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Daily Market Review – 01 July 2015

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Daily Market Review – 01 July 2015

Jul 01 2015, 09.30am GMT



Has Tesla Beat Its Sales Target?


In the next few days, Tesla Motors Inc. (TSLA, +2.90%) will be stepping up to the plate and reporting its sales for the April to June quarter. Analysts on Wall Street strongly believe that we could be in for a big surprise as Tesla is expected to beat expectations. According to Tesla, the company will report quarterly sales 3 days after the end of each 3-month period. Based on this, the report for the 2nd quarter should be released on Friday, 03 July; however most of the markets in the U.S. will be closed for the Fourth of July holiday. The electric car maker has not yet stated whether they would still release their numbers before or after the holidays. Most analysts believe that Tesla will beat its goal of delivering between 10,000 to 11,000 cars in the quarter. According to an analyst at Jefferies, Dan Dolev, Tesla might not “hit it out of the park” in sales for the 2nd quarter but we will probably see the company reporting sales numbers which fall at the top end of company’s guidance and maybe a bit above. Dolev went on to state that the demand for Tesla’s Model S sedan has grown and in a survey cited by the analyst, the results showed that of 154 Tesla owners surveyed, the majority would purchase a new Tesla car even if it exceeded their budgets. Added to this, these survey participants expressed exceptional loyalty to the Tesla brand. In the last 3 months, Tesla shares have gained 40 percent and 11 percent over the last year. This compares to the S&P 500 index (SPX) which has lost 1.2 percent in the last 3 months yet gained 0.1% over the last year. Tesla shares are currently trading at $270.06 a share.

STOCK.com   Indices

On Tuesday, U.S. stocks gave back opening gains to trade almost flat. The day was marked with a major sell-off which erased all year to date gains for the main indices. As a result, the Dow Jones Industrial Average (DJIA) as well as the S&P 500 index (SPX) broke a 9-quarter winning streak and were both on track to report both monthly and quarterly losses. The gains made in the morning came in response to hopes that Greece and its creditors would take a final step in order to avert a default yet the indices failed to hold onto these gains. By afternoon trade, the DJIA was up 7 points at 17,603 while the SPX was also up 1 point at 2,059. The best performer on the Dow was Walt Disney Company (NYSE:DIS), which gained 0.96%, or 1.09, to 114.14. This came after the company promoted Christine McCarthy to be its 1st ever female chief financial officer. Until now, McCarthy has served as the company's executive vice president and treasurer and she will be replacing Jay Rasulo. Meanwhile, the Nasdaq Composite index (COMP) advanced 0.3%, or 15 points, to 4,972.

STOCK.com   Currencies.

In currency trading on Tuesday, the U.S. dollar (USD) traded higher against other currencies. This came after data showed that in June, consumer confidence in the U.S. improved more than expected. According to a report by the Conference Board, its consumer confidence index rose from a reading of 94.6 in May to a reading of 101.4 in June. This beat expectations for a rise to 97.3 in June. The EUR/USD traded at 1.1187, down 0.44 percent. This decline came after Greece requested a new 2-year bailout program which came about only hours ahead of a deadline to pay a €1.6 billion loan repayment to the International Monetary Fund (IMF). Meanwhile, the GBP/USD traded at 1.5748, up 0.08% while the USD/JPY traded at 122.11, down 0.35%. Against the currencies in Switzerland and Canada the greenback traded higher with USD/CHF at 0.9302, up 0.555% while the USD/CAD traded at 1.2461, up 0.46%. Also, the U.S. dollar index was at 95.34, up 0.28%.

STOCK.com   Commodities

On Wednesday, crude oil prices rose in early Asian trade. This came despite poor manufacturing data out of China as well as downbeat industry data on stockpiles in the U.S. The final reading of the Markit manufacturing China PMI for June came in at 49.4, compared to May’s final 49.2 as well as the flash of 49.6. Meanwhile, the API (American Petroleum Institute) reported on Tuesday that crude stocks in the U.S. climbed by 1.875 million barrels last week, while gasoline supplies gained by 334,000 barrels and distillates rose by 263,000 barrels. WTI crude oil for delivery in August traded at $58.77 a barrel, up 0.76%, on the NYMEX. Also, on Tuesday, Brent crude oil for August delivery traded at $63.60 a barrel on the Intercontinental Exchange (ICE) in London.

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