Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Ford Motor Company (NYSE:F) and General Motors (NYSE:GM) shares are trading lower in possible sympathy with Tesla (NASDAQ:TSLA), which fell after reporting a margin decline. Weakness in Tesla has weighed on EV-related stocks in today's session
What Happened: On Wednesday after market closure, Tesla reported its financials for Q1 2023. The company reported a drop in margins, following price cuts throughout the quarter. The operating margin was reported as 11.4% in the first quarter, which represents a margin decline compared to the same period last year (19%) and the fourth-quarter figure (16%).
Tesla reported quarterly sales of $23.33 billion compared to the analyst consensus estimate of $23.21 billion, and quarterly earnings of $0.85 per share falling in-line with analyst estimates. Despite this, the markets reacted negatively to unfavorable margin news Thursday, with Tesla stock seeing an 10.3% decline at the last check.
EV-related stocks slid today and yesterday as price cuts from Tesla fueled fears of a pricing war, potentially causing industry-wide downward margin pressure.
Price action: According to data from Benzinga Pro:
- Ford Motor stock was down 3.72%, trading at $11.77 at the time of publication.
- General Motors stock was down 3.95%, trading at $33.22 at the time of publication.
Image Courtesy of Ford Motor Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!