TSLA Drags Down Nasdaq With Earnings Disaster While NEM Earnings Boom Again

TSLA reported a total earnings disaster and yesterday the stock gapped down over 12% for a tear drop gap down drip decline, in a move that marked its worst trading day since 2020. It reported declining revenues as EV sales seem to have peaked. On the conference call with analysts, Elon tried to distract, from the number, before the stock market opened yesterday by predicting that he was going to create “AI” integrated Robotaxis that would become a national sensation. He also did an interview earlier this week with Jordan Peterson to get his fans thinking about his words instead of his company.

Do you want to put your life in the hands of a robot car?

I sure don’t and never will.

But even if you do, TSLA stock has such a big market weighting in the indices that it helped to weigh the S&P 500 and Nasdaq yesterday. It doesn’t help that it’s one of the most widely owned and popular stocks.

GOOG also fell 5% on earnings.

NVDA fell over 6%.

Those are the key two companies that truly are at the heart of “AI.”

The Nasdaq, and NVDA, even closed below their 50-day moving averages, as some panic came into the markets.

The VIX spiked over 22%.

Meanwhile, what I was watching was the earnings release for Newmont Mining and it smashed analyst estimates. NEM reported quarterly adjusted EPS for Q2 is 72c, beating estimates of 61c.

It generated $549 in free cash flow and it’s stock was trading up 0.86% in after hours trading yesterday, as the news came out on the close.

It actually went up 1.34% during the day as everything else was dumping too, but it is down in premarket trading this morning, as all markets are seeing more before the open.

NEM is the biggest gold mining company in world, growing and executing - doing basically the opposite of TSLA when it comes to the bottom line.

Look at this TSLA earnings balance sheet!

What a disaster!