Tech Stocks Making Headlines

Speaking of Google… It hasn't been the best week for them, even without getting left at the altar by Wiz. Stocks ended moderately lower on Tuesday, followed by another slump yesterday, which was led by the tech companies.

Tesla, whose earnings are nearly half of a year ago, posted its weakest profit margins in five years, as their net income dropped 45%. CEO Elon Musk has attributed their struggles to a price war that has broken out among electric vehicle makers. Their shares dropped 8% in after-hours trading.

Musk has said that production of a new, lower-priced car will begin in 2025, as Tesla also pushed back its delivery date of the robotaxi to October. 

Meanwhile, shares of Alphabet (the parent company of Google) were indicated 3% lower in premarket. They beat both top and bottom lines, but their ad sales slowed. Also, they’re forecasting tighter operating margins for this third quarter, as they get set to release their new Pixel phone. Their capital spending levels are expected to remain elevated for the rest of the calendar year.