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TESLA Q4 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs -

30-Jan
19:58 IST

In the Premarket trading session on Thursday, Tesla’s stock was trading at 626.66- higher by 7.86% as compared to its previous close.

The automaker reported a better-than-expected quarterly profit after the market closed on Wednesday. Tesla generated an EPS ( adjusted for one-time items) of $2.14 for the fourth quarter of 2019. The EPS was above the consensus estimates of $1.72.  Revenue of $7.38 billion was also exceeded the market expectation of $6.95 billion. The electric car-maker reported better-than-expected earnings as vehicle deliveries hit a record. Tesla also disclosed that it would comfortably make more than half a million units this year.

The company said that the manufacturing process at its new Shanghai factory was running as expected. Tesla further said that it would increase the production of mass-market cars because of huge demand in China. The electric car-maker has reported two consecutive quarters of profit in the last year. The company, however, has yet to sustain profitability for a full year. Stocks of Tesla have gained 38.88% Year to date.

On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.

 

TRADE SUGGESTION- LIMIT BUY AT 625 TAKE PROFIT AT 633 STOP LOSS AT 621

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