Apr 24, 2024 (MENAFN via COMTEX) --
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Mid-Week Trades: Tesla, Global Life, and GE Aerospace
Trading at extremely oversold levels ahead of posting disastrous first-quarter results, Tesla (TSLA) soared by over 10% in after-hours trade. The firm posted a slump in earnings and revenue. Short-sellers covered their bet after CEO Elon Musk blamed temporary disruptions for the weak results.
Tesla reported revenue falling by 8.5% Y/Y to $21.31 billion. Additionally, results weakened from the average selling price, disruption at Giga Berlin, and the Model 3 update in the Fremont factory. Buyers stepped in when Musk reaffirmed a Robotaxi and an upcoming affordable model.
Watch China EV firms, including Li Auto (LI) and NIO, rise from Tesla's stock rally.
Globe Life (GL) gained 18% in the last week. In its Q1 report, it posted insurance underwriting income rising by 4% to $324.4 million. Shares continue to recover after a short seller's allegations. Management did not offer any details on the Department of Justice's investigation.
GE Aerospace (GE) gained 8.3% yesterday. The firm reported $16.1 billion in revenue (+11% Y/Y). Orders rose by 14% to $20.1 billion. Expect the firm to thrive after spinning off non-core businesses. As a result, it will focus on the aerospace unit and thrive. GE Aerospace is a pure-play global leader that will service both aerospace and defense customers. Innovation in commercial propulsion will lead to steady growth ahead. In addition, regular aftermarket services will add to stable revenue for GE.
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