Bitcoin-adjusted earnings season

Kelly Evans's afternoon commentary & top market stories

VIEW IN BROWSER | SUBSCRIBE TUE, APR 27, 2021 YOUR AFTERNOON NEWS UPDATE AND MARKET ACTION FROM CNBC AS OF TUE, APR 27, 2021 • 11:34 ET DJIA 33942.99 -0.11% -38.58 S&P 500 4184.41 -0.08% -3.21 NASDAQ 14105.24 -0.24% -33.54   EDITOR'S NOTE You know I got a big chuckle last night out of the fact that Tesla's Bitcoin sales contributed about $100 million of the $400 million in net profit it reported for the quarter. But the more you dig into Tesla's results, the more interesting the story gets.   To quickly summarize, here's the bear case:       > Minus Bitcoin and subsidies/tax credits, Tesla actually lost almost $200 million in the quarter;       > It's under scrutiny for this month's fatal crash that may have involved some aspect of Autopilot...      > Elon has been promising full self-driving (which could unleash big profits to car owners) was imminent since at least 2019...      > The biggest Tesla news at the key Shanghai auto show last week was the protestor jumping on a Tesla car wearing a "brake failure" t-shirt; and       > YouTubers are bailing now that Tesla has stopped giving away free stuff to those with big "referral credits," and are promoting other EVs    But now, here's the bull case:       > Tesla's profits would have been a lot higher without $300 million of Musk's executive comp...      > The Model 3 is now the world's best-selling luxury sedan       > Tesla's automotive profit margins rose by a point to 26.5%      > Auto margins and profit for the quarter would have been even higher without $200 million of charges related to changeovers for the Model S and Model X, and      > Last quarter is its seasonally weakest, with the company also facing "some of the most difficult supply chain challenges that we've ever experienced," as Musk said.    Bottom line, Tesla appears to be getting leaner and meaner as a carmaker just in time for heightened EV competition. I like Whitney Tilson's line: Tesla "is a bad short...and a bad long!" But let's not forget, we're all long it if we own the S&P 500 in our retirement accounts.    See you at 1 p.m!   Kelly Kelly Evans Twitter: @KellyCNBC Instagram: @realkellyevans KEY STORIES  Stocks making the biggest moves in the premarket: UPS, Crocs, Eli Lilly, GE, Hasbro & more The stocks making the biggest moves in premarket trading include UPS, Crocs, Eli Lilly, GE, Hasbro, and more. Leading House Democrat to propose sweeping benefits, tax credits for families Rep. Richard Neal, gatekeeper of new tax legislation, will unveil a list of priorities aimed at providing new benefits to working parents. February home prices see the biggest gain in 15 years, S&P Case-Shiller says Home price gains continue to outpace expectations, as tight supply and strong demand spur bidding wars. UK's Boris Johnson provokes fury over alleged 'let bodies pile high' Covid comments British Prime Minister Boris Johnson is facing a mounting controversy this week over comments he allegedly made last year. Here's how Apple's AirTag trackers compare to Tile, and why the company is so upset with Apple Tile is the market leader in lost-item trackers, but it's features are limited on the iPhone. Tensions rise as return-to-work plans gain steam As Covid vaccinations increase, so are plans to return to the office, whether workers are ready or not. The Fed will stay put in 2021 despite growing concerns about overheating economy, CNBC survey says Wall Street forecasts the Fed won't reduce its $120 billion of asset purchases until January, three months later than predicted in CNBC's March survey. Crocs shares soar as shoemaker raises 2021 sales outlook, sees growth of 40% to 50% Crocs shares surged after the shoemaker raised its revenue outlook for the full year and reported record first-quarter sales. Binance, the world's largest cryptocurrency exchange, is launching an NFT marketplace NFTs, or nonfungible tokens, are a type of digital asset designed to represent ownership of rare virtual items. Archegos hit to UBS stuns investors as shares slide Market players surprised with UBS hit from Archegos scandal.     IN CASE YOU MISSED IT As India's Covid crisis worsens, it threatens the economic rebound Wall Street Journal's Jason Zweig on the risks of emotional investing Less private companies available for purchase due to SPACs, according to EB Exchange founder   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS