1) FSS expects positive momentum for SET Index as PT is poised to lead the government
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in sideways to sideways-up trend within the range of 1,530-1,545 points as the political outlook is quite certain that the Pheu Thai Party will lead to new government after the parliament voted to shun Move Forward Party’s ‘Pita Limjaroenrat’ from the nomination for a PM position. The second voting for PM will convene on July 27, which has a high probability to be Pheu Thai. The analyst has high confidence that the political outlook will be solid even before the voting.
2) Goldman Sachs 2Q23 earnings miss expectations due to write down and impairment
Goldman Sachs reported its second-quarter earnings on Wednesday that missed expectations, pressured by a write down and sale in GreenSky.
Earnings came in at $3.08 a share vs. $3.18 a share estimated by Refinitiv. Meanwhile, Revenue for the quarter was $10.9 billion vs. $10.84 billion estimated.
In the statement published after earnings, the Wall Street bank noted that it had $504 million impairment tied to GreenSky lending unit and $485 million in real estate writedowns.
3) Tesla drops 4% after hours amid disappointment from earnings call
Share prices of Tesla fell more than 4% after hours amid disappointment from the company’s earnings call.
The car maker published its earnings after the market closed on Wednesday, showing a record high in revenue but lower margins due to its price cuts and incentives.
Tesla’s share prices were still relatively flat after the initial release of its earnings, but started to decline during the earnings call after the CEO Elon Musk and executives failed to deliver the precise time for the delivery of its Cybertruck and robotaxi-ready vehicle. He also noted that production will slow down in the third quarter due to shutdowns for factory improvements.