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- Tesla (TSLA) shares fell today as investors expect vehicle deliveries to decline for the second consecutive quarter. CEO Elon Musk has assumed oversight of Tesla's sales in Europe and the US following the departure of longtime deputy Omead Afshar, people familiar with the matter said. Afshar was responsible for Tesla’s sales and manufacturing operations in North America and Europe before leaving the EV maker late last month. Following his exit, Musk and Tom Zhu, a senior vice president, are divvying up reporting lines as Tesla looks to recover from another quarter of declining vehicle deliveries. Tesla likely delivered around 389,400 vehicles in the three months that ended in June, according to analysts’ estimates compiled by Bloomberg. That would be down roughly 12% from a year earlier, following a 13% drop in the first quarter.
- Warner Bros. Discovery (WBD) shares were lower after Advance/Newhouse sold 100 million shares for about $1.1 billion via a block trade, according to a recent filing.
- Constellation Brands (STZ) reported earnings and profit trailed expectations in the first quarter due to weaker consumer demand for alcoholic beverages and higher costs from aluminum tariffs .Earnings excluding some items were $3.22 a share in the period, missing the average analyst estimate by 10 cents. The company’s beer margins were hit by President Donald Trump’s 25% tariff on imported aluminum cans — a key packaging material for its Mexican-made beers such as Modelo and Corona.Constellation is navigating multiple headwinds including tariffs, muted beer sales, and more drinkers cutting back on alcohol and turning to alternatives such as cannabis. The company has also cited a pullback among Hispanic consumers — who make up more than half of Modelo drinkers — amid concerns about inflation, immigration and job security.
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