Diamonds and Dogs
Waste Management (WM) coming up spotless today. The garbage and recycling hauler is up 2% after beating earnings while missing sales estimates. Revenues rose 2.1% to $3.51 billion. The company reaffirmed 2018 guidance of $3.97-4.05 a share in line with estimates. One sore subject with Waste Management is their recycling. 100% of their recycled mixed paper and 75% of their cardboard was going to China. Now only 2% due in part to contamination issues. Who knew?
Tesla (TSLA) and Elon Musk are having a tough day. The electric car maker is down 6% following earnings. Earnings were better than expected as sale rose 26.4% to $3.41 billion ahead of estimates. Tesla continues to struggle to make enough cars to produce profits. Tesla wants to produce 5,000 Model 3 vehicles per week in about two months as the company wants to reach a goal of 100,000 deliveries for the full year. But currently the Model 3 production hit 2,270/week in April for the 3rd straight week over 2,000.