Thursday’s Headlines: The Most Valuable Car Maker In The World
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
TrueCar (TRUE) +10.1%
Nautilus (NLS) +9.5%
Tesla Motors (TSLA) +9.0%
Zoom Communications (ZM) +7.6%
Idexx Laboratories (IDXX) +6.2%
Moving Down ⬇️
Retail Opportunity Investments Corp (ROIC) -7.0%
Evolent Health (EVH) -7.5%
Nordstrom (JWN) -8.0%
Duluth Trading (DLTH) -10.6%
Eventbrite (EB) -14.4%
1. When he’s not sending astronauts to space, Elon Musk is running the (now) most valuable car manufacturing company in the world. Tesla shares soared past the $1,000 mark on Wednesday to close at $1,025.05, with a market cap of $190.01 billion helping the company to overtake Toyota — previously the world’s most valuable car-maker. Wednesday’s drive — pun intended — was largely down to confirmation from Musk that it was time to bring the ‘Tesla Semi’ truck to “volume production”, as well as anticipation of the unveiling of a new ‘million-mile’ battery technology in the coming weeks. Read the full story here.
2. Though we got glimpses of such blinding heights on Tuesday, the Nasdaq (.IXIC) went the whole nine yards on Wednesday and closed above the all-important psychological milestone of 10,000 — despite the economy officially entering a recession. Closing the day at 10,020.35, it has taken the Nasdaq less than 50 years to reach this point, which was largely driven by recent gains in the tech sector from the likes of Apple (AAPL) and Amazon (AMZN). It wasn’t all fun and games on Wall Street yesterday though, as the Dow (DIA) and S&P 500 (VOO) recorded losses of 1.03% and 0.53% respectively. Read more here.
3. Investors may have spit out their coffee yesterday when they saw Starbucks (SBUX) report a $3.2 billion revenue loss in its fiscal third quarter due to the coronavirus pandemic. In an update from the company on Wednesday, the world’s largest coffee brand also forecast a net loss per share of between $0.64 and $0.79 for the current quarter, and a 10% to 20% same-store sales decline across the U.S. and China. Shares fell 4% on the back of the news, leaving Starbucks down 11.5% YTD compared to the S&P 500’s 1.7% loss. Read the complete report here.