The Big Premiere, Musk Praises Ford, Carvana Comeback?

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It’s been a wild week and Friday is saying, “Hold my beer” as Elon Musk praises Ford’s strategy, Carvana stocks stage a comeback, and it’s time to get ready for the livestream premiere of More Than Cars.

• Elon Musk threw some empathic praise Ford’s way regarding their strategy, calling it "smart" despite the automaker reporting a negative 40% margin on its EV business. 
  • “Always tough with margins for new vehicle lines, especially when there are major technology shifts. I think Ford’s overall strategy with EVs is smart. The electric F-150 (Lightning) has high demand.”
  • Ford’s sales were down this quarter but they remain committed to shipping over 600k units this year. 
• After a 98% drop in share value last year, Carvana shares soared by 33% after hours yesterday due to an upbeat second-quarter forecast that projected a surprise core profit.
  • "I think the major headwinds that have faced the business over the year are largely subsiding," Chief Executive Officer Ernie Garcia said on a call with analysts on Thursday
  • Piper Sandler analysts warned in a note on Friday that the stock may not be suitable for risk-averse investors due to persistent solvency issues and a tangible threat of macroeconomic decline. Despite these concerns, they raised their price target for the stock by $1, setting it at $21.

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