The staggering run into this report lets go straight to phil lebeau with all the details. A beat on the top and bottom line and the beat on the bottom line is significant. Lets run through some of the numbers. Much better than expected earnings per share and its a fourth straight profitable quarter for tesla. 2. 18 is how much it earned in the Second Quarter the street was expecting three cents profit revenue just over 6 billion as i mentioned, a fourth straight profitable quarter for tesla. We know the significance of that it is the last hurdle the company needed to clear in order to be included in the s p 500. Lets drill down some numbers within the report that are going to get attention operating cash flow, 418 million. Automotive revenue was actually down it declined by 3. 4 in the quarter, not a surprise given the fact that you had the freemont factory shut down for five or six weeks. But the automotive regulatory credits revenue, thats where they made it up. That was up 317 milli
California also dramatically rolling back. Indoor dining and bars across the state. Staff to asking retail work from home as the company forces more Stores Across the covid19. D shipping joining us to break it all down and talk about how this hit the market today, Bloomberg Markets reporter Abigail Doolittle. Talk to us about what drove the drove higher than sharply them back. Abigail a big aeration reversal having not so much to do with the virus. 500, the s p p 500, the highest level out of the air market. The bigger show was for the tech space. The nasdaq at one point up more than 2 , closing down more than 2 . Those indexes so tightly wound, record high after record high, including today. Overbought, overextended. There were also some headlines out around the u. S. And china that seemed to help the selling pressure continue. With that, we had bonds trade higher. If you take a look at it on the day, netflix a perfect example. Today, earlier today, netflix had been up about 4 , closi
We can see the light at the end of the tunnel. We see the kasim terrific vaccine news from the highly promotional mo dederna. Nasdaq advancing. 95 . Despite the case numbers from florida, texas, california, arizona, we might be able to go back to normal sooner than we thought thanks to moderna or frankly, the dozens of Companies Working on a vaccine including astrazenika. The vaccines, thats the light at the end of the tunnel it led to ludicrously bullish action cruise lines, airlines, restaurants, the retailers, the Covid Vaccine gain if everything goes perfect, it will be months for the vaccine is ready, maybe years. You got to finish studying before you inoculate they havent faced trials. They need to make sure it works and no serious side effects when presented on mass, not just this little group and manufacture hundreds of millions of doses, in the interim, there is only one serious fairly foolproof method to bridge us to a successful vaccine and that is stimulus from the federal
May including everything from Student Loans to car payments to mortgages, the number more than triple that of april its the latest sign Unemployment Benefits and stimulus checks arent enough to fully cover the expenses what happens to the consumer and the economy and the stock market its not good its something weve alluded to for a while. Go and look at wells fargos First Quarter they reported in the middle of april. They took a 14 billion loan loss provision which was up 413 year over year by the way, when they report i think in the middle of july, that number is probably going to go up again and further anecd e anecdotal proof that wells fargo is trading below tangible book value. The banks have been trying to tell the story, but the Broader Market has sort of been impervious to it until recently. Well see. Again, ill say i am not all that optimistic about where the consumer is 69 months from now. Clearly i hope im wrong but behind closed doors, a lot of companies are saying weve lea
About the golden opportunity traders are spotting in the market, thats ahead we start with another big day for the market nasdaq posting another alltime high as coronavirus cases continue to climb and risks up we got the Economic News on the u. S. Front so guy, have we become enured to the rise in coronavirus. We got really good and really bad data i think the market seems to discount the bad it seems to get geeked up on the good, which weve seen over the years. To me its all about the liqu liquidity thats being presented and put in the market by Central Banks globally im pretty outspoken about that. But we did say on june 26th, if you recall, we were encouraged the market held 3,000 level at s p 500 and gave us something to trade against. Didnt think wed be here today, quite frankly. But the next level, the june 7 high of 3240 is in the cross hairs of the market and has to prove itself there what i would say today that gives a bit of pause is the fax that the vix is sub on today, held