It "Hertz": Tesla Slumps on Musk Tweet, Apple Supply Chain Pain, COVID Vaccine Demand Boosts Pfizer, DuPont's Deal to Capitalize on EV -- and Chegg Plummets

Carl Quintanilla, Jim Cramer and David Faber led off the show with Tesla's rally running in reverse: The stock fell sharply after CEO Elon Musk tweeted that his company's 100,000 vehicle deal with Hertz had yet to be signed. Cramer explained how investors should approach Tesla and other electric vehicle stocks. The anchors also discussed EV startup Rivian targeting a $60-billion valuation with its IPO slated for next week. Apple also in spotlight: Nikkei Asia reporting the tech giant has cut back sharply on iPad production to allocate more chips to the iPhone 13. The anchors reacted to what Commerce Secretary Gina Raimondo told CNBC about how long it might take to build a chip foundry in the U.S. Pfizer shares rose on better-than-expected quarterly results and raised guidance, citing strong demand for its COVID-19 vaccine and non-COVID treatments. Separately, Amazon lifts its mask mandate for fully vaccinated workers. Also in focus: Fresh record highs for the S&P 500 and Nasdaq, Under Armour soars on earnings news, shares of online education company Chegg get crushed on a revenue miss and weakness in enrollments, and DuPont agrees to acquire electronics materials maker Rogers Corp. for $5.2-billion -- in an effort to boost its presence in the EV, 5G and clean energy markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.