Tuesday’s Headlines: Why Did Tesla Jump 14%?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Shares of electric-car maker Tesla soared 13.6% on Monday and is up nearly 4% in pre-market trading. The stock's big jump is likely fueled by a combination of some bullish analyst commentary, progress on construction at the automaker's factory in Shanghai, and CEO Elon Musk's teaser of an upcoming event. It is not all good news for the company though; Tesla's investor day, originally scheduled for April, has been pushed out to mid-May because of the coronavirus, with Musk admitting that the current situation makes predicting dates for events difficult. Get the complete report here.
2. Ford stock fell nearly 4% on Monday as it expects to report an adjusted pretax loss of about $600 million for the first quarter as the coronavirus depresses sales and production. The automaker said Monday that it couldn’t yet provide an accurate estimate of its total earnings, but told investors the pretax estimate excludes $300 million in special items. In the first quarter of 2019, Ford posted a first-quarter net income of $1.15 billion and earned $2.4 billion after adjustments. Read the full story here.
3. Shares in Netflix spiked as much as 7.5% on Monday to continue its rally, having closed on Thursday up 7%. The rise occurred after analysts upgraded Netflix’s price target from $415 to $450 on the assumption that the current pandemic could potentially have boosted subscriber numbers by 20% in the first quarter of 2020, and 5% for the year. Amid buzz surrounding its hit "Tiger King" show, we can expect Netflix to announce its first-quarter earnings on April 21, where we’ll get a clear idea of how isolation has affected the service. Read the complete story here.