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Good morning and welcome to First Trade. "KPop Demon Hunters" and record revenue weren't enough to help Netflix stock after earnings. It suffered its worst day since March after a tax issue took investors by surprise.

But first, Tesla earnings show a company in transition.

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For Tesla investors looking for good news during earnings season, few things are more important than CEO Elon Musk keeping his eye on the ball.

It's easy to see why: Periods when Musk has been distracted with other endeavors match up closely with weak stretches of Tesla stock performance.

Remember Musk's prolonged dalliance with Twitter that ended with him acquiring the company? That took up much of 2022, a year when Tesla fell 65%, its only annual decline since 2016 (and a deep one at that).

There was also the first few months of 2025, which saw shares cut nearly in half by mid-April as Musk took up a new role in Washington, DC as the head of DOGE. The stock has rallied significantly since he stepped away in late May.

If you're a Tesla shareholder, you probably want Elon as involved with the company as possible, even if you don't like his jokes and memes.