The company’s over $1 billion in quarterly consolidated net loss left investors surprised given that almost all of the analysts covering the stock had predicted major profits for the quarter. One could blame the company for missing estimates or one could blame the analysts for poor forecasting. Either way, investors were least pleased as the stock nosedived more than 5 per cent.
While the earnings were a stinker, the automaker’s commentary did little to raise the downbeat mood as the company warned of supply disruption given that semiconductors have now replaced Jack Ma as the most difficult thing to find on this planet.
Regaining its mojo
Ever since the onset of the Covid-19 tsunami, real estate stocks have deserted the usual high-pitched conversation in the investing circle. You can’t blame them as their biggest cheerleaders have had little material to make their pitch given who is bothered about buying a house when hospital beds are difficult to find.
Yet, the March quarter earnings of
and have shined new light on the sector’s healthy recovery as both the company’s gave strong performance and highlighted that demand remained sturdy amidst the chaos of Covid. No surprise then that the Nifty Realty ended as the best performing sectoral index on the National Stock Exchange. Talk about rarity!
Guests in the party
And since real estate stocks were buzzing in joy, how can the material makers who make the four concrete walls with a roof over its head a home be left behind. Given the optimism portrayed by realty companies, stocks of building material makers from paints to ply surged today, hoping that Sun god will shine on them too.
The music from the party on the real estate counter dimmed by the time it reached financial services stocks, who were in a foul mood looking at some of the early exit from their own party that lasted all but two days. Nifty Financial Services fell 1 per cent and when that happens, it takes the benchmarks down with itself. Someone needs to tell the financial services stocks that early leavers, more often than not, end up missing out on the fun part. No need to take it so hard!
On that note of optimism, we will part our way but mind you, just because some stocks are partying in anticipation of less restriction, there is no reason for you to leave your home. Stay put!
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