Thursday’s Headlines: Why Is Ford Motors Up 9%
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Lemonade (LMND) +10.7%
Peloton Interactive (PTON) +10.2%
TrueCar (TRUE) +9.6%
Ford Motor Company (F) +8.5%
Stitch Fix (SFIX) +8.0%
Moving Down ⬇️
Nordstrom (JWN) -5.8%
Ericsson (ERIC) -1.9%
Sea Limited (SE) -1.3%
Pinterest (PINS) -1.3%
Mastercard (MA) -1.2%
1. Shares in Ford (F) soared on Wednesday as investors got a glimpse of the company’s EV ambitions and a future under CEO Jim Farley. Before its Investor Day event even began, Ford revealed that it expects electric vehicles to make up 40% of its global sales by the end of this decade. The company’s latest turnaround plan includes increasing its investment in EVs to more than $30 billion through 2025, up from the $22 billion pledge it made back in February. The automaker announced the plans as part of a new “Ford+” initiative it will be taking, which plans to achieve an 8% adjusted global profit margin by 2023. For the official press release and more information on Ford+, read here.
2. Despite our Head Analyst Rory’s near-certain belief that it would not happen, Amazon (AMZN) confirmed Wall Street’s worst-kept secret yesterday regarding its acquisition of MGM Studios. The 100-year-old studio is going for a cool $8.45 billion and will bolster Amazon Prime Video’s already impressive library with over 4,000 movies and 17,000+ TV shows — which have won more than 180 Academy Awards and 100 Emmys between them. “The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios. Read Amazon’s official press release here.
3. “The Happiest Place On Earth” is about to make Disney (DIS) investors a lot happier, with the company’s California-based parks soon easing even more restrictions. Disney’s largest profit generator, Parks, has seen massive closures over the past year, but as of June 15, Disneyland and Disney California Adventure will accept non-California-based visitors for the first time since reopening to locals on April 30. While parks are still limited to 25% capacity, further easings are expected soon as more than 130 million Americans are now fully vaccinated, with daily case rates slowing. Read the full story here.
Some more earnings from last night:
The cloud enterprise leader beat across the board with losses per share (EPS) of $0.19, down from $0.68 a year ago, while revenue jumped 15.4% year-over-year to $1.18 billion. Co-CEO Aneel Bhusri was bullish on the upcoming year for Workday: “As we look to future growth and innovation, our values are stronger than ever with our employees foundational to continued customer success, which is why we’re investing heavily in growing our workforce.” Read more here.
There are 6 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.