For aspiring entrepreneurs whose business ideas were not initially well received, don’t despair. Fred Smith, the founder of FedEx, a company with ~$90 billion worth of revenue each year and more than 500,000 employees on the payroll, laid out the idea for his delivery company as a Yale student in a paper that did not get an A grade.
While markets were a bit jittery Sunday night following US strikes on Iran this weekend, a relatively minor response from Iran renewed risk appetite as traders saw de-escalation as the most likely path forward. The S&P 500 rose nearly 1%, while the Nasdaq 100 and Russell 2000 closed up 1.1%.
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After years of delays, Tesla’s long-awaited robotaxi finally launched yesterday in Austin, and the lack of any discernible bad news about the first day in action led to an 8% pop in the price of the company’s shares.
The launch is very important to Tesla, which has been struggling due to weak demand for its regular vehicles. Indeed, CEO Elon Musk has repeatedly said that most of the company is riding on the success of its autonomous products. |
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Was it the biggest test ever? God, no. It was within a well-mapped subsection of the city, there was a safety monitor in the front passenger seat, it had remote operators ready to potentially step in and in some instances follow behind, it operates only from 6 a.m. to midnight in good weather, and only a chosen few pro-Tesla influencers were invited.
- But dang it, it worked.
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After taking a couple of rides in the robotaxis yesterday, Wedbush Securities analyst and Tesla bull Dan Ives reiterated his belief that the service could add another $1 trillion to the company’s $1 trillion market cap.
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“Overall, these Robotaxis exceeded our expectations and offered a seamless and personalized travel experience that has lit the spark for autonomous driving,” Ives wrote. |
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“The future of the company is fundamentally based on large-scale autonomous cars and large scale and large volume, vast numbers of autonomous humanoid robots,” Musk said during the company’s last earnings call. Traders seem to agree, so this first launch going according to plan was good news. |
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A pillar for the long-term success of traditional soft drink seller Coca-Cola is coming from an unexpected source: gym bros. Thanks to its higher protein content, the Fairlife brand, acquired by Coca-Cola in 2020, is a favorite among fitness enthusiasts and features in many recipes posted by (predominantly) male influencers online.
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- Morgan Stanley analyst Dara Mohsenian, who has an overweight rating and $81 price target on the stock, wrote that Fairlife has driven about 60% of Coke’s growth year to date in the US, based on Nielsen scanner data.
- “We expect ‘Fairlife’ to be added to this health shift going forward as an important stock driver, with Fairlife alone driving a significant 100-140 basis points of organic sales growth in the next five years even absent any assumed international contribution,” he wrote.
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Fairlife’s products are in categories that are growing relatively fast, and it’s picking up market share in all of them, Mohsenian added.
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Still, Fairlife accounted for a whopping 37% of Coke’s growth in scanner data last year and well more than that this year, which does mean that milk is now a massive business for the soda brand. |
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Is it weird that the seller of fizzy sugar bombs has been earning a crust in the milk business? Yes, a little! But if anything, it shows that Coke’s still able to pick winners and ride trends that turn into huge businesses — after all, it wasn’t long ago the stock hit a new all-time high.
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Swipe right on Nasdaq-100 Micro Index Options (XND®) |
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Yesterday’s Big Daily Movers |
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