In a truly excruciating first-quarter earnings report, electric vehicle titan Tesla announced that its $409 million net income was down a staggering 71% year-over-year and its 2% net profit margin was down 68%. Deliveries of the brand’s flagship Model 3 and Model Y were down 12% from the previous quarter, and deliveries of the novel Cybertruck plummeted by 24%.

Yet, investors rejoiced. Tesla stock, which has been otherwise brutalized by the year’s stock market slide and the Trump administration’s trade war, rose nearly 20% over the week. Tesla’s stock price, which was down 41% from year-to-date by the closing bell right before the automaker released its Q1 earnings report, has since recovered to -27% YTD.

While........

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