Tuesday’s Headlines: National Debt Jumps To $25 Trillion
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. The stock market clawed its way into the green on the first Monday of May, largely driven by gains in the technology sector. It was also announced on Monday that the Treasury Department will borrow about $3 trillion this quarter, bringing total government debt in the U.S. to $25 trillion. This massive package will be used as stimulus relief in a bid to bring the U.S. economy back to life over the coming months, having been forced into a standstill due to the COVID-19 pandemic. Read the full story here.
2. Shares in Elon Musk’s Tesla jumped 8.5% on Monday, bringing the electric vehicle makers total gains in the past month to 67%. The growth stock's gain is likely primarily fueled by an analyst's more upbeat view for the company following the electric-car maker's first-quarter results, which saw a surprise Q1 profit and nearly 80,000 cars delivered. However, with its all-important Fremont factory still closed, Tesla’s revenue is likely to plummet in the second quarter, which will directly impact its fiscal targets. Get the complete report here.
3. Making education a little easier, one textbook at a time, Chegg delivered a surprise earnings beat for Q1. The company came out with quarterly earnings of $0.22 per share, compared to earnings of $0.15 per share a year ago, on top of revenue which grew 35% YoY to reach $131.59 million. Chegg shares have added about 11.7% since the beginning of the year versus the S&P 500's decline of -12.4%. Get the full story here.
Elsewhere, other MyWallSt stocks reported earnings:
Texas Roadhouse: The restaurant chain missed Q1 earnings and revenue estimates as the restaurant sector continues to reel from the widespread shut-down of the global economy. Texas Roadhouse came out with quarterly earnings of $0.23 per share, a dip of 42.50% YoY, on top of revenue of $652.52 million.
There are 4 stocks in the MyWallSt app that will report earnings today: