Earnings: Tesla, AT&T, DR Horton, Travelers, Alcoa, UAL, and Las Vegas Sands

Market Rebellion

This article was last updated on 07/21/2022.

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Good morning Rebels! The market is looking mostly flat this morning after receiving a slew of earnings. While not all companies beat (United Airlines in particular missed profit expectations by a large margin), earnings reports were largely free from the massive guide-downs that some bearish Wall Street analysts have been clamoring for. Though this week is still the early innings of earnings season, more than 15% of companies have reported, and none have really changed the paradigm of what the stock market is expecting. 

Let’s get into today’s numbers, starting with the biggest and arguably most important company that reported earnings in the last 24 hours: Tesla.

Tesla Earnings: Beat on Profit, Miss on Revenue, Bold Expectations

Revenue: $16.9B v $17.1B Expected

EPS: $1.95 v $1.82 Expected

Model S/X deliveries: 16.2K v 14.7K q/q 

Model 3/Y deliveries: 238.5K v 295.3K q/q

With EPS beating estimates and revenue slightly missing, Tesla had this to say about their outlook for the rest of 2022:

“With each of the Fremont and Shanghai factories achieving their highest-ever production months and new factory growth, we are focused on a record-breaking second half of 2022”

Unusual Options Activity

Tesla’s Bitcoin: Musk Dodges the Bottom

In a move that shook the crypto market, Musk announced that he had sold 75% of Tesla’s Bitcoin.

“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.”

This helped provide Tesla with a big warchest and was well-timed — Musk completely avoided the bottom, missing much of Bitcoin’s massive 2022 sell off. The announcement has Bitcoin and Ethereum trading lower on the day, and crypto-associated stocks like Coinbase (COIN) and Marathon Digital (MARA) following suit.

Earnings brief from across the market:

Las Vegas Sands (LVS) — Beat on Revenue, Miss on EPS

Revenue: $1.05B v $955M Expected

EPS: -$0.34 v -$0.23 Expected

AT&T (T) — Beat on Revenue and EPS

Revenue: $29.60B v $29.47B Expected

EPS: $0.65 v $0.62 Expected

D.R. Horton (DHI) — Beat on EPS, Miss on Revenue

Revenue: $8.79B v $8.91B Expected

EPS: $4.67 v $4.52 Expected

Travelers Companies Inc (TRV) — Big Beat on EPS, Small Beat on Revenue

Revenue: $8.32B v $8.29B Expected

EPS: $2.57 v $1.97 Expected

Alcoa (AA) — Beat on EPS, Beat on Revenue

Revenue: $3.64B v $3.58B Expected

EPS: $2.67 v $2.49 Expected

United Airlines (UAL) — Big Miss on EPS, Revenue in Line

Revenue: $12.11B v $12.11B Expected

EPS: $1.43 v $1.90 Expected

For more quick takes on this morning’s market-moving news, check out 60 Seconds With Jon Najarian!

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