Diamonds and Dogs
Tesla (TSLA) reports strong deliveries before the coronavirus outbreak. Tesla is up 7% this morning as the company gave an update of first quarter deliveries of 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019, but ahead of estimates of 78,100 cars. Gene Munster, managing partner of venture capital firm Loup Ventures, said, he was shocked they did so well and doesn't know how they did it. Tesla didn't give an update on whether it still expects to deliver at least 500,000 vehicles this year.The second quarter will be a tough one for Tesla and others.
Raytheon Technologies (UTX/RTN) debuts today. United Technologies and Raytheon are lower as they debuts today with an eventual new symbol (RTX). United Technologies is spinning off its Otis elevator business (OTIS) and Carrier air-conditioning units (CARR) clearing the way for its merger with Raytheon Company. The industrial giant and Raytheon agreed to merge in June 2019 in a $100 billion all-stock deal. The new Raytheon Technologies stock is a formidable aerospace and defense pure play. With roughly $74 billion in net sales last year, briefing overtaking Boeing in aerospace/defense revenue as 737 Max planes remain grounded. Raytheon's divisions include Pratt & Whitney, a jet-engine rival to GE Aviation. On Thursday, General Electric (GE) said it would furlough half of its aviation unit's engine manufacturing staff.
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