Photo: Karol Serewis/SOPA Images/LightRocket/Getty Images

Tesla's stock jumped 6% yesterday after publication of an email from CEO Elon Musk to staff stating that the electric automaker could hit 100,000 deliveries this quarter.

Why it matters: That would be the highest for any 3-month period, surpassing Q2's 95,200 tally.

  • Bloomberg points out that this would put Tesla on track to meet Musk's full-year deliveries target.
  • "If Tesla were to hand over 100,000 vehicles each of the last two quarters of the year, deliveries would roughly reach the low end of the 360,000 to 400,000 range the company has forecast for 2019," they report.
  • Tesla typically reports the final tally very shortly after the quarter ends.

What they're saying: Per the site Electrek, which first reported on Musk's latest end-of-quarter effort to rally his troops, he said in the email...

"The challenge is making sure that we have the right car variants in the right locations and rallying as much as our company resources as possible to help with the end of the quarter deliveries."

The bottom line: Tesla's stock is still down significantly this year.

  • Delivering more cars and making money are 2 different things, so a much more important moment will come when Tesla reports its Q3 earnings in a few weeks.
  • The company reported a net loss of $408 million in Q2. Musk said at the time that he expects to be "around breakeven" in Q3 and profitable in Q4.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.