When Tesla Dips, These Six S&P 500 Stocks Including eBay, Walmart And Wells Fargo Often Soar: Analysis
Portfolio Pulse from Benzinga Neuro
Shares of Tesla Inc. (NASDAQ:TSLA) have experienced a significant decline, while six S&P 500 stocks, including Linde (NASDAQ:LIN), FMC (NYSE:FMC), eBay Inc. (NASDAQ:EBAY), Church & Dwight (NYSE:CHD), Walmart Inc. (NYSE:WMT), and Wells Fargo (NYSE:WFC), have shown an inverse correlation, rising as Tesla falls. This trend is highlighted amidst Tesla's focus shift towards self-driving technology and a recent price cut in its Full Self-Driving software. Analyst Emmanuel Rosner of Deutsche Bank has lowered Tesla's price target, suggesting a potential downside in the near future.
April 23, 2024 | 8:46 am
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NEGATIVE IMPACT
Tesla's stock has declined, with a recent price target cut by Deutsche Bank from $189 to $123, indicating a potential 15% downside over the next year.
Tesla's stock decline and the lowered price target by Deutsche Bank suggest a negative short-term impact, especially with the company's strategic shift and recent layoffs.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Church & Dwight's stock has inversely correlated with Tesla's, showing consistent growth during Tesla's declines.
Church & Dwight's consistent inverse correlation to Tesla's performance indicates a strong short-term growth potential.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
eBay Inc. has benefited from Tesla's recent downturn, indicating a potential for growth despite market volatility.
eBay's rise in contrast to Tesla's fall suggests a positive short-term outlook, possibly due to its strong market position and investor confidence.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
FMC Corp's stock has shown resilience and growth as Tesla's shares have declined, highlighting its potential as an investment alternative.
FMC's growth amidst Tesla's decline suggests a positive short-term impact, likely due to its appeal as an alternative investment.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Linde's stock has risen inversely to Tesla's performance, indicating a potential safe haven or diversification option for investors.
Linde's inverse correlation to Tesla's performance suggests a positive short-term outlook, potentially due to investors seeking diversification.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Wells Fargo's stock has risen in contrast to Tesla's decline, indicating a potential for investor interest in financial sector stability.
Wells Fargo's positive performance opposite to Tesla's suggests a short-term bullish outlook, possibly due to its stability and sector appeal.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Walmart Inc. has seen an uptick in its stock value as Tesla's shares have dropped, suggesting investor confidence in its stability.
Walmart's stock increase amid Tesla's downturn suggests a positive short-term impact, likely due to its perceived stability and strong fundamentals.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70