Midday Market Intelligence: the three horsemen

研报英文原文证据摘录

Midday Market Intelligence: the three horsemen

Goldman Sachs Midday Market Intelligence

Revenue Estimates Are Revised Higher).”

n TSLA‘s results were weaker than expected on profitability, with non-GAAP EPS

missing both consensus and our estimates due to lower automotive and energy

margins and higher operating expenses. Investor focus will likely remain on

forward-looking drivers rather than the quarter itself, including progress in Full

Self-Driving, robotaxis, Optimus, electric vehicles, and energy. While TSLA showed

encouraging signs in software attachment, vehicle backlog, and early robotaxi safety

data, the path to higher profitability and free cash flow appears more back-end

loaded as capital spending and operating expenses continue to rise, discusses Mark

Delaney in “TSLA: Business and technical progress in key markets, and costs of

investments, remain in focus; 2Q wrap.”

Visit our earnings page for more takeaways from results across Corporate America.

Finally, what does all of this mean for the rate path? As David Mericle discusses in a fresh

note this morning, “Would Hikes Help?,” the usual rationale for raising rates — to prevent

macroeconomic overheating by bringing aggregate demand into balance with supply —

is largely absent today. The labor market is in a normal balance — this morning’s weekly

jobless claims data was below expectations — and wage pressures are not a problem

(see “USA: Initial Claims Well Below Expectations”). And raising interest rates could still

offset the inflationary impact of supply shocks through the textbook channel of

reducing resource utilization, even from a starting point where the economy is not

overheated. However, offsetting a supply shock usually requires a large rise in