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Tesla stock gets lift after Elon Musk's Hannity interview

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Tesla (TSLA) shares are getting a slight boost in Wednesday's pre-market trading — continuing into the start of the trading session — after CEO Elon Musk expressed his shock over the vandalism of his company's vehicles in an interview with Fox News' Sean Hannity.

Brad Smith and Madison Mills react to the EV maker's stock moves this morning.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

00:00 Speaker A

I do want to go to Tesla, though. You can see the shares actually moving to the upside today after CEO Elon Musk sat down for an interview with Fox News's Sean Hannity. Musk addressing recent protests of the company saying he was shocked by the alleged hatred and the fires of those Teslas. The stock has dropped for eight straight weeks, its worst weekly losing streak ever. I do quickly want to mention one potential catalyst that we are seeing this morning for Tesla here and why you are seeing the stock moving upward here. It's actually the biggest gainer of the MAG 7 today, bucking the recent trend. California permitting approval here for Tesla here. I just want to read this out. The EV maker granted approval in California to begin carrying passengers in its vehicles, and a step toward ride hailing services. You can see the stock moving to the upside off the back of this here. Analysts positive about these announcements, also positive about the announcements made in the NVIDIA GTC conference on Tesla here as well.

01:32 Speaker B

Yeah, this is something that Tesla talked about being pivotal for this year in its most recent earnings call, mentioning that California and Texas were going to be the two major areas where they needed to see regulations move in their favor, not just for full self-driving, but for the cyber cabs to really be a thing, like Fetch is trying to be made a thing by Gretchen. All of these things and Mean Girls references aside, the major moving point from this juncture is how Tesla is able to sell these vehicles at a time where they're seeing brand pushback from consumers as well as reduction of some of the EV tax credits as well. So those two things acting as major headwinds at this juncture.