Tesla shares are under pressure this morning after the company beat on EPS and revenue but warned that hits to margin are likely to continue to occur after having lower operating margins this quarter than anticipated. Tesla has been moving a lot of vehicles but also had a lot of price cuts to move those vehicles and warned that more price cuts might be coming.

Netflix also under pressure even though they smashed subscriber adds. The headlines say that Netflix is down due to lower 3^rd quarter revenue than anticipated but when can easily speculate that after those subscriber adds, if Netflix hadn’t rallied so much lately, we likely would have a much better market reaction. One can easily ponder that both Tesla and Netflix are “top of the chart” problems and we will break it down on the Halftime Report today.

Taiwan Semiconductor also under a touch of pressure after cutting its annual outlook for revenue by 10% and postponing the start of its Arizona project. Taiwan Semiconductor is a fabulous company and at the heart of the AI story as it is the main chipmaker for Nvidia. It is going to be interesting to see pattern development in the coming days on all these stocks. The bulls have responded so well to pressure moments in 2023 and watching the technical formations on these growth plays in coming days will provide a lot of information on the market mood.

Chart of the Day: Netflix

Netflix is down today after a subscriber beat which is unusual but it might be experiencing “top of the chart” earnings problems. This often occurs after big runs into earnings and even reports that are decent can be sold off after this type of big runs.

Today’s line up

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