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Tesla Aims for Record Production in Back Half of the Year

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Justin Sullivan

Elon Musk said on the Tesla (NASDAQ:TSLA) earnings call that the automaker aims to produce 40,000 vehicles a week by the end of this year. That level of production would mark a 25% jump from a recent high of about 30,000 vehicles a week.

Musk also addressed the significantly higher prices for Tesla (TSLA) vehicles compared to a year ago.

“We’ve raised our prices quite a few times. They’re frankly at embarrassing levels. But we’ve also had a lot of supply-chain and production shocks, and we’ve got crazy inflation,” he noted.

Musk said sales of Bitcoin during the quarter were due to the need to maximize cash around the uncertain COVID situation in China. “This should be not taken as some verdict on Bitcoin,” stated Musk.

On Wall Street, Morgan Stanley analyst Adam Jonas said Tesla’s Q2 results were stronger than expected for revenue and margins. The firm remains constructive on the stock and believes demand is outpacing supply, but is prepared for near-term margin headwinds due to new challenges with ramping new production, particularly in Berlin.

Tesla (TSLA) rose 1.45% in after-hours trading to $753.24.

Read a breakdown of the TSLA Q2 earnings report.

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Source: seekingalpha.com

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Oil and Gas Producer TXO Energy Sets Terms for Proposed $100M IPO

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DariaRen

Oil and gas company MorningStar Partners, also known as TXO Energy Partners (TXO), has set terms for a proposed $100M initial public offering.

TXO said in its latest filing that it is now looking to offer 5M units, representing limited partners interests, priced between $19 and $21, which would raise $100M if priced at the midpoint. Proceeds from the deal would go in part to pay down debt.

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Source Here: seekingalpha.com

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Hypertension Drug Developer Mineralys Therapeutics Files for $100M IPO

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Andranik Hakobyan

Hypertension drug developer Mineralys Therapeutics (MLYS) has filed for a $100M initial public offering.

The biotech company didn’t specify in its filing the price or number of shares to be offered, but indicated in its filing fee schedule that it was seeking $100M, a figure that is likely a placeholder and subject to change.

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Original Article: seekingalpha.com

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Oil Extends Gains As China Optimism Outweighs Big Jump in U.S. Stockpiles

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SlavkoSereda/iStock via Getty Images

U.S. crude oil advanced for the fifth straight session Wednesday, despite a U.S. government report showing a massive build in domestic crude inventories.

The Energy Information Administration reported U.S. crude stockpiles surged by 19M barrels – the third largest weekly increase since EIA records began in 1982 – which analysts said largely reflects the following shut-ins during last month’s winter storm.

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Original Source: seekingalpha.com

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