Friday’s Headlines: A Tale of Two Tesla’s

Friday’s Headlines: A Tale of Two Tesla’s

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

PagerDuty (PD) +3.4%

Evolent Health (EVH) +3.3%

Etsy (ETSY) +1.6%

GoPro (GPRO) +1.3%

Tesla Motors (TSLA) +1.3%

Moving Down ⬇️

Trupanion (TRUP) -4.6%

Trip.com Group (TCOM) -4.3%

Duluth Trading (DLTH) -4.2%

Shopify (SHOP) -3.7%

Square (SQ) -3.6%

1. It’s been one disappointment after another for Tesla (TSLA) over the last 24 hours, with the EV maker facing declining growth in China and German fines. First, following on from yesterday’s news that Tesla was lowering its Model Y prices in China, the company proceeded to release its June sales figures for the region, which amounted to 33,155 — down from 33,463 in May. Over 4,000 miles west, the woes continue, as Tesla looks set to be slapped with a fine for illegal building activity on the site of its planned new car factory near Berlin. Though the monetary amount will likely be negligible, Tesla is having a tough time keeping local authorities on its side at the site of its future European manufacturing hub. Read more here

2. In order to avoid further tensions with the Indian government, Twitter (TWTR) has taken steps to meet the country’s new IT rules. Amid policy changes aimed at regulating content on social media and making firms act quicker on legal requests to remove posts, Twitter has appointed an interim chief compliance officer and will soon designate other executives to meet the country’s new rules. This comes as a direct consequence of a spat between Twitter and Indian Prime Minister Narendra Modi’s nationalist government following a controversial hashtag related to farmer protests earlier this year, which the government asked Twitter to remove. With an estimated 20 million users in India alone, Twitter will need to be careful in this delicate situation. Read the full report here

3. Investors, look away now as it was an ugly day on Wall Street yesterday. Following an unexpectedly high jobless claims data of 373,000, on top of the news that Tokyo has declared a COVID-induced state of emergency ahead of the upcoming Olympics, the Dow Jones (DIA), S&P 500 (VOO), and Nasdaq (QQQ) all closed in the red. Major economists are fearful about a global COVID surge as many countries struggle to combat rising cases and lockdowns as fresh variants tear through the population. Read the full report here

JamieJamie

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