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A Good Day for the Market. Except Tesla. [1]
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Date: 2023-01-06
Nice rise in the market today after the jobs report. Way to go, Joe!
Tesla missed the memo, though. There are lots of factors, including their production issues in China. But one would have to believe that Elon’s actions at Twitter, and alienation of the base of people most likely to buy EVs, just might have something to do with it.
TSLA is at about 109, down a buck and change. Scratch that...108 now. They briefly dropped below 102 earlier in the day, and are down 13% YTD and 70% over the last 12 months. And the P/E is still at 33. Ford and GM are running P/Es of around 6.
That one measure of valuation isn’t everything, for sure. But it does make TSLA look really expensive, still, compared their peers. High valuations can be justified by the expectation of rapid future growth. But pissing off your customers really doesn’t help support that narrative.
It was cool to see another solid jobs reports, though. Cheers.
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