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Photo: Justin Sullivan/Getty Images

Tesla's stock is beginning to recover after a brutal start to the year, rebounding about 25% from its June nadir as optimism about second-quarter vehicle deliveries has picked up steam.

The state of play: CEO Elon Musk's message to shareholders that there is "not a demand problem," and June 25 email to employees saying Tesla is "on track to set an all-time record" for deliveries have also helped stabilize the stock. But investors would be wise to sit out any celebration, Charley Grant at WSJ writes.

  • "For starters, record deliveries would hardly guarantee a profit. Tesla managed a net profit margin of less than 2% in the fourth quarter of 2018.... [T]here is reason to believe margins have shrunk since then."
  • "We believe that Tesla has an incentive … to 'move the metal;' in other words, prioritize deliveries over margins and pricing, which it appears to have done this quarter," Barclays analysts wrote last week.

Tesla also now faces more competition on its higher-end Model S and Model X cars, which have much higher profit margins than the mass market Model 3, from Jaguar and Audi.

  • Further, Grant notes, U.S. federal tax credits for Tesla buyers will be reduced again in the U.S. starting today to just $1,875, compared with $7,500 last year.

Go deeper: What Tesla knows about you

Go deeper

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda on the biggest scandal to hit the Fed in recent memory.

Texas urges Supreme Court to leave abortion ban in place

Photo: Emily Elconin/Bloomberg via Getty Images

Texas on Thursday asked the Supreme Court to keep in place a law that bans abortions after an embryo's cardiac activity is detected, which can be as soon as six weeks and before many people know they are pregnant.

Driving the news: Texas Attorney General Ken Paxton is asking the high court to ignore the Justice Department's emergency request that they temporarily block the law while federal courts consider its constitutionality since it "lacks standing because it has not been injured by SB 8."

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

You’ve caught up. Now what?

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