Tuesday’s Headlines: Tesla Closes At Record High

Tuesday’s Headlines: Tesla Closes At Record High

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Shotspotter (SSTI) +10.4%

Datadog (DDOG) +8.3%

Roku (ROKU) +8.2%

Howard Hughes Corp (HHC) +7.7%

Veeva Systems (VEEV) +7.7%

Moving Down ⬇️

iRobot (IRBT) -2.0%

Peloton (PTON) -2.4%

Monster Beverage (MNST) -2.5%

Etsy (ETSY) -2.9%

Planet Fitness (PLNT) -2.9%

1. Good news investors: the market is ignoring civil unrest, pandemics, and international tensions, as the S&P 500 (VOO) officially erased its 2020 losses on Monday while the Nasdaq hit all-time highs. The news comes on the very same day where economists officially declared the United States is in a recession, ending the longest economic expansion in American history. There is still a long, hard road ahead before recovery is achieved as unemployment hovers around 13% and the threat of a second wave of infections looms large. Read the full story here.

2. Brace yourself for more disturbing Elon Musk dances because the Tesla (TSLA) CEO just saw his electric vehicle company soar to a record close of $949.92 on Monday. Yesterday’s 7% jump came off the back of reports that Tesla Model 3 sales in China have surged, with a reported 11,000 units sold in May compared to April’s 4,000. Tesla shares are up 127% so far this year, and up 365% in the past 12 months — they hovered around $200 just a year ago.  Read the complete report here.

3. Despite the rising popularity of personalized clothing packages, Stitch Fix (SFIX) experienced a 9% sales decline in Q1 due to COVID-related supply chain issues. The company reported a fiscal third-quarter loss of $33.9 million, or $0.33 a share, compared with net income of $7 million, or $0.07 a share in the year-ago period. The good news, that active client numbers increased by 9% to 3.4 million year-on-year, saw bullish investors battle with bears last night, as Stitch Fix’s stock fluctuated between an 11% loss to a 7% gain after hours. Get the full earnings report.

JamieJamie

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