Jim Cramer Axes Tesla From The 'Magnificent 7': Now He Says There's A Way The EV Maker Can Get Back In
Portfolio Pulse from Adam Eckert
Jim Cramer removed Tesla Inc (TSLA) from the 'Magnificent Seven' due to its recent underperformance and disappointing quarterly results. Tesla's stock has been in a downtrend since late 2021, losing a quarter of its value this year. Cramer sees a potential return for Tesla to the group with its new mass-market EV 'Redwood', expected to start production in 2025. Despite a 'train wreck' conference call, Cramer isn't giving up on Tesla long-term and suggests Eli Lilly could join the mega-cap index.
January 25, 2024 | 7:54 pm
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Tesla has been removed from Jim Cramer's 'Magnificent Seven' due to underperformance and disappointing results, but a new mass-market EV could lead to its return.
Tesla's removal from the 'Magnificent Seven' by a high-profile financial commentator like Jim Cramer can negatively influence investor sentiment in the short term, leading to potential stock price decline. However, the announcement of a new mass-market EV could mitigate some of the negative impact if investors perceive it as a strong future growth opportunity.
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IMPORTANCE 90
RELEVANCE 100