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good morning from Los Angeles its ELISA quorum and Edie Carson here we have your market update it is Monday October 1st the start of a new quarter and on today's show we are taking a look at Tesla GE as well as stitch fix so looking at the major indexes we have the Dow leading the gains up one percent while the S&P 500 is up eight tenths of a percent and the Nasdaq is up seven tenths of a percent so we now have the Nasdaq back near all-time highs after finding support at the 50-day yeah it's pretty nice all the averages are close to all-time highs I mean the markets are rallying because there's a US Canada trade deal that that really takes the litt you know it takes a real cloud over the market because the supply chains between the u.s.
and Canada US and Mexico are very very close so it's really important to have that kind of you know that kind of connection continuing in fact it's much more important in many ways on some of the other trade disputes were having right now so that's really important that's lifting a lot of things out there in the market that's right we have Tesla a notable mover today after the stock over the or the company over the weekend settled with the SEC we have CEO Elon Musk paying a twenty million dollar fine the company paying a twenty million dollar fine for at least three years he cannot beat Chairman he will stay on as CEO but I think that given the circumstances it's better than some had feared yeah in fact you could almost argue it's a best-case scenario because I mean she easton musk is still there and everybody generally agrees it's he's really important just you know even despite his up-and-down but they do get a different they're sort of a minder they are a little bit out with some new to new members somebody I think actually has to review his tweets a little bit so a lot of things that might be helpful I mean there's still shareholder lawsuits and other things out there but I mean the stock is rebounding it's basically erased the loss from Friday I mean in the wake of the show the SEC suit and then later this week perhaps today certainly by Wednesday will be getting model three production figures you know that you know people are expecting them to meet the estimate they've had but you know that'll be a big guy to whether or not they can be profitable in q3 or in the near term and would we expect that to be a catalyst for the stock well yeah it's gonna be a catalyst one way the other guys I mean there has been some information that they were going to meet or if it comes in line so maybe it won't move as much as you'd expect because there'd already been reports yeah they're gonna do it so you know that's a situation they're obviously their cash levels are low so if they can if they can start becoming profitable it has to be real soon then maybe this can you know that could really be a catalyst for the stock but that's always been an issue for Tesla becoming profitable exactly well we do have shares gapping up some 17% in heavy volume today hitting resistance at those moving averages it's still about 70% off reason high so quite a messy chart here yes it is absolutely all right well pivoting our attention to GE those shares are up about 12% in massive turnover today the sock is still in quite the downtrend but we have GE outs ting its new CEO after just a year and clearly investors are liking the sound of this yeah after 13 months Flannery was trying to do stuff he was trying to he was gonna sell off you know it's units he has already done some of that but GE power it's a key unit and the one that they were gonna keep is really still struggling so they hired somebody you know Larry call pou it actually ran down here for a long time he was already on GES board he's really well respected it turning around that industrial firm so you know there's there's hope that maybe this can turn around but obviously if you look at this this is a stock it's really really struggled over the years it's long downtrend I believe it's relative strength line which compares at versus the S&P I think he had like a 27 year low it's like it was something Garcia or like it was yeah 27 year low you know earlier you know last week so it's really really been been in trouble so it's got a lot of work to do that's right and even with a gap up today that stock is still hitting resistance at that downward sloping 50-day line so yeah clearly that's a key testing ground for the stock I mean if it's going to start heading in the right direction you definitely want to see it close above the 50-day to start yeah there's a lot a lot of work to do before you probably want to get interested rise as a stock exactly and we want to take a look at stitch fix ahead of its quarterly earnings report after the close we have analysts expecting q4 earnings per share of four cents and revenue of 319 million dollars this is a fairly new company here went public in November of 2017 and it's been on quite a big run yeah I mean it took a little while and this is something why you like to see a stock shake out because sometimes IPOs will do okay and then they fall apart well this one broke out early this year it's really been strong I mean they do a subscription service since I'm an online retailer people you know like you know they'll gather ups clothing and send it to you based on your you know your measurements and maybe your styles and it's been pretty successful but there's Amazon it's a it's a business that others can get into it's not like so exclusive obviously you know they've got to have some formula so that's something interesting you know how many people are signing up I mean in addition to the revenue and earnings figures I would think exactly and as far as buying the stock here we do have a recent rebound off of the 50-day line but as far as buying or getting in we don't have a base forming as of yet yeah and they have a nice run and it's come back off of that but you really want to see a consolidate for awhile because it could easily I mean it's had you know that's a sharp drop sharp up and you could easily just tumble around or it could take quite a while it's just best to prepare yourself reading out to get right when it's breaking out of a proper base that's when you're gonna maximize your chances for success for a big gain quickly and minimize your losses that's right okay everyone be sure to head to investors comm for the latest market news and analysis and check out our social media pages you can keep up to stay up-to-date with all the latest ivt there as well thanks for joining us this morning and see you back here Tuesday
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