second quarter. Tesla did not build any of either model during the first quarter and built just 2,340 of the two combined in the second quarter. Electrek reported that the 1,890 vehicles delivered in the second quarter were the new version of the Model S.
Tesla delivered 199,360 of its Model 3 and Model Y vehicles in the second quarter, up from 182,780 in the first quarter.
According to Electrek, delays in getting the new Model S to the market created a backlog, and an additional 10,000 vehicles were put on delivery hold in May for a supply chain issue. In its press release, Tesla noted that it had faced “global supply chain and logistics challenges” during the quarter.
Shortly after Friday’s opening bell, Tesla shares traded up less than 1%, at $678.58 in a 52-week range of $253.21 to $900.40. The average daily trading volume is about 28.7 million shares.
CSX Files Expanded Application With STB To Acquire Pan Am Railways – Quick Facts
CSX Corp. (CSX) announced Friday that it submitted an amended and supplemented application to the Surface Transportation Board (STB) as part of the previously announced agreement to acquire New England’s Pan Am Railway’s Inc.
The amended application provides all of the additional details of the proposed transaction requested by the STB in their May 26, 2021 ruling.
Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a partial interest in the more than 600-mile Pan Am Southern system.
The proposed transaction will expand CSX’s reach in Connecticut, New York and Massachusetts while adding Vermont, New Hampshire and Maine to its existing 23-state network.
It will also extend the reach of CSX’s service to a wider customer base over an expanded territory, creating new efficiencies and market prospects for customers to capitalize on a robust pipeline of growth opportunities to move freight to, from and within New England.
Over the next five years, CSX would invest to upgrade and modernize the Pan Am system, which will make the New England rail network more efficient and safer for operations, communities and passenger rail.
New England will also benefit from CSX’s track record as leader in environmental performance.
Terms of the transaction were not disclosed. The transaction is subject to regulatory review and approval by the Surface Transportation Board.
Ted Cruz’s Reason For A Possible 2024 Run Is Mercilessly Mocked
Sen. Ted Cruz (R-Texas) said Thursday he was “certainly looking” at running for president in 2024.
But the Trump-supporting politician’s reasoning for another presidential campaign caused much mirth on Twitter. “I’ll tell you, 2016 was the most fun I’ve ever had in my life,” Cruz, who washed out in GOP primaries that year, said on Newsmax.
During the 2016 campaign, Donald Trump attacked the looks of Cruz’s wife, Heidi Cruz, baselessly claimed Cruz’s father was somehow involved in the assassination of President John F. Kennedy, and gave Cruz the disparaging nickname “Lyin’ Ted.’” Trump also suggested the Canadian-born senator “may not even have a legal right to run.”
Cruz, in turn, called Trump a “sniveling coward.”
After Trump’s victory, Cruz cozied up to him and became one of his most loyal defenders.
Fun times, indeed.
Critics couldn’t quite get over Cruz’s reasoning:
Gold Futures Surging Higher As Market Awaits Jobs Data
Gold prices are moving higher Friday morning, placing the most active gold futures contracts in line for a positive close for a third straight session.
A drop in yields on long-term U.S. Treasury Notes and a somewhat flat dollar are supporting the yellow metal’s uptick.
Worries about the likely impact of the spread of the delta variant of the coronavirus on the pace of global economic rebound also appear to be boosting the demand for the safe-haven commodity.
Investors are also looking ahead to the monthly non-farm payrolls data, due a little while from now.
Gold futures for August are up $12.30 or 0.7% at $1,789.10 an ounce.
Silver futures for September are gaining $0.250 or 0.97% at $26.350 an ounce.
Economists currently expect the Labor Department report to show employment jumped by 690,000 jobs in June after surging up by 559,000 jobs in May. The unemployment rate is expected to dip to 5.7% from 5.8%.
On Thursday, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended June 26th. The report said initial jobless claims slid to 364,000, a decrease of 51,000 from the previous week’s revised level of 415,000. Economist had expected jobless claims to dip to 393,000 from the 411,000 originally reported for the previous week.
Ford EV sales jump 117% in June
(Reuters) – Ford Motor Corp on Friday reported a 117% rise in U.S. electrified vehicle sales for June, as the U.S. automaker benefited from strong demand during the COVID-19 pandemic.