Thursday’s Headlines: A Presidential Boost For Tesla
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Datadog (DDOG) +7.7%
Pinterest (PINS) +6.8%
Cloudflare (NET) +6.8%
Square (SQ) +6.7%
Coupa Software (COUP) +6.6%
Moving Down ⬇️
Lululemon (LULU) -3.3%
Hain Celestial (HAIN) -2.0%
Ford Motor Company (F) -1.7%
Due to the Easter weekend, the stock market will be closed tomorrow, Friday 2 April. The MyWallSt team will be taking a well-deserved break until Tuesday 6 April, meaning that there will be no Market Talk on Friday or Monday. Have a lovely long weekend folks!
1. With the market rallying off the back of President Biden’s $2 trillion infrastructure plans, Tesla (TSLA) and its fellow EV-makers could stand to gain the most. The plan includes a significant $174 billion to boost the markets for electric vehicles via charging point construction, more U.S. production of EV components and batteries, and funding new consumer rebates and tax incentives to make EVs more affordable. It’s not just EV-makers that will benefit either, with the proposal seeking to extend tax credits for wind, solar, and energy storage facilities by ten years, driving down the cost of the technologies for energy buyers. The President seems determined to wean the U.S. off of fossil fuels and combat climate change. Read the complete report here.
2. Facebook (FB) is finally taking some (bare minimum) action to put to rest accusations that it amplifies misinformation on its platform. The social network will now let users customize their feed and give them control over who can comment on their public posts, while also offering a Feed Filter Bar that would allow users to switch between the algorithmic ranking of their feed or show content in the order it was posted. The company still denies that its algorithms lead to polarization though, with Global Affairs VP Nick Clegg claiming yesterday that “it’s not in Facebook’s interest — financially or reputationally — to continually turn up the temperature and push users towards ever more extreme content.” That’s for the lawmakers to decide Nick. Read the full story here.
3. It was another big government contract win for Microsoft (MSFT) on Wednesday after it secured another lucrative defense contract. The Pentagon announced that Microsoft will provide more than 120,000 custom HoloLens augmented-reality headsets for the U.S. Army in a deal worth $21.88 billion over 10 years. However, like previous military contracts won by the tech giant, some Microsoft employees have taken issue with the deal, penning an open letter stating: “We did not sign up to develop weapons, and we demand a say in how our work is used”. Read more here.