Thursday’s Headlines: Why Did Tesla Fall 6%?

Thursday’s Headlines: Why Did Tesla Fall 6%?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Nautilus (NLS) +13.0%

Brown-Forman (BF.B) +10.0%

Peloton Interactive (PTON) +8.8%

Align Technology (ALGN) +6.2%

Twitter (TWTR) +6.1%

Moving Down ⬇️

Zoom Communications (ZM) -7.5%

Tesla Motors (TSLA) -5.8%

Spotify (SPOT) -5.3%

Shopify (SHOP) -5.3%

Coupa Software (COUP) -4.8%

1. Tesla’s (TSLA) battery-powered market performance is running out of juice this week, with the automaker falling 5.8% on Wednesday to mark its second consecutive day of losses. The latest dip comes after Baillie Gifford, Tesla’s largest outside shareholder, reduced its position in the company to less than 5% following its rapid rise, which made it an outsized influence on the UK-based firm. “The substantial increase in Tesla’s share price means that we needed to reduce our holding in order to reflect concentration guidelines which restrict the weight of a single stock in clients’ portfolios,” Baillie Gifford’s James Anderson said in a statement. Read the full story here

2. Grab a Jack n’ Coke and listen up, because Brown-Forman (BF.B) released some pretty impressive Q2 numbers on Wednesday, sending shares jumping 10%. Net income for the quarter rose to $324 million, or $0.67 a share, from $186 million, or $0.39 a share, in the year-ago period, with U.S. sales rising 3% and developed international market sales growing 13%. However, given the uncertainties surrounding COVID-19, the company failed to provide guidance for the current quarter. I’m surprised they’ve not announced a new range of seltzer’s given the current market appetite. Get the official press release here

3. If you’re not hitting Zoom-like (ZM) numbers, then investors just ain’t buying it, as evidenced in Smartsheet’s (SMAR) 8% after-hours drop despite rising revenue in Q2. The SaaS business reported a loss of $26.6 million, or $0.22 a share, missing estimates, while revenue jumped 41% to $91.2 million from $64.6 million a year ago. Smartsheet didn’t provide guidance for the current quarter, though its share price is up 33% year-to-date versus the S&P 500’s (VOO) 11% gains in the same period. Get Smartsheet’s official earnings release here

There are two companies in the MyWallSt shortlist that will report earnings today:

  • Duluth Trading (DLTH)

  • DocuSign (DOCU)