Tuesday’s Headlines: Musk’s Day In Court

Tuesday’s Headlines: Musk’s Day In Court

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Tesla Motors (TSLA) +4.4%

Walt Disney Co. (DIS) +4.1%

Silicon Valley Bank (SIVB) +3.2%

GoPro (GPRO) +3.2%

Align Technology (ALGN) +2.5%

Moving Down ⬇️

Pinterest (PINS) -4.7%

PagerDuty (PD) -4.1%

iRobot (IRBT) -3.1%

IMAX (IMAX) -3.1%

Redfin (RDFN) -3.0%

1. Tesla (TSLA) CEO Elon Musk appeared in court yesterday to defend his role in the EV maker’s $2.6 billion acquisition of SolarCity in 2016. Tesla shareholders believed the transaction amounted to a SolarCity bailout and sued the company’s board members despite Musk claiming there was no controlling pressure on the deal. While the other directors all settled last year for $60 million, Musk wanted to take the fight to court. Tesla’s boss will need to prove that he was acting in the best interests of shareholders and not trying to benefit himself or his other companies, SolarCity and SpaceX. Despite the news, Tesla stock jumped over 4% yesterday. See more here

2. Microsoft (MSFT) went shopping again and has snapped up RiskIQ, a cybersecurity start-up. RiskIQ helps companies detect threats in their IT footprints and its systems already work with Microsoft’s Azure cloud plus cloud rival Amazon (AMZN) Web Services. The acquisition is hoped to further expand Microsoft’s security business, which is currently its fastest growing segment. Back in January, the firm said it brought in over $10 billion in security revenue over the previous 12 months, up 40% year-over-year. No financials have been confirmed yet but Bloomberg has reported that Microsoft could pay over $500 million for RiskIQ. More here

3. Disney (DIS) shares rose more than 4% on Monday off the back of news that it is raising its subscription fees for ESPN+ in the U.S. The sports streaming platform will now cost an extra $1 on the monthly plan or $10 more for the annual subscription. After signing a slew of new sports rights deals this year, including televising Wimbledon and its seven year deal with the National Hockey League, the boost in price for its 14 million subscribers is warranted. The media giant is keeping the price for the $13.99 per month bundle of ESPN+, Hulu and Disney+ the same in the hopes that more people will be enticed to pay for the full package. Read more here