Tuesday's Headlines: Tesla Stock Jumps 12%

Tuesday's Headlines: Tesla Stock Jumps 12%

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Tesla Motors (TSLA) +12.6%

Stitch Fix (SFIX) +6.9%

Pinterest (PINS) +6.5%

Sea Limited (SE) +6.0%

Zoom Communications (ZM) +5.4%

Moving Down ⬇️

Eventbrite (EB) -3.2%

Peloton Interactive (PTON) -2.4%

Chipotle Mexican Grill (CMG) -2.3%

Hasbro (HAS) -1.9%

Casey's General Store (CASY) -1.5%

 

1. After a bruising couple of days, it was business as usual once again for Tesla shareholders as company stock jumped 12% yesterday thanks to signs of growth in China. According to a Goldman Sachs report, global downloads of the Tesla app are currently up about 20% year-on-year, with a lot of this being driven by Chinese consumers. The Tesla app allows car-owners to remotely monitor and control their Tesla car, so a boost in app downloads would indicate that the company is seeing strong delivery numbers towards the end of the current quarter. Read more here.

2. More details have begun to emerge about Oracle becoming the "trusted technology partner" of TikTok, including the reasons why Microsoft missed out with its bid. According to The Information, sources close to the deal indicate that Oracle was chosen as the preferred partner by TikTok-owner Bytedance because it doesn't believe it must own the core video-recommendation algorithm that made the social platform so famous. However, we are still no closer to finding out if the deal will be enough to satisfy the Trump administration, who gave the deadline of September 20th for TikTok to sell its U.S. business. More on this here (paywalled).

3. Speaking of TikTok, Google's YouTube has unveiled its own short-form video feature that set to launch in a country that the popular app was recently banned from — India. According to the company, 'Shorts' will launch in the region over the next few days as part of the YouTube app featuring videos that are capped at 15 seconds in length. Before being banned in India for national security reasons, roughly 30% of TikTok’s 2 billion downloads came from the country, meaning that there is certainly an appetite for a product like this. It's a pity Facebook's own copycat 'Reels' has been in India since August though. More here.

JamesJames

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