🚀 Is Tesla a Meme Stock?

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Longtime investor Bill Gross criticized Tesla's recent performance, likening it to a "meme stock" driven by speculative retail trading. Gross noted on X that Tesla's fundamentals don't justify its 43.6% surge over a 10-day winning streak since June 24, despite beating second-quarter vehicle production and delivery expectations. He compared Tesla to other meme stocks like Chewy and GameStop, suggesting that such rallies are often pump-and-dump schemes. Although Tesla shares are up 6% year-to-date, they lag behind the S&P 500's 17% gain. Gross, who once led Pimco, has previously engaged in trading meme stocks for short-term gains.

2. Samsung launched its first smart ring, the Galaxy Ring, at its Galaxy Unpacked event in Paris, aiming to integrate its health-tracking features with its ecosystem of devices, including smartphones and smartwatches. The Galaxy Ring, available July 24 starting at $399.99, monitors sleep, menstrual cycles, heart rate, and exercise, and includes a battery lasting up to seven days. This move comes as Samsung seeks to expand its health applications and drive sales by offering a comprehensive health monitoring system. Analysts believe the ring will help Samsung strengthen its ecosystem and potentially open new revenue streams, despite being a niche product in comparison to smartphones.

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4. Headlines

   1. Nancy Pelosi explicitly refused to endorse Biden as the Democratic party’s presidential nominee on Wednesday morning in the first major public dissent from a high-ranking Democrat.

   2. Mortgage refinance demand is declining as Americans hold onto the $17T in home equity instead of leveraging it.

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