Stocks are down Tuesday as technology stocks and Tesla are sent stocks lower early in the day. The Dow, Nasdaq and S&P 500 were down slightly Tuesday afternoon as stocks were finding some support heading to close.
Tesla was falling 4.29% Tuesday after the electric vehicle company posted stronger-than-expected first-quarter earnings thanks in part to surging deliveries in China. The electric vehicle company notched its seventh-consecutive quarterly profit and net profit on a GAAP basis reached a quarterly record of $438 million.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Tesla's investment in Bitcoin, the semiconductor shortage effect on EVs and the strength he's seeing in the markets Tuesday.
Tesla Daily's Rob Maurer joined Ross and Cramer to provide his expertise on everything Tesla in a special episode of TheStreet Live.
Tesla's Bitcoin Investment
Tesla (TSLA) - Get Tesla Inc. Report, which purchased $1.5 billion in bitcoin earlier this year, boosted its first-quarter bottom line by $101 million through the sale of the world's biggest digital currency.
The bitcoin revelation was part of an otherwise solid, but not spectacular, first-quarter earnings report that included revenues of $10.39 billion -- including a 46% increase in the sale of regulatory credits, which brought in $518 million -- and a 100 basis point improvement in its automotive profit margin, which was pegged at 26.5%.
Cramer spoke with Maurer about whether Tesla's Bitcoin investment has paid off for the company.
Semiconductor Shortage and EVs
Cramer recently discussed the solutions he sees in the semiconductor industry amid the semiconductor shortage that is affecting automakers like Ford (F) - Get Ford Motor Company Report.
Ford will extend downtime at several North American factories amid the worldwide semiconductor shortage that has hampered auto production and threatened global supply chains.
Maurer and Cramer discussed how Tesla could be impacted by the semiconductor shortage.
Markets on Tuesday
Earnings reports expected after Tuesday's closing bell include Alphabet (GOOGL) - Get Alphabet Inc. Report, Advanced Micro Devices (AMD) - Get Advanced Micro Devices Inc. Report, Microsoft (MSFT) - Get Microsoft Corporation Report, Texas Instruments (TXN) - Get Texas Instruments Incorporated Report and Starbucks (SBUX) - Get Starbucks Corporation Report.
Cramer sees strength after a good day of earnings Monday and talks about the trends he's seeing in the market Tuesday.
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