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Tesla Shares Rise by 4% on Better Than Expected Earnings Report

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Tesla Shares Gains 4% on Better Than Expected Q2 Earnings

Tesla shares rose by 4 percent on Thursday following a better than expected second-quarter earnings report.

The world’s leading electric car manufacturer posted $2.18 earnings per share, far better than the 3 cents per share predicted by analysts.

Revenue rose to $6.04 billion in the second quarter, also better than the $5.37 billion analysts predicted prior to the report.

The company’s net income stood at $104 million (GAAP). Making it Tesla’s first full year of profitability based on GAAP metrics, meaning it can now be included on the S & P 500 index.

Tesla has now reported four consecutive quarters of profits

During Wednesday’s earnings call, Elon Musk, the Founder and CEO, Tesla Inc, said the company will build its next factory near Austin, Texas.

He said “the company plans to dedicate its Fremont, California, car plant to the production of Model S and Model X vehicles for all markets, and for Model 3 and Model Y production for the Western half of North America. The Texas factory, Musk said, will be used for production of the company’s Cybertruck, Semi, and Model 3 and Model Y vehicles for the Eastern half of North America.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Technology

CEOs of Major Tech Companies Have Sold Over $6 Billion of Their Stocks in 2021

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Stocks - Investors King

Data acquired and calculated by Finbold indicates that CEOs of the five selected major tech firms have sold $6.36 billion worth of shares between January 1 and May 10, 2021.

Jeff Bezos leads, having offloaded AMZN shares worth $4.9 billion. Facebook CEO Mark Zuckerberg has sold $1.2 billion of his stock. Cumulatively, the two executives have offloaded $6.1 billion worth of shares from their respective companies.

Elsewhere, Nvidia CEO Huang Jen Hsun has sold $77.28 million worth of shares to rank third. Microsoft chief executive Nadella Satya has offloaded $65.44 million of MSFT stock, while Alphabet’s Pichai Sundar has sold $33.05 million. Among the top tech companies, only Tesla and Apple CEOs have not sold any of their stock in 2021.

Insider selling follows a surge in tech stocks

The highlighted companies have recorded a spike in the stock value over the past year, and the research report notes that:

“The sales come in the wake of tech sector stocks surging to new highs amid the coronavirus pandemic. In the pandemic, with wide-scale lockdowns, the companies run by the CEOs played a key role by offering services and products to help people manage the effects of the health crisis. The attention on these services drives the stock prices to record levels.”

Although insider trading is increasing in popularity, the activity is an essential indicator for investors to predict future price movement.

Overall, insider trades offer the overall market and investor outlook. When a single executive increases selling activity but others hold their shares, it does not call for alarm among investors.

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Telecommunications

MTN Nigeria Resumes SIM Card Sales, Activation

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MTN Nigeria has resumed the sales of SIM cards across the nation, according to the latest report from the leading telecommunications company.

In a statement released on Monday, MTN Nigeria said customers can walk into any of the stores listed below to buy and activate their SIM cards.

Customers are therefore advised to visit with their National Identity Number (NIN) and any of their voter’s card, driver’s license and international passport.

The statement reads “We are delighted to inform you that SIM card sales have commenced in some select MTN stores.

“Simply walk into any of the stores listed below to buy and activate your SIM.

“Thank you for choosing MTN

“To make your experience at our store seamless and make the process faster, please be kind to come with the following:

1. Your National Identity Number (NIN) is mandatory by law for registering and activating your new SIM.

2. In addition, please come along with any one of these valid, government issued IDs:
i. Your NIN slip
ii. Your Voter’s Card
iii. Your Driver’s License
iv. Your international passport.

SIM registration cannot be done by proxy.

If you do not yet have a NIN, please click on this link Enrolment Centres – CUSTOMER NIN CAPTURE (mtnonline.com) to find the nearest enrollment center

“We look forward to seeing you, and welcoming you to the Yello Family soon!”

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Telecommunications

MTN Nigeria Issues First Telco Bond in Nigeria

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MTN Nigeria - Investors King

Regarded as the second-largest corporate bond issuance in Nigeria’s history. Leading telecommunications company, MTN Nigeria has announced the successful issuance of N110 billion Series 1, 7-Year 13.0% Fixed Rate Bonds due 2028, (Series I Bond) under its N200 billion Bond Issuance Programme.

This new development marks MTN Nigeria’s debut in the domestic bond market and makes it the first Nigeria’s telecommunication company to achieve this feat with the Series I bond being the largest corporate bond issuance in the debt capital markets thus far in 2021. The signing ceremony took place at MTN’s corporate head office on Thursday May 6, 2021.

Speaking during the signing ceremony, Bolaji Balogun, CEO Chapel Hill Denham (the lead issuing House/Bookrunner); said “We are extremely thankful to MTN Nigeria for the opportunity to deliver on a transaction of this magnitude especially in difficult market and economic conditions. We are proud to be associated with the MTNN’s success story. It is the second largest bond issuance in our market and the largest issuance this year. In the coming days, it will be clear that we all did some incredible work together. I am really proud to have worked with all of these colleagues that you chose to work alongside with us.”

Commenting on the bond issuance, Karl Toriola, CEO, MTN Nigeria said “We live in testing times and we can’t take for granted that we work in an industry that first of all allows us to enhance and serve the society and allows us to continue to sustain ourselves, our families and contribute a great share to the Federal Government of Nigeria’s economic development policies.”

“I want to thank everybody for the work done in preparing all the documentation and securing approvals for the relevant capital market  regulatory authorities. I am aware of the level of commitment that has gone into this. It will help secure MTN’s future in terms of having predictable funding and cost of capital structure going forward, diversifying its funding sources and help in the joint agenda that my team and I have set in being bold in creating opportunities for Nigerians. It also reaffirms our standing both in the capital market and the larger society that we operate in,” he added.

Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Joint Issuing Houses.

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