The situation at Tesla is getting more disturbing.
You know there is mild internal chaos inside a struggling company when (1) a spokesman responds to your email about a story on Saturday night within 30 minutes of the email but doesn't address your lone question and poses questions of his own about your rather straightforward story; (2) you promptly reply with a follow-up to confirm the basis of your original question but don't receive any response. Welcome to my Saturday night with Tesla (TSLA) .
The exchange came regarding news that Matthew Schwall, who had been the director of field performance engineering at Tesla, left the company to join rival Waymo, according to The Wall Street Journal. Schwall still hasn't changed his LinkedIn profile, and I still haven't received an email back from Tesla. Not too sure where the mental disconnect is here, it's either (A) Schwall didn't leave Tesla and continues to help make electric cars; (B) Schwall did leave Tesla to work at a rival. It's simple stuff, really.
Nevertheless, Schwall's departure comes hot on the heels of Tesla's senior vice president of engineering, Doug Field, deciding to step away from the company to spend more time with his family. To this departure, the Tesla spokesman said: "Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla." Hey, working for Elon Musk is grueling. With Tesla trying to ramp production of its Model 3 in the hopes of reaching profitability later this year, the exits of top engineers should be a concern for investors. That investor base also includes the big-thinking Musk, who recently invested a fresh $10 million in the company via stock purchases.
Keep in mind, Tesla only has three executives on its management team. The last thing Tesla needs is a talent exodus. In the last 16 months, Tesla has lost at least 23 top executives per data from Tesla short-seller Mark Spiegel.
It's Blockchain Week
Get ready for madness to descend on New York thanks to "Blockchain Week." TheStreet's Kinsey Grant will be on the ground for TheStreet on Monday at Consensus 2018, the week's main event. Consensus last year had 2,500 or so people registered -- this year that number is north of 7,500 as interest in blockchain and crypto has skyrocketed. Pay careful attention to the crypto space this week - it could get a nice boost amid all the hoopla.
St. Louis Federal Reserve Gov. James Bullard will speak Monday at the event around 10 a.m. ET. Later in the week Twitter (TWTR) CEO Jack Dorsey is expected to make an appearance.
What's Up With the Markets?
It's rally time as Wall Street has decided that yes, first-quarter earnings season was darn good. Also helping to lift sentiment is Donald Trump's olive branch to Chinese phone maker ZTE (ZTCOY) over the weekend.
Indeed, it could be wise for investors to start gearing up for 2019. "We expect investors will soon look past 2018 and focus on 2019 growth," said Goldman Sachs strategist David Kostin. "For many years, beginning in July investors would start to value stocks based on the following year's profit outlook." Goldman said the best names for 2019 are ones that could see surging revenue growth. A list of nine names from the investment bank include Facebook (FB) , Amazon (AMZN) , Netflix (NFLX) and several other large-cap stocks.