Streetbeat News

Stock Prices

TSLA

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has indicated a strategic shift towards 'wartime CEO' mode, focusing on the robotaxi project after laying off over 10% of the global workforce. The layoffs aim to reduce costs and eliminate duplicate roles amid Tesla's faltering fundamentals since 2022. Senior executives Drew Baglino and Rohan Patel have departed, and projects, including a cathode factory at Giga Texas, have been dropped in favor of the robotaxi initiative. Tesla's workforce has significantly increased over the years, but its revenue per employee in 2023 was lower than competitors like GM and Ford. Amidst this, Tesla is preparing to unveil its robotaxi on August 8, despite concerns over the cancellation of a low-cost electric vehicle project.

Portfolio Pulse from Anan Ashraf

April 16, 2024 | 7:29 am

BTCUSD

Crypto.com CEO Kris Marszalek predicts a surge in Bitcoin sales leading up to the 'halving' event around Apr. 20, expected to boost Bitcoin's price over time. Despite potential short-term selling pressure, Marszalek views the event as positive for the market. The introduction of Bitcoin ETFs and endorsements like that from BlackRock Inc have fueled optimism, despite recent price volatility and skepticism among finance professionals. Bitcoin's price has seen a significant year-to-date increase, trading at $62,682 with a recent decline of 1.23%.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 6:12 am

BAC

JNJ

MITK

MYSZ

Bank of America, Morgan Stanley, My Size, Mitek Systems, and Johnson & Johnson are stocks to watch due to earnings reports and a reverse stock split. Bank of America and Morgan Stanley are expected to report earnings before the opening bell, with analysts predicting specific EPS and revenue figures. My Size announced a 1-for-8 reverse stock split, causing its shares to jump in after-hours trading. Mitek Systems reported worse-than-expected Q1 financial results, leading to a share price drop. Johnson & Johnson is also anticipated to report earnings, with its shares slightly falling in after-hours trading.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:10 am

BAC

JNJ

SNPO

The CNN Money Fear and Greed index moved to the 'Fear' zone, indicating a decline in market sentiment. U.S. stocks, including the S&P 500, closed lower amid Middle East conflict concerns. Snap One Holdings Corp. (SNPO) shares surged after an acquisition announcement by Resideo Technologies. Goldman Sachs (GS) reported strong Q1 earnings. The market awaits earnings from Johnson & Johnson (JNJ), Morgan Stanley (MS), and Bank of America (BAC).

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:09 am

META

A U.S. District Judge in Oakland, California, partially dismissed claims against Meta Platforms CEO Mark Zuckerberg in lawsuits alleging harm to children from Facebook and Instagram. The judge ruled plaintiffs couldn't prove Zuckerberg had a duty to disclose risks. Meta still faces other allegations in ongoing lawsuits involving tech giants like Alphabet, ByteDance, and Snap, related to social media's impact on youth.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 5:45 am

COIN

NVDA

Cathie Wood's Ark Invest has sold shares of Coinbase Global Inc. (COIN) and NVIDIA Corp. (NVDA), despite recent positive market movements for both. The sales were made from the ARK Next Generation Internet ETF (ARKW) and the ARK Genomic Revolution ETF (ARKG), respectively. Additionally, Ark Invest made other notable trades, including buying shares of Teladoc Health Inc (TDOC), selling shares of UiPath Inc (PATH), Roku Inc (ROKU), Draftkings Inc (DKNG), and Twilio Inc (TWLO).

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:44 am

TSLA

Tesla Inc (NASDAQ:TSLA) has halved the price of its 'full self-driving' (FSD) subscription to $99 per month, a move that Gene Munster of Deepwater Asset Management believes signals the end of manual driving. This price reduction is part of Tesla's strategy to make its self-driving technology more accessible, amidst a challenging period for the company, including a 10% workforce reduction and a 20% drop in deliveries. Nvidia's Senior Lead of Robotics praised Tesla's FSD feature, while Tesla CEO Elon Musk continues to push boundaries in AI with his venture, xAI.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:20 am

Morgan Stanley has released a list of top 'alpha' stocks in the Asia-Pacific region, highlighting Hana Financial Group with a 28% upside potential and Novatek Microelectronics for its growth prospects. The selection comes amid global market shifts and warnings of potential corrections, yet the long-term bull rally is expected to continue.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:12 am

CRM

DJT

RIVN

TSLA

On Monday, U.S. stock indices fell, with DJT, RIVN, GS, CRM, and TSLA being the most watched stocks. DJT plummeted 18.35% after announcing a new stock issuance. RIVN dropped 8%, continuing a 5-day decline. GS rose 2.92% on strong Q1 earnings. CRM fell 7.28% amid acquisition talks with Informatica. TSLA decreased 5.59%, reportedly due to workforce adjustments.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:07 am

TSLA

Tesla, Inc. (NASDAQ: TSLA) has reportedly put on hold the development of its proposed $25,000 electric vehicle, known as Model 2 or codenamed NV9, according to Electrek. This decision comes amid a round of massive layoffs, including high-profile executives, and a shift in focus towards the self-driving project. CEO Elon Musk had previously emphasized the importance of the low-cost EV and its production at Giga Texas and Giga Mexico, aiming for a second-half of 2025 start. However, the project's defunding and the layoffs of team members involved raise concerns about Tesla's future growth, particularly as the Model 2 vehicle and its sub-$30,000 price point were seen as crucial for driving mass demand globally.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 2:45 am