Monday’s Headlines: Tesla Has Technical Issues
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Boston Beer Co. (SAM) +18.8%
Eventbrite (EB) +9.9%
2U (TWOU) +6.6%
Nordstrom (JWN) +5.6%
Nautilus (NLS) +4.7%
Moving Down ⬇️
Texas Roadhouse (TXRH) -4.2%
Yext (YEXT) -2.1%
Chuy's (CHUY) -2.0%
Zoom Communications (ZM) -1.7%
Tesla Motors (TSLA) -1.2%
1. Not unlike Peloton’s (PTON) own woes last week, Tesla (TSLA) had the unfortunate — and expensive — task of recalling its products on Friday. The China State Administration for Market Regulation announced that Tesla is recalling nearly 50,000 of its Model S and Model X electric vehicles due to concerns over potentially faulty and unsafe front and rear suspensions. It is unclear whether a similar recall will be required globally as of yet, though Tesla experienced a record-breaking Q3 performance, with shares up 388% year-to-date (YTD). Read more here.
2. When we reported on Friday that Boston Beer (SAM) had smashed its Q3 earnings, we weren’t expecting the Sam Adams-maker to jump as high as 18.8% in a single day. The driving force behind its new all-time highs was not just its Q3 performance, but an optimistic revision of full-year guidance which now sees shipments and depletions to be up between 37% and 42% in 2020, with similar numbers for 2021. Previous forecasts anticipated an increase of between 27% and 35%. Despite the widespread closure of bars and restaurants this year, Boston Beer has still seen its stock soar 194% YTD. Cheers to that! Catch the full report here.
3. Dunkin Brands (DNKN) may be about to leave a donut hole-sized gap in the market as reports emerge that it could be taken private. The Dunkin’ Donuts and Baskin Robbins owner has held preliminary discussions to be acquired by Inspire Brands, a private equity-backed restaurant company, Dunkin’ said in a statement on Sunday. “There is no certainty that any agreement will be reached,” said Karen Raskopf, Chief Communications Officer of Dunkin’ Brands. Dunkin’ declined to reveal further details. A long-time rival to Starbucks (SBUX), Dunkin Brands went public in July 2011 at $19 per share and has grown a respectable 367% since. Read the official press release here.
There are 3 companies in the MyWallSt shortlist that will report earnings today. Get this week’s full calendar here.