Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
Boeing Secures New Labor Contract With Former Spirit AeroSystems Employees 
Bob Iger Plans Early Exit as Disney Board Prepares CEO Succession Vote 
CSPC Pharma and AstraZeneca Forge Multibillion-Dollar Partnership to Develop Long-Acting Peptide Drugs 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
Google Halts UK YouTube TV Measurement Service After Legal Action 
Sandisk Stock Soars After Blowout Earnings and AI-Driven Outlook 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
Nvidia Confirms Major OpenAI Investment Amid AI Funding Race 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
Panama Supreme Court Voids Hong Kong Firm’s Panama Canal Port Contracts Over Constitutional Violations 
C3.ai in Merger Talks With Automation Anywhere as AI Software Industry Sees Consolidation 
Anthropic Raises 2026 Revenue Outlook by 20% but Delays Path to Profitability 
Meta Faces Lawsuit Over Alleged Approval of AI Chatbots Allowing Sexual Interactions With Minors 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
SoftBank Shares Surge as It Eyes Up to $30 Billion New Investment in OpenAI 
Tesla’s market cap soared by $150 billion as the stock jumped 22% on October 25 following strong Q3 earnings, leading to a $3.5 billion loss for short sellers. The massive rally wiped out short sellers' 2024 gains in just one trading day, shaking market sentiment.
Tesla’s Q3 Earnings Spark 22% Stock Rally, Wiping Out 2024 Short Seller Profits
The electric vehicle manufacturer's market capitalization increased by $150 billion in a single day due to the 22% increase in Tesla stock on October 25, coinciding with its Q3 2024 earnings publication. Simultaneously, Tesla's 22% increase resulted in a $3.5 billion loss for short sellers of TSLA in a single day, per Teslarati.
Analysts and investors alike were pleased with Tesla's Q3 2024 results. A BNN Bloomberg report indicated that Tesla's Q3 earnings were anticipated to be underwhelming. TSLA stock experienced a decline of approximately 14% during the year. Nevertheless, Tesla exceeded expectations, and Elon Musk revealed during the Q3 earnings call that the company could experience a 30% increase in vehicle sales next year.
Tesla's second-largest single-day rally since it went public was precipitated by its optimistic results. Tesla's market capitalization increased by $150 billion, its stock price increased by 22%, and TSLA shorts suffered a $3.5 billion loss by the conclusion of the October 25 trading day. In a single day, the $1.7 billion year-to-date profit of Tesla shorts was eliminated, according to S3 Partners. Additionally, by the conclusion of Thursday's trading, TSLA shorts were down $1.8 billion for 2024.
Tesla’s Strong Q3 Guidance Surprises Analysts, Ignites Market Confidence in Future Growth
Steve Sosnick, chief strategist at Interactive Brokers, observed that Tesla's optimistic guidance was a genuine game-changer. "Tesla's guidance was exceptional." He stated, "The market was willing to trust Elon Musk's assertions about sales growth, at least for yesterday."
Intriguingly, Tesla's Q3 results did not only surprise short sellers. Bloomberg also observed that, on average, Tesla's Q3 results were unexpected to analysts. Analysts anticipated that Tesla would disclose an average 10% decrease in quarterly profits. In contrast, the organization disclosed a nine percent increase in revenue from the preceding fiscal year. Tesla's automotive gross margin, which excludes regulatory credits, also exceeded expectations.
