Tesla Stock Soars 12% as Musk Promises Surging EV Sales Growth

Image source: Photo by Makara Heng - Pexels

Tesla Stock Soars 12% as Musk Promises Surging EV Sales Growth. 🚘Tesla's stock surged nearly 12% after CEO Elon Musk reassured investors with a forecast of 20%-30% car sales growth next year, alongside plans for an affordable EV. The jump comes after concerns over Musk's focus on AI and robotics, with investors now encouraged by Tesla's renewed commitment to its core electric vehicle business. Reuters reports.

📱iUpgrade: Apple releases new preview of its AI, including ChatGPT integration. CNBC reports.

✈️ FixFlight: Boeing expects to burn cash next year as CEO says there's no quick fix for ailing planemaker Reuters reports.

📉 MichelinSlip: Michelin cuts sales volume forecast as quarterly sales miss estimates. Yahoo Finance reports.

🚨 ColiAlert: McDonald's US head vows to improve safety after E. coli outbreak, more cases expected. Reuters reports.

💳 CardCrisis: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers: CFPB. Yahoo Finance reports.

📈 CokeProfits: Coca-Cola tops earnings estimates, as higher prices offset sluggish demand. CNBC reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $CCTG: CCSC Technology
Total gain: 105.75%

2. $LGCB: Linkage Global
Total gain: 53.23%

3. $MNDR: Mobile-health Network
Total gain: 39.82%

4. $QLGN: Qualigen Therapeutics
Total gain: 39.71%

5. $CNSP: CNS Pharma
Total gain: 36.87%

SAP boss warns against regulating AI, says Europe risks falling behind U.S., China

Europe should avoid regulating artificial intelligence and focus its attention on the results of the technology instead, said the CEO of German enterprise tech giant SAP. Christian Klein, who has held the top job at SAP since April 2020, said Europe risks falling behind the U.S. and China if it overregulates the AI sector.

While it’s important to mitigate the risks associated with AI, Klein argued that regulating the tech while it’s still in its infancy would be misguided.

📰 Read more

The closing price of the top three market percent gainers trading near or above $3 on October 23.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $SAVE: Spirit Airlines
Total gain: +45.97%
The stock appeared to be moving on no notable news.

2. $LRN: Stride
Total gain: +39.11%
The company announced its results for the first fiscal quarter ended September 30, 2024, highlighting significant year-over-year growth. Revenue reached $551.1 million, up from $480.2 million. Income from operations increased to $47.3 million, compared to $3.3 million, while net income rose to $40.9 million from $4.9 million. Diluted net income per share grew to $0.94, compared to $0.11. Adjusted operating income was $58.4 million, up from $14.8 million, and adjusted EBITDA reached $83.9 million, compared to $39.8 million. Benzinga reports.

3. $UPWK: Upwork
Total gain: +26.77%
The company announced a more streamlined organizational structure and operational changes to maintain its profitable trajectory, enhance efficiency, and accelerate innovation for its customers. As part of these actions, Upwork is simplifying its organizational structure to reduce costs and speed up decision-making, empowering teams to deliver improved outcomes for customers. These changes will reduce Upwork's total workforce by 21% and are expected to generate approximately $60 million in annualized cost savings. Benzinga reports.

Time (ET) / Report / Period

8:30 am - Initial jobless claims - October 19
8:45 am - Cleveland Fed President Beth Hammack opening remarks
9:45 am - S&P flash U.S. services PMI - October

"Speculation is a hard and trying business, and a speculator must be on the job all the time or he will soon have no job to be on."

― Edwin LefèvreSourced in:
“Reminiscences of a Stock Operator”, by Edwin Lefèvre, published in 1923