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Mar 20, 2025

Goin' On Down

Everything Trump Touches Turns To Shit



Tesla falls after Commerce secretary recommends buying stock

Tesla shares fell early Thursday after Commerce Secretary Howard Lutnick used a TV appearance to urge Americans to buy stock in Elon Musk's car company.

Why it matters:
Cabinet secretaries don't typically recommend individual stocks, much less those linked to the president's closest adviser.

His recommendation was potentially overshadowed, though, by one of Tesla's most fervent defenders on Wall Street calling the company's situation a "crisis."
What they're saying: "I think, if you want to learn something on this show tonight, buy Tesla," Lutnick said on Fox News Wednesday evening. "It's unbelievable that this guy's stock is this cheap. It'll never be this cheap again."

"I mean, who wouldn't invest in Elon Musk? You gotta be kidding me."

By the numbers:
  • Tesla shares were down about 1.7% in premarket trading Thursday to $231.75.
  • The stock is down 5% in the last five days, 35% in the last month and 42% so far this year.
"We struggle to think of anything analogous in the history of the automotive industry, in which a brand has lost so much value so quickly," JPMorgan analyst Ryan Brinkman said in a research note last week.

Between the lines:
  • Lutnick's comments are part of what has effectively become a Trump administration campaign to defend Tesla.
  • Last week President Trump held a public showcase of Tesla's cars at the White House.
Amid a wave of "Tesla Takedown" rallies at dealerships nationwide, top administration officials have pledged to investigate protesters for domestic terrorism.

Of note:
  • Just hours before Lutnick's comments, Cantor Fitzgerald — the investment bank where he was previously CEO, which is now managed by his sons — upgraded Tesla's stock.
The intrigue:
  • Lutnick's recommendation came as one of Wall Street's most bullish Tesla analysts sounded the alarm on the company's future.
"Lets call it like it is:
  • Tesla is going through a crisis and there is one person who can fix it....Musk," Wedbush Securities' Dan Ives wrote in a research note Wednesday night.
  • "As someone who is a core bull and believer in the Telsa long term growth story.....I loudly urge Musk and the Board to step up, stop being silent, and help resolve this crisis forming at Tesla," Ives said.
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