Monday’s Headlines: Is Tesla Leaving California?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. A relatively quiet weekend on the news front was dominated by various reports from Tesla Motors after CEO Elon Musk threatened to move the company out of California. After Alameda County told Tesla that it could not resume production amid the lockdown, Musk tweeted that he is preparing a lawsuit against the county and could move production to Nevada or Texas. That’s not all, as it was revealed that Chinese Tesla Model 3 sales in China fell 64% in April, despite electric car sales rising during the month overall. Get the full story here.
2. Investors were happy to hear that Apple will reopen some stores in the U.S. next week, with temperature checks and a limited number of customers per location. Apple’s stores are a key demand driver for the company’s products, and reopening them now will go a long way in getting the company back on track for the year. “We’re excited to begin reopening stores in the US next week, starting with some stores in Idaho, South Carolina, Alabama and Alaska,” an Apple representative said in a statement. Get the full story here.
3. The retail apocalypse was made a lot more dystopian by the coronavirus pandemic, and Nordstrom has felt that sting, announcing it will close 16 stores across the U.S. The permanent closures, which are set to take place this year, impact Nordstrom stores across California and in Florida, New Jersey, and Texas, among other states, and will impact roughly 14% of the company’s total operations. With the entire retail industry in tatters lately, Nordstrom has seen its stock price fall 55% over the past 12 months. Read the full story here.
There's just the one stock in the MyWallSt app that will report earnings today: