Tuesday’s Headlines: Tesla's Got A New Target
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. U.S. stock futures were flat in Tuesday early morning trade after a market rally on Monday that saw the Dow jump 350 points to close above 24,000 points for the first time in weeks. Despite oil prices continuing to plummet, the S&P 500 and Nasdaq indexes also rose on Monday as the market anticipates a reopening of the economy in the coming weeks. Investors are also digesting the busiest week of earnings season, with 145 S&P 500 companies reporting between Monday and Friday. Get the complete report here.
2. Shares in Tesla rose 10.15% on Monday off the back of reports that its Fremont plant would be reopened for May 4, but this has since been retracted. The retraction of the statement has seen the stock fall 2% pre-market, but Morgan Stanley is still bullish, setting a price target of between $500-$1000 for the EV manufacturer. The automaker's vehicle production factory in California had shut down late last March as part of California's efforts to help slow the spread of the coronavirus. Get the full story here.
3. Resort stocks are on the rise as the economy braces for a reopening of some non-essential business, including casinos and adventure retreats. Leading the way in gains were Vail resorts, which rose 10.94% on Monday, and casino giant, Wynn Resorts, which rose 8.04%. The first state to allow a casino open will be Montana on May 4, with social distancing measures still in place. Meanwhile, regulators in Nevada have sent detailed procedures for reopening and Wynn Las Vegas is taking reservations for Memorial Day weekend. Read the full story here.
There are 4 stocks in the MyWallSt app that will report earnings today: