Tesla Stock Crashes 12% But Jim Cramer Remains Bullish
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Tesla’s stock experienced a dramatic decline of nearly 12% on Wednesday, July 24, following a disappointing Q2 earnings report. Despite the setback, CNBC’s Jim Cramer remains optimistic about the electric vehicle giant’s long-term prospects. However, his recent statements have ignited the possibility of the “Inverse Cramer Effect” hitting the TSLA stock. Jim Cramer Long On Tesla Stock Amid the earnings turmoil, Jim Cramer took to social media platform X (formerly Twitter) to express his bullish stance on Elon Musk‘s Tesla. Cramer quoted Tesla Energy’s announcement on record storage deployments of 9.4 GWh in Q2. He wrote, “This chart is a major reason why you want to be long Tesla for the long haul. People need to listen to last night’s great call!!” Moreover, Cramer also commented on the broader market sell-off and Tesla’s position within it. He noted, “This sell-off has a mind of its own… There was nothing wrong with Google and Tesla has a lot of things going for it no one cares about but will matter years down the road.” Furthermore, he criticized the shift of investment from large-cap tech stocks, like Tesla, to small-cap stocks. He labeled it a “bogus self-fulfilling narrative.” While Jim Cramer’s endorsements are well-followed, his bullish comments on Tesla stock come against the backdrop of the so-called “Inverse Cramer Effect.” This term refers to the phenomenon where stocks endorsed by Cramer sometimes perform poorly shortly after his recommendation. Despite this, Cramer’s influence remains significant, particularly among retail investors. Cramer’s defense of Tesla highlighted his belief in the company’s long-term fundamentals. In addition, he pointed to Tesla’s advancements in energy storage, like the Powerwall and Megapack, as indicators of future growth. “I wonder if any of the sellers of Google or Tesla actually listened to the conference calls last night because anyone who…
Filed under: News - @ July 25, 2024 5:20 am