{"id":63808,"date":"2022-09-09T09:09:41","date_gmt":"2022-09-09T13:09:41","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63808"},"modified":"2022-09-09T09:09:41","modified_gmt":"2022-09-09T13:09:41","slug":"coffee-with-greta-teslas-new-plan-to-reduce-reliance-on-china","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/09\/09\/coffee-with-greta-teslas-new-plan-to-reduce-reliance-on-china\/","title":{"rendered":"Coffee With Greta: Tesla Backs Away from China"},"content":{"rendered":"

DJIA Futures:<\/b> +257 (+0.8%)<\/span><\/p>\n

SPX Futures: <\/b>+37 (+0.9%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+145 (+1.2%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are higher as the market looks to snap a 3-week losing streak.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Tesla Wants to Build Lithium Refinery for EV Batteries in Texas<\/span><\/h2>\n

Tesla <\/b>(TSLA) shares are up 1.4% in premarket trade after the electric automaker revealed plans to build its own lithium refinery in Texas.\u00a0<\/span><\/p>\n

In its application with the Texas Comptroller\u2019s Office, Tesla said the plant would be focused on developing \u201cbattery-grade lithium hydroxide\u201d.<\/span><\/p>\n

It would be the first plant of its kind in the U.S.\u00a0<\/span><\/p>\n

Tesla said it would process \u201craw ore material into a usable state for battery production\u201d at the facility.\u00a0<\/span><\/p>\n

That lithium hydroxide would then be sent to Tesla battery factories.\u00a0<\/span><\/p>\n

The move is an effort to reduce costs as the price of lithium has surged 120% this year.\u00a0<\/span><\/p>\n

It would also reduce Tesla\u2019s reliance on China for its supply of lithium.\u00a0<\/span><\/p>\n

China currently controls more than half of the world\u2019s lithium processing and refining while the U.S. controls just 1%.\u00a0<\/span><\/p>\n

DocuSign Rallies on Earnings Beat<\/span><\/h2>\n

DocuSign <\/b>(DOCU) shares are surging 15.1% ahead of the open after better-than-expected fiscal Q2 results and strong guidance.\u00a0<\/span><\/p>\n

The e-signature company reported adjusted earnings of $0.44 per share on $622 million in revenue.\u00a0<\/span><\/p>\n

That beat analysts\u2019 expectations for adjusted EPS of $0.42 on $602 million in revenue.\u00a0<\/span><\/p>\n

The CEO said, \u201cThese results reflect the focus and dedication of our team on execution during this transition period, with a stronger foundation in place to deliver in the second half of the year.\u201d<\/span><\/p>\n

The company forecast fiscal Q3 revenue between $624 million and $628 million vs analysts\u2019 expectations for $625 million.\u00a0<\/span><\/p>\n

DocuSign called for $2.47 billion to $2.482 billion in full-year revenue, in line with its previous outlook.<\/span><\/p>\n

RH Tops Earnings Expectations, Trims Outlook<\/span><\/h2>\n

RH <\/b>(RH) shares are up 1.3% in premarket trade after beating Q2 expectations but trimming its full-year outlook.\u00a0<\/span><\/p>\n

The luxury furniture and home-goods retailer reported adjusted earnings of $8.08 per share on $992 million in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for adjusted EPS of $6.71 on $969 million in revenue.\u00a0<\/span><\/p>\n

But RH said it expects fiscal 2022 sales to decline between 3.5% and 5.5% as the housing market slows.\u00a0<\/span><\/p>\n

The CEO said, \u201cOur expectation is for continued softening in our business trends during the remainder of fiscal 2022 as a result of ongoing weakness in the housing market over the next several quarters and possibly longer due to the Federal Reserve\u2019s anticipated interest-rate increases and the cycling of record COVID-driven sales levels in 2021.\u201d<\/span><\/p>\n

Kroger Tops Q2 Expectations, Hikes Forecast\u00a0<\/span><\/h2>\n

Kroger <\/b>(KR) shares are up 3.5% ahead of the open after topping Q2 expectations and hiking its full-year outlook.\u00a0<\/span><\/p>\n

The grocery chain reported adjusted earnings of $0.90 per share on $34.64 billion in revenue.\u00a0<\/span><\/p>\n

That topped analysts\u2019 expectations for adjusted EPS of $0.82 on $34.46 billion in revenue.\u00a0<\/span><\/p>\n

Kroger\u2019s same-store sales rose 5.8% year over year vs expectations for a 4.6% increase.\u00a0<\/span><\/p>\n

The company hiked its full-year adjusted EPS forecast to between $3.95 and $4.05 from the previous forecast for $3.85 to $3.95.\u00a0<\/span><\/p>\n

Kroger now sees full-year same-store sales growth of 4% to 4.5% from 2.5% to 3.5% previously.<\/span><\/p>\n

Oil Prices Rise Amid Supply Threats<\/span><\/h2>\n

Oil prices are higher today as supply concerns take over.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are up 1.9% to $85 bbl while Brent crude futures are up 2% to $91 bbl.\u00a0<\/span><\/p>\n

Both contracts are still on track for weekly losses of more than 2%, with Brent hitting its lowest level since January.<\/span><\/p>\n

The Energy Information Administration reported a surprise increase in U.S. oil and gas stockpiles Thursday.\u00a0<\/span><\/p>\n

Crude inventories rose by 8.8 million barrels last week vs expectations for a 1.88 million barrel decrease.\u00a0<\/span><\/p>\n

Gasoline stockpiles increased by 400,000 barrels vs expectations for a 1.5 million barrel decline.<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • Fed Chair Jerome Powell vowed to continue raising rates to fight inflation \u201cuntil the job is done\u201d. In a Q&A with the Cato Institute, Powell said,\u00a0 \u201cI can assure you that my colleagues and I are strongly committed to this project.\u201d He also highlighted the threat of public perception surrounding high inflation. Powell said, \u201cThe longer inflation remains well above target, the greater the risk the public does begin to see higher inflation as the norm, and that has the capacity to raise the costs of getting inflation down.\u201d<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: +257 (+0.8%) SPX Futures: +37 (+0.9%) NASDAQ Futures: +145 (+1.2%) Good morning friends! Futures are higher as the market looks to snap a 3-week losing streak. Let\u2019s get right to it! Tesla Wants to Build Lithium Refinery for EV Batteries in Texas Tesla (TSLA) shares are up 1.4% in premarket trade after the electric automaker revealed plans to build its own lithium refinery in Texas.\u00a0 In its application with the Texas Comptroller\u2019s Office, Tesla said the plant would be focused on developing \u201cbattery-grade lithium hydroxide\u201d. It would be the first plant of its kind in the U.S.\u00a0 Tesla said it would process \u201craw ore material into a usable state for battery production\u201d at the facility.\u00a0 That lithium hydroxide would then be sent to Tesla battery factories.\u00a0 The move is an effort to reduce costs as the price of lithium has surged 120% this year.\u00a0 It would also reduce Tesla\u2019s reliance on China for its supply of lithium.\u00a0 China currently controls more than half of the world\u2019s lithium processing and refining while the U.S. controls just 1%.\u00a0 DocuSign Rallies on Earnings Beat DocuSign (DOCU) shares are surging 15.1% ahead of the open after better-than-expected fiscal Q2 results and strong guidance.\u00a0 The e-signature company reported adjusted earnings of $0.44 per share on $622 million in revenue.\u00a0 That beat analysts\u2019 expectations for adjusted EPS of $0.42 on $602 million in revenue.\u00a0 The CEO said, \u201cThese results reflect the focus and dedication of our team on execution during this transition period, with a stronger foundation in place to deliver in the second half of the year.\u201d The company forecast fiscal Q3 revenue between $624 million and $628 million vs analysts\u2019 expectations for $625 million.\u00a0 DocuSign called for $2.47 billion to $2.482 billion in full-year revenue, in line with its previous outlook. RH Tops Earnings Expectations, Trims Outlook RH (RH) shares are up 1.3% in premarket trade after beating Q2 expectations but trimming its full-year outlook.\u00a0 The luxury furniture and home-goods retailer reported adjusted earnings of $8.08 per share on $992 million in revenue.\u00a0 That was better than analysts\u2019 expectations for adjusted EPS of $6.71 on $969 million in revenue.\u00a0 But RH said it expects fiscal 2022 sales to decline between 3.5% and 5.5% as the housing market slows.\u00a0 The CEO said, \u201cOur expectation is for continued softening in our business trends during the remainder of fiscal 2022 as a result of ongoing weakness in the housing market over the next several quarters and possibly longer due to the Federal Reserve\u2019s anticipated interest-rate increases and the cycling of record COVID-driven sales levels in 2021.\u201d Kroger Tops Q2 Expectations, Hikes Forecast\u00a0 Kroger (KR) shares are up 3.5% ahead of the open after topping Q2 expectations and hiking its full-year outlook.\u00a0 The grocery chain reported adjusted earnings of $0.90 per share on $34.64 billion in revenue.\u00a0 That topped analysts\u2019 expectations for adjusted EPS of $0.82 on $34.46 billion in revenue.\u00a0 Kroger\u2019s same-store sales rose 5.8% year over year vs expectations for a 4.6% increase.\u00a0 The company hiked its full-year adjusted EPS forecast to between $3.95 and $4.05 from the previous forecast for $3.85 to $3.95.\u00a0 Kroger now sees full-year same-store sales growth of 4% to 4.5% from 2.5% to 3.5% previously. Oil Prices Rise Amid Supply Threats Oil prices are higher today as supply concerns take over.\u00a0 West Texas Intermediate crude futures are up 1.9% to $85 bbl while Brent crude futures are up 2% to $91 bbl.\u00a0 Both contracts are still on track for weekly losses of more than 2%, with Brent hitting its lowest level since January. The Energy Information Administration reported a surprise increase in U.S. oil and gas stockpiles Thursday.\u00a0 Crude inventories rose by 8.8 million barrels last week vs expectations for a 1.88 million barrel decrease.\u00a0 Gasoline stockpiles increased by 400,000 barrels vs expectations for a 1.5 million barrel decline. In Case You Missed It Fed Chair Jerome Powell vowed to continue raising rates to fight inflation \u201cuntil the job is done\u201d. In a Q&A with the Cato Institute, Powell said,\u00a0 \u201cI can assure you that my colleagues and I are strongly committed to this project.\u201d He also highlighted the threat of public perception surrounding high inflation. Powell said, \u201cThe longer inflation remains well above target, the greater the risk the public does begin to see higher inflation as the norm, and that has the capacity to raise the costs of getting inflation down.\u201d<\/p>\n","protected":false},"author":41,"featured_media":63811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-63808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=63808"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63808\/revisions"}],"predecessor-version":[{"id":63813,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63808\/revisions\/63813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/63811"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=63808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=63808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=63808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}