🎢🚗 Tesla Earnings Disappoint!

Hala,

💸🌎 Guess what? According to the Credit Suisse Research Institute’s 2018 Global Wealth Report, to be richer than 50% of the world’s population, you need just $4,210 in your bank account!(1) No six figures needed! Who knew wealth was so… attainable? 💰📉💼

amana’s Take

• Brent crude hit $81 a barrel and WTI approached $77, following the American Petroleum Institute’s report of a fourth straight week of declining US crude inventories. The industry report showed a 3.86 million barrel decrease, including a significant drop at the Cushing, Oklahoma hub.
• If official figures confirm, this would mark the longest inventory decline streak since September, with current stocks below the five-year seasonal average. Despite China’s demand worries and pressure from algorithmic traders, oil futures are still higher year-to-date.
• Oil futures remain resilient thanks to OPEC+ output cuts and reduced Russian exports. Adding fuel to the fire, literally, wildfires in Canada’s oil-producing regions threaten nearly 10% of local production. So, while China’s sipping less, Mother Nature’s turning up the heat.

Stock Market Update

📉↘️ Tuesday brought a slight stumble for Wall Street, with traders on edge for the tech titans’ earnings reports. The S&P 500 slid 0.16% to 5,555.74, the Nasdaq 100 fell 0.35% to 19,754.34, and the Dow eased by 0.14% to 40,358.09.(2) Seems like Wall Street’s gearing up for a tech rollercoaster! 🎢🛼

📊🛝 Meanwhile, Gulf stocks played seesaw, thanks to corporate earnings.(3) Abu Dhabi shed 0.5% to 9,234 and Dubai added 0.9% to 4,216. ⬇️⬆️

🎢💥 Tesla’s Rollercoaster Ride Continues!

Tesla reported a 7% drop in automotive revenue for Q2, missing Wall Street estimates and sending shares down more than 8% in extended trading. (4) Despite a 2% annual revenue increase to $25.50 billion, earnings per share fell short at 52 cents against the expected 62 cents. Elon Musk tried to lighten the mood by announcing a robotaxi event for October, but the market wasn’t amused. Guess even robots can’t save this ride! 🎢📉

📊 What to Expect in the Ride:

• Revenue: Increased 2% to $25.50 billion from $24.93 billion a year earlier. 📈
• Automotive Revenue: Dropped 7% to $19.9 billion from $21.27 billion in the same quarter a year ago. 📉
• Earnings per Share: 52 cents vs. 62 cents expected. 💸
• Shares Reaction: Dropped over 8% in extended trading. 📉
• Upcoming Event: Robotaxi unveiling on October 10. 🤖📅

🎭📉 Buckle Up, It’s Going to be Bumpy!

Musk has been busy, with Tesla cutting headcount by 10% earlier this year and offering discounts to boost demand. Despite better-than-expected Q2 deliveries, they were still down year-over-year. Tesla remains the top EV seller in the U.S., but its market share is slipping due to an aging lineup and Musk’s controversial comments. Although, with production ramping up on the Cybertruck and plans for humanoid robots, things could turn easily! They should offer popcorn for this topsy-turvy show! 🚗🤖🍿

Closer to Home

• 🏦 Dubai Islamic Bank (DIB) surfed an 8.6% profit wave to AED 3.378 billion ($919.5 million) in H1 2024, thanks to a 5.4% YTD surge in customer deposits amid global financial conditions.(5) DIB is cashing in with style! 🪭
• 📈 Saudi Telecom’s Q2 2024 profit surged 10% YoY to SAR 3.3 billion ($879.74 million), fueled by sizzling revenue growth in its commercial and residential sectors.(6) With a SAR 2 billion dividend payout, STC’s ringing in cash and spreading cheer! 🤑
• 💸 Meanwhile, Abu Dhabi Commercial Bank (ADCB) is jet-setting into Kazakhstan, bringing Shari’ah-compliant corporate banking to Central Asia’s $1.751 trillion economy.(7) Talk about making a grand entrance! 💃

What Else Is Trending

• 📸 Google parent company Alphabet’s Q2 snapshot: earnings per share came in at $1.89 (est. $1.84) and revenue at $84.74B (est. $84.19B), with cloud and search fueling 14% of the revenue boost.(8) Looks like Google’s got the Midas touch! 💰
• 🪙 Bitcoin slid 3% to $65,891.50, and Ether dipped less than 1% to $3,476.04 on Tuesday. With Mt. Gox shifting bitcoins to creditors and traders cashing in on last week’s crypto rally, the ether ETF debut didn’t entirely turn things around.(9) 📉
• 🛢️ Lastly, oil prices dipped to a one-month low on Tuesday as ceasefire negotiations in the Middle East and demand jitters sent prices reeling. WTI shed 1.84% to $76.96 and Brent fell 1.69% to $81.01.(10) ⛽

💬Quote of the Day

“I would be shocked if we cannot do it next year.” — Elon Musk

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Sources:-(1) News18, (2) (4) (8) (9) (10) CNBC, (3) Reuters, (5) (6) (7) Zawya