Tesla on track for seventh straight profit before earnings report

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Tesla on track for seventh straight profit before earnings report

Shares of Tesla Inc. TSLA rose 1.0% after the trading in premarket Wednesday, putting them on track to seek a seventh straight gain, a day before the electric vehicle maker will report third-quarter results. The stock has run up 10.8% over the past six sessions to close Tuesday at highest price since Feb. 2 and just 1.5% below the Jan 26 record of $883.09. Tesla is now the sixth largest S&P 500 SPX, component with a market capitalization of $861.4 billion through Tuesday's close, putting it above Warren Buffett's Berkshire Hathaway Inc. BRK.B, $640.25 billion, according to FactSet, and behind Facebook Inc. FB, at $945.47 billion. Tesla is set to report earnings after Wednesday's closing bell, with the FactSet consensus for earnings per share of $1.61 and revenue of $14.01 billion. Wedbush analyst Dan Ives says he expects Tesla to report another beat across the board He said the expected beats, despite the overhang of semiconductor shortages and logistics issues, speaks to an EV demand trajectory that looks quite robust for Tesla heading into 4 Q and 2022. The stock has increased 34.7% in the past three months, while the S&P 500 SPX has gained 5.4%.