Qualcomm Q1 Profit Beats Street View; But Revenues Fall Short; Shares Down 8%

Tesla’s Short Interest Almost Triples to Over 52 Million

Tesla Inc. (NASDAQ: TSLA) saw its short interest shrink into the most recent settlement date. However, the number of shares short was still roughly triple that a year ago.

Short sellers reduced their positions in the two-week period ending on January 29 to 52.38 million. In the previous period, 56.37 million shares were short.

A year ago, just 18.39 million Tesla shares were sold short. One contributing factor to the rise over the past year has been that Tesla has issued millions of shares in secondary offerings and even conducted a stock split. Furthermore, the stock has risen about 451% over the past 52 weeks.

Tesla stock currently has an average daily volume of 42.62 million shares, so it would take short sellers more than 2.2 days to cover their positions.

Going forward, Tesla is making an interesting case for investment by adding $1.5 billion in bitcoin to its balance sheet. Many investors wrapped up in the bitcoin trade are long on the cryptocurrency, while others believe that it will fall flat.

At the same time, Tesla is looking to design a more affordable EV for consumers. The firm has targeted a price point of $25,000, which in turn will undercut prices at many other auto companies looking to develop in this field.

Tesla stock traded down about 1% Tuesday morning to $840.17. The 52-week range is $70.10 to $900.40, and the consensus price target is $610.34.

Note that short sellers bought into FAANG stocks Facebook and Amazon in the most recent period.

Stock Alert: Crown Holdings Rises To New 52-week High On Upbeat Q4 Results

Shares of Crown Holdings, Inc. (CCK), a manufacturer of packaging products and equipment for consumer goods and industrial products, are gaining more than 7 percent or $6.85 in Wednesday’s morning trade at $99.58. The stock earlier hit a new 52-week high of $101.95 as the company’s fourth-quarter earnings beat analysts’ estimates.

Tuesday, Crown Holdings said its fourth-quarter net income surged to $151 million or $1.12 per share from $87 million or $0.64 per share in the year-ago period. Adjusted earnings were $1.50 per share, while analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.27 per share. Net sales rose 6.1 percent to $2.96 billion from $2.79 billion last year.

Looking ahead, Crown Holdings currently expects first quarter and full-year 2021 adjusted earnings to be in the ranges of $1.35 to $1.40 per share, and $6.60 to $6.80 per share, respectively. The company also said it intends to initiate a regular quarterly dividend of at least $0.20 per share, beginning with a payment in the first quarter of 2021.

Crown Holdings has traded in a range of $42.97 to $101.95 in the past 52 weeks.

Watch live: Biden Covid team holds briefing as reports find adults skeptical of Covid shots

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President Joe Biden's Covid-19 response team is holding a news briefing Wednesday on the coronavirus pandemic, which has infected more than 27 million Americans and killed at least 468,217 in about a year.

The briefing comes as new reports find some Americans are skeptical about getting a Covid-19 vaccine. Just under half of adults in the U.S. surveyed in December said they were very likely to get vaccinated, according to a new study from the U.S. Centers for Disease Control and Prevention. The Associated Press also found that 1 in 3 Americans say they definitely or probably won't get the shots.

That could potentially jeopardize U.S. vaccination efforts to control the pandemic. Without so-called herd immunity, the virus will continue to spread from person to person and place to place for years to come, scientists have said.

Read CNBC's live updates to see the latest news on the Covid -19 outbreak.

WME Signs ‘The Blazing World’ Filmmaker Carlson Young

EXCLUSIVE: WME has signed writer-director-actress Carlson Young, who is fresh off of the Sundance premiere of her feature directorial debut, The Blazing World.

Based on Young’s 2018 Sundance short of the same name, the film follows a self-destructive young woman who decades after the accidental drowning of her twin sister, returns to her family home, finding herself drawn to an alternate dimension where her sister may still be alive.

Young stars alongside Dermot Mulroney, Udo Kier, and Vinessa Shaw. The project is the first in the filmmaker’s Saturn Returns trilogy, a series of three thematically and visually connected films that explore the relationship between female identity and trauma recovery.

On the TV side, Young most recently appeared in the new Netflix hit series, Emily In Paris. She had a starring role in Disney Channel’s As The Bell Rings and Scream: The TV Series on MTV and recurred on Comedy Central’s Key & Peele.

Young continues to be repped by Luber Roklin.

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Qualcomm Q1 Profit Beats Street View; But Revenues Fall Short; Shares Down 8%

Shares of Qualcomm Inc. (QCOM) slipped 8% in extended trading session Wednesday after the chip maker reported a mixed results for the first quarter. Qualcomm’s first-quarter earnings trumped Wall Street estimates, but revenues fell short of expectations.

San Diego, California-based Qualcomm’s first-quarter profit surged to $2.46 billion or $2.12 per share from $925 million or $0.80 per share last year.

Adjusted earnings for the quarter were $2.51 billion or $2.17 per share. Analysts polled by Thomson Reuters expected earnings of $2.10 per share. Analysts’ estimates typically exclude special items.

Qualcomm’s first-quarter revenues surged 62% to $8.24 billion from $5.08 billion last year. Analysts had a consensus revenue estimate of $8.27 billion for the quarter.

“We delivered an exceptional quarter, more than doubling earnings year-over-year due to strong 5G demand in handsets and growth in our RF front-end, automotive and IoT adjacencies, which drove record earnings in our chip business,” said CEO Steve Mollenkopf. “We remain well positioned as the 5G ramp continues and we extend our core technology roadmap to adjacent industries.”

Looking forward, the company expects second-quarter adjusted earnings of $1.55 to $1.75 per share and revenues of $7.2 billion to $8.0 billion Analysts currently estimate earnings of $1.57 per share and revenues of $7.1 billion.

QCOM closed Wednesday’s trading at $162.30, down $2.48 or 1.51%, on the Nasdaq. The stock further gained $13.00 or 8.01% in the after-hours trade.