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Market Analysis
Stocks to Watch Today: Disney, Tesla, and onsemi
Tesla surged on an analyst upgrade, Disney climbed due to a record-breaking movie debut, and onsemi jumped following better-than-expected quarterly results.
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Major market movers on Monday included Tesla (NASDAQ: TSLA), Disney (NYSE: DIS), and onsemi (NASDAQ: ON), with each company experiencing significant stock price movements driven by recent developments and financial results.
As of 11:05 AM EDT on July 29, 2024, these three stocks drew investor attention for various reasons, ranging from analyst upgrades to blockbuster movie releases and earnings beats.
Tesla Shares Gain After Morgan Stanley Selects Stock as “Top Pick”
Tesla (TSLA) shares surged 5.15% to $231.13 after Morgan Stanley named the electric vehicle maker its new “top pick” in the U.S. auto sector, replacing Ford (NYSE: F).
Analyst Adam Jonas cited Tesla’s effective risk management and dominance in the zero-emission vehicle (ZEV) credit market as key factors, projecting a 40% upside potential for the stock. Tesla’s ZEV credit revenue reached approximately $2,000 per unit in Q2, more than double its recent rate. However, analysts expressed skepticism about near-term expectations for Tesla’s Full Self-Driving (FSD) and robotaxi services.
Despite the day’s gains, Tesla’s year-to-date return remains negative at -6.99%, while its impressive five-year return stands at 1,420.22%.
Disney Stock Climbs as Latest MCU Film Breaks Records
Disney (DIS) stock climbed 2.08% to $91.80, buoyed by the record-breaking success of its latest Marvel Cinematic Universe (MCU) film, “Deadpool & Wolverine.”
The movie shattered box office records with a $205 million domestic opening weekend, surpassing analyst predictions of $160-180 million. Internationally, the film earned an additional $233.3 million, bringing its global total to $438.3 million for the weekend.
This success marks a turnaround for the MCU after a post-pandemic slump and helps the franchise become the first to cross $30 billion at the global box office. Disney’s year-to-date return is positive at 2.14%, although its five-year return remains negative at -35.66%.
onsemi Stock Surges on Better than Expected Q2 Results
onsemi (ON) shares jumped 13.28% to $79.49 following better-than-expected Q2 results. The company reported revenue of $1,735.2 million, slightly exceeding expectations of $1.73 billion.
Non-GAAP EPS came in at $0.96, beating analyst expectations of $0.92. Despite year-over-year revenue declines across all business units, onsemi maintained robust gross margins, with GAAP and non-GAAP gross margins at 45.2% and 45.3%, respectively.
The company also increased its free cash flow by approximately $250 million year-over-year and returned about $650 million to shareholders through stock repurchases over the last 12 months. onsemi’s year-to-date return is -4.73%, while its five-year return stands at an impressive 261.07%.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
