• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Wells Fargo’s top predictions for 2021 include a warning for Tesla investors

5 years ago
in Business, highlights, Home, home-news, latest News
2 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Wells Fargo Securities’ Chris Harvey is out with the bank’s top 10 predictions for next year.

No. 1 on his list: Tesla becomes the new AOL.

“It reminded us so much about 1998 — the late ’90s,” the firm’s head of equity strategy told CNBC’s “Trading Nation” last week.”

“AOL, similar to Tesla had a game changing technology, incredible performance [and] it goes into the [S&P 500] index late in the year in December after an amazing run. But it was a seminal event.”

AOL, the former king of media, saw its influence unravel because it failed to keep up with the rapid pace of technology.

Harvey warns the electric auto maker could suffer a similar fate. His warning comes as Apple looks to take on Tesla by producing its own self-driving vehicle by 2024.

“After ’99, many tech and growth companies lost 50% to 100% [of value],” said Harvey. “We’re thinking in 2020, everything happens much faster. So, if it took 12 months for the end to begin, now it’s going to take six months.”

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

So far this year, Tesla stock has surged almost 700%.

Its record run is one of the reasons why Harvey tells clients to avoid thinking about growth at any price.

“They need to start looking at cyclicality. They need to start thinking about getting more high Covid-beta names in their portfolios,” he said. “Old economy, not new economy.”

And, that sets up No. 2 on Harvey’s list: Stocks with ugly charts start to prevail.

“You really want to look for those really beaten up, less picked over stories where the chart actually looks broken.” he said.

According to Harvey, next year’s winners will look a lot different than 2020′s. He sees investors beginning to lose interest in growth and momentum stocks as economically sensitive areas catch a bid from renewed economic growth.

“Stocks that went up continued to go up, and what we think is there’s going to be a regime change,” said Harvey, adding 2020′s recessionary environment looked a lot like 2003 and 2009 when investors ran to growth plays.

His third prediction: Republicans will split the Georgia run-off, and retain control of the U.S. Senate.

“The polls are telling us it’s a pretty high probability,” Harvey said. “It’s very good if they do retain control of the Senate for the equity markets.”

Source: cnbc
Via: norvanreports
Tags: AOLTeslaWells Fargo
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.