Tesla shares soared 20 per cent in after-hours trading after the electric car pioneer posted a net quarterly profit, surprising analysts, issued a bullish outlook, and said its Model Y sport utility vehicle was “ahead of schedule” and would launch next summer.
The Fremont, California-based group’s net profit in the third quarter was $143m, providing huge relief to investors following a cumulative loss of $1.1bn in the first half of the year. Tesla posted adjusted earnings per share of $1.86, better than even the most bullish of Wall Street analysts’ forecasts. (FT)
Industrial group 3M downgraded its full-year earnings outlook and said weakness in the Asia-Pacific region depressed it third-quarter revenues. Sales fell 2 per cent from a year ago to $7.99bn in the third quarter — as growth in its healthcare and consumer businesses was offset by declines in its transportation and electronics and safety units. (First FT)
There were more signs of weakening global growth in the latest economic data. Factory activity fell to the lowest level in three years in Japan, while the economic expansion in South Korea slowed. Purchasing manager numbers for the euro area showed the region remains on the brink of a contraction, with signs in Germany that the manufacturing slump is starting to take a toll on employment. One bright spot was a surprise increase in the French services sector. PMI numbers for the U.S. economy are due later today. (Bloomberg)
Weekly jobless claims total 212,000, vs 215,000 expected, and durable goods orders declined 1.1% in September, missing expectations. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.