Monday’s Headlines: A Glimmer Of Hope This Week ☀️
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. U.S. stock futures rose early Monday morning as slowing death rates in Europe have offered up some hope for international markets. Dow Jones Industrial Average futures traded 774 points higher, with the S&P 500 and Nasdaq 100 futures also pointing to robust Monday opening gains. Last week, the major averages posted their third weekly decline in four, with the Dow sliding 2.7% while the S&P 500 lost 2.1%, and the Nasdaq Composite closing down 1.7%. Read the full story here.
2. After rising nearly 6% by Friday’s close, Tesla announced that it is letting go of hundreds of contract workers from its U.S. car and battery plants. Health orders which were implemented to curb the spread of COVID-19 have forced the electric vehicle maker to wind down new vehicle production. The cuts follow Tesla’s first-quarter vehicle production and deliveries report, which pleased investors — the company delivered approximately 88,400 vehicles and produced 103,000 in Q1. Get the complete report here.
3. Despite its unfortunate association with a deadly virus, Corona Beer-parent company Constellation Brands topped profit and sales estimates for Q4 in its Friday earnings report. The alcohol giant had a net income of $398.4 million, or $2.04 a share, in the fourth quarter, down from $1.239.5 billion, or $5.87 a share, in the year-earlier period. The company has a plan to deal with COVID-19 setbacks, with Chief Financial Officer Garth Hankinson stating that the company has "significant" capacity under its $2 billion revolving credit facility and plans to carefully manage its debt position over the next 24 months. Read the complete story here.