Tesla (NASDAQ:TSLA) surges on surprising delivery numbers while Nvidia (NASDAQ:NVDA) faces potential antitrust hurdles in France. Meanwhile, First Solar (NASDAQ:FSLR) sees a price target adjustment from analysts.
Three tech giants are making headlines in a volatile market for different reasons. Tesla’s stock surged on better-than-expected delivery numbers, while Nvidia faces potential antitrust charges in France. Meanwhile, First Solar sees a price target adjustment from analysts. Here’s a closer look at the latest developments for these closely watched stocks.
Tesla (TSLA) Reports Better than Expected Q2 Delivery Numbers
Tesla’s stock is on a tear, surging 8.93% to $228.59 as of 12:21 PM EDT on Tuesday. The electric vehicle maker delivered a positive surprise with its second-quarter delivery numbers, reporting 443,956 vehicles delivered, beating Wall Street estimates of 438,000. This marks Tesla’s first delivery beat in four quarters, despite a 4.7% year-over-year decline.
The Model 3 and Model Y accounted for the bulk of deliveries at 422,405 units. Despite the recent rally, Tesla’s stock remains down 8% year-to-date, with a market capitalization of $729.051 billion. Analysts are hailing this as a “huge comeback” for the EV giant, with the stock rising for the sixth consecutive trading day.
Nvidia (NVDA) Reportedly to Face Antitrust Charges
Nvidia’s stock is facing headwinds, down 1.69% to $122.20 as of 12:22 PM EDT. The chip maker is reportedly set to face antitrust charges from French regulators for allegedly anti-competitive practices.
This would mark the first enforcer to act against Nvidia, following dawn raids in the graphics cards sector last September. The investigation is part of a broader inquiry into cloud computing, with concerns raised about the sector’s dependence on Nvidia’s CUDA chip programming software.
Despite these challenges, Nvidia’s stock has shown remarkable performance year-to-date, up 146.85% with a staggering market cap of $3.007 trillion. Analysts even discuss the potential for a $10 trillion valuation, highlighting the company’s dominant position in the AI chip market.
First Solar (FSLR) Stock Dips After Analyst Lower Price Target (NYSE:TGT)
First Solar’s stock is experiencing a pullback, down 3.53% to $214.85 as of 12:21 PM EDT. This comes as Robert W. Baird lowered its price target for the company from $344.00 to $307.00 while maintaining an “outperform” rating.
Despite the reduction, the new target still suggests a 37.85% upside from the previous close. First Solar reported strong first-quarter earnings of $2.20 per share, beating estimates, with revenue up 44.8% year-over-year to $794.10 million. The company’s consensus rating remains a “Moderate Buy” with an average price target of $266.04.
With a market cap of $22.971 billion and a PE ratio of 23.34, First Solar continues to be a significant player in the solar energy sector. Despite today’s dip, its year-to-date return is 24.56%.
***
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.