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Wednesday, February 8, 2023

Cedears sank to almost 12% before the bad start of the year of Wall Street

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Diego Martínez Burzaco, Head of Research & Strategy at Inviuassured that on the “first day of the year on Wall Street, Tesla is riddled with 12.2%. The reason? It sold 3% fewer vehicles in 4Q22 compared to the market consensus.”

“Is it exaggerated? It may be, but when the trend is down in the background, it is better to wait for a stabilization to see the opportunity. Is Elon Musk the hindrance? Right now, yes, because the sale of his shares throughout the year, to fund the purchase of Twitter, generates a lot of resentment. and china? It is the main market of the company that cannot have visibility of the impact of the Covid in the short term”, closed the Burzaco analysis.

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In turn, at the end of the day there were some papers that ended the day on the up, such as Alibaba (+5.3%), and Paypal (+5.5%).

The main Wall Street indices closed the first trading day of 2023 lower, with Tesla and Apple as the big losersas investors worried about the Federal Reserve’s interest rate hikes awaiting the minutes of its December meeting.

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Electric vehicle maker shares Tesla hit a low since August 2020 and pressured the consumer discretionary sector, after missing Wall Street estimates for quarterly deliveries.

Apple shares plunged, and the iPhone maker hit its lowest level since June 2021after a Nikkei Asia report pointed to weaker demand.

In addition, it had a negative influence on Cedears prices, which, although the CCL erased a strong initial intraday drop, was not enough to close positive. The CCL dollar fell 39 cents (-0.1%) to $344.49, with which the gap with the official wholesale exchange rate reached 93.1%. During the day, the so-called cable dollar fell almost $7.

Source: Ambito

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