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Tesla Isn't Acting Like a Growth Stock. Something Is Going On. -- Barrons.com
Tesla Isn't Acting Like a Growth Stock. Something Is Going On. -- Barrons.com
DJ Tesla Isn't Acting Like a Growth Stock. Something Is Going On. -- Barrons.com
Al Root
Stock in Tesla didn't act like shares of the fast-growing leader in the rapidly expanding high-tech market for electric vehicles on Monday. Rates rose and tech stocks fell, but Tesla continued its upward march, behaving more like a traditional auto company.
What gives?
The yield on the 10 year U.S. Treasury note rose to 1.48% from 1.45% Monday. It was a small move, but rising bond yields always matter for richly valued tech stocks because they reduce the current value of the profits those companies are expected to produce in the future. Higher yields tend to hurt tech stocks' valuations, which is how it played out for the broader market.
The Nasdaq Composite, home to richly valued tech stocks, fell about 0.5%. The Dow Jones Industrial Average, containing a lot of old-economy stocks, rose about 0.2%. The S&P 500, for its part, closed down about 0.3%.
Like the Dow index, car stocks did fine with rising yields. Companies such as General Motors (ticker: GM) and Ford Motor (F) have substantial cash flows today and are favorites of value-oriented investors. GM stock rose about 1.9% Monday. Ford shares gained about 2.8%.
All that made a lot of sense and matched the historical pattern.
The odd thing is that Tesla (TSLA) stock rose along with the other two auto makers, adding 2.3%, closing at $791.36 a share. It was Tesla's highest close since Feb. 17, when it closed at $798.15, according to Dow Jones Market Data.
Tesla isn't valued like a traditional auto maker. It typically struggles when rates rise. Shares trade for about 100 times estimated 2022 earnings. Ford and GM shares trade for single-digit price-to-earnings ratios.
And back in February, when interest rates rose, Tesla stock fell about 15% for the month. Ford stock gained 11%, while GM stock was up 1%.
It's unlikely that Monday's gain came because investors decided Tesla should be treated like a car stock. Something else must be going on. The most likely expectation is that Tesla investors are expecting strong third-quarter delivery figures.
The numbers will be reported in early October, and possibly this week. Analysts expect about 221,000 vehicles were delivered in the third quarter, compared with about 201,000 in the second quarter.
Each new quarter for Tesla tends to be a delivery record. The company's goal is to increase deliveries by more than 50% a year on average for the foreseeable future.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires
September 27, 2021 17:24 ET (21:24 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
DJ Tesla Isn't Acting Like a Growth Stock. Something Is Going On. -- Barrons.com
DJ特斯拉(Tesla)的表现并不像是一只成长型股票。有事情发生了。--Barrons.com
Al Root
Al根
Stock in Tesla didn't act like shares of the fast-growing leader in the rapidly expanding high-tech market for electric vehicles on Monday. Rates rose and tech stocks fell, but Tesla continued its upward march, behaving more like a traditional auto company.
周一，在快速扩张的高科技电动汽车市场，特斯拉的股价表现不像这家快速增长的领先者的股票。利率上升，科技股下跌，但特斯拉继续上行，表现更像一家传统汽车公司。
What gives?
什么给予？
The yield on the 10 year U.S. Treasury note rose to 1.48% from 1.45% Monday. It was a small move, but rising bond yields always matter for richly valued tech stocks because they reduce the current value of the profits those companies are expected to produce in the future. Higher yields tend to hurt tech stocks' valuations, which is how it played out for the broader market.
10年期美国公债收益率从周一的1.45%升至1.48%。这是一个很小的举动，但不断上升的债券收益率对估值较高的科技股总是很重要的，因为它们降低了这些公司未来预计将产生的利润的现值。较高的收益率往往会损害科技股的估值，这也是大盘的表现。
The Nasdaq Composite, home to richly valued tech stocks, fell about 0.5%. The Dow Jones Industrial Average, containing a lot of old-economy stocks, rose about 0.2%. The S&P 500, for its part, closed down about 0.3%.
估值丰厚的科技股所在的纳斯达克综合指数(Nasdaq Composite)下跌约0.5%。道琼斯工业股票平均价格指数(Dow Jones Industrial Average)上涨约0.2%，该指数包含大量旧经济类股。标普500指数收低约0.3%。
Like the Dow index, car stocks did fine with rising yields. Companies such as General Motors (ticker: GM) and Ford Motor (F) have substantial cash flows today and are favorites of value-oriented investors. GM stock rose about 1.9% Monday. Ford shares gained about 2.8%.
与道琼斯指数一样，汽车类股在收益率上升的情况下表现良好。通用汽车(股票代码：GM)和福特汽车(F)等公司今天拥有可观的现金流，是价值型投资者的最爱。通用汽车股价周一上涨约1.9%。福特股价上涨约2.8%。
All that made a lot of sense and matched the historical pattern.
所有这些都很有意义，符合历史模式。
The odd thing is that Tesla (TSLA) stock rose along with the other two auto makers, adding 2.3%, closing at $791.36 a share. It was Tesla's highest close since Feb. 17, when it closed at $798.15, according to Dow Jones Market Data.
奇怪的是，特斯拉的股价与另外两家汽车制造商一起上涨了2.3%，收于每股791.36美元。根据道琼斯市场数据，这是特斯拉自2月17日以来的最高收盘价，当时收盘价为798.15美元。
Tesla isn't valued like a traditional auto maker. It typically struggles when rates rise. Shares trade for about 100 times estimated 2022 earnings. Ford and GM shares trade for single-digit price-to-earnings ratios.
特斯拉的估值不如传统汽车制造商。当利率上升时，它通常会举步维艰。股票的市盈率约为2022年预期收益的100倍。福特和通用汽车股票的市盈率为个位数。
And back in February, when interest rates rose, Tesla stock fell about 15% for the month. Ford stock gained 11%, while GM stock was up 1%.
回到2月份，当利率上升时，特斯拉的股价当月下跌了约15%。福特股价上涨11%，通用汽车股价上涨1%。
It's unlikely that Monday's gain came because investors decided Tesla should be treated like a car stock. Something else must be going on. The most likely expectation is that Tesla investors are expecting strong third-quarter delivery figures.
周一的上涨不太可能是因为投资者认为特斯拉应该被当作汽车股对待。一定有别的事情在发生。最有可能的预期是，特斯拉投资者预计第三季度交付数据强劲。
The numbers will be reported in early October, and possibly this week. Analysts expect about 221,000 vehicles were delivered in the third quarter, compared with about 201,000 in the second quarter.
这些数字将在10月初公布，可能在本周公布。分析师预计，第三季度交付了约22.1万辆汽车，而第二季度约为20.1万辆。
Each new quarter for Tesla tends to be a delivery record. The company's goal is to increase deliveries by more than 50% a year on average for the foreseeable future.
特斯拉的每个新季度往往都会创下交付纪录。该公司的目标是在可预见的未来平均每年增加50%以上的交货量。
Write to Al Root at allen.root@dowjones.com
写信给Al Root，地址是allen.root@dowjones.com
(END) Dow Jones Newswires
(完)道琼通讯社
September 27, 2021 17:24 ET (21:24 GMT)
2021年9月27日美国东部时间17：24(格林尼治标准时间21：24)
Copyright (c) 2021 Dow Jones & Company, Inc.
版权所有(C)2021年道琼斯公司
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国，moomoo上的投资产品和服务由Moomoo Financial Inc.提供，一家受美国证券交易委员会（SEC）监管的持牌主体。 Moomoo Financial Inc.是金融业监管局（FINRA）和证券投资者保护公司（SIPC）的成员。
在新加坡，moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供，该公司受新加坡金融管理局（MAS）监管(牌照号码︰CMS101000) ，持有资本市场服务牌照 (CMS) ，持有财务顾问豁免（Exempt Financial Adviser）资质。本内容未经新加坡金融管理局的审查。
在澳大利亚，moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供，该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构（AFSL No. 224663）。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件，这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大，通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供，并受加拿大投资监管机构（CIRO）监管。
在马来西亚，moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供，该公司受马来西亚证券监督委员会（SC）监管(牌照号码︰eCMSL/A0397/2024) ，持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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