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Yahoo Finance’s Jared Blikre joins Myles Udland to break down the day’s price action in stocks as well as a long in Tesla (TSLA), a Yahoo Finance Premium Investment Idea.
MYLES UDLAND: All right, welcome back to “The Final Round” here on Yahoo Finance. Let’s go over to Jared Blikre for a look at where things stand with about 25 minutes to go in today’s trading session. Jared.
JARED BLIKRE: We got tech ripping today. The FAANG leaders back in the leadership position, the pole position, seconded by materials. And why materials? That is a gold play. Gold at record highs.
But I want to take a look at the NASDAQ 100 right now. Heat map, lots of green, especially to the left where we’ve seen that flag a few times over the last couple of weeks. But strong performance out of Apple, over 2%, and then also over 1% for each of Microsoft, Amazon, Facebook, Alphabet, and Netflix.
And looking at the big winners, though, got to take a look at Tesla because that is up 8.6%. And this also happens to be our Yahoo Finance Premium investment idea of the day. This is a long by way of Argus Research. This is a fundamental report. They’re upgrading to buy following their strong second-quarter earnings last Thursday, and they’re saying their upgrade reflects strong demand for Tesla vehicles during the pandemic.
Second-quarter deliveries rose to 90,650 vehicles, and that is well above their forecast and consensus estimate despite the shutdown of the company’s main Fremont plan for much of the quarter.
So in conclusion, despite its past problems with production delays, parts shortages, and labor-cost overruns, we expect Tesla to continue to improve performance and to benefit from its unrivaled brand reputation in the electric-vehicle industry. Target price, $1,888. So that would be a record high somewhere up there.
If you’re looking for a stop, the cheap one is right underneath this price action at $1,350. On a longer-term basis, you’ve got to quite a bit lower, probably below $1,000 a share, maybe even to $900 down here.