Streetbeat News

Stock Prices

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares are facing a potential third consecutive session decline, premarket trading shows a 1.98% drop to $161.48. This downturn is attributed to concerns over significant layoffs, including high-profile executives, which erased about $30 billion from its market cap. The upcoming Q1 earnings report and rumors of halting a sub-$30,000 electric car project have also contributed to negative sentiment. Additionally, weak insurance registration data in China could further impact Tesla's stock.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 9:23 am

MT

Deutsche Bank analyst Bastian Synagowitz downgraded ArcelorMittal (NYSE:MT) from Buy to Hold and reduced the price target from $34 to $31.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 9:17 am

MBWM

Mercantile Bank (NASDAQ:MBWM) reported Q1 earnings of $1.34 per share, surpassing the $1.14 estimate, and sales of $58.20M, exceeding the $55.38M estimate. This represents a year-over-year earnings increase of 2.29% and a sales increase of 5.18%.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 9:07 am

EWG

Germany's ZEW Economic Sentiment index for April rose to 42.9, surpassing both the estimated 35.9 and the previous month's 31.7, indicating improved investor confidence in Germany's economic outlook.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 9:02 am

FXI

SPY

TSLA

Reuters reported that Tesla is implementing global job cuts that are impacting its China sales team, according to sources. This move could affect Tesla's performance in the Chinese market, which is a significant market for electric vehicles.

Portfolio Pulse from Charles Gross

April 16, 2024 | 8:57 am

GM

General Motors Co. (NYSE:GM) announced it will move its global headquarters to a new location in downtown Detroit by 2025, maintaining its commitment to the city unlike its rivals Ford and Chrysler. This marks GM's fourth headquarters move within Detroit since 1911. The company has signed a 15-year lease for the new space, which will include showcase areas for GM vehicles.

Portfolio Pulse from Anan Ashraf

April 16, 2024 | 8:33 am

USCT

Roth CH Acquisition Co has announced its decision to voluntarily delist its Class A Ordinary Shares, Units, and Warrants from the Nasdaq Global Market, with the delisting expected to become effective on April 25, 2024. The company will continue to meet reporting obligations under the Exchange Act.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 8:29 am

DJT

Donald Trump's criminal trial began with the judge denying his request for recusal and warning of jail for courtroom disruptions. Trump Media & Technology Group Corp.'s stock (DJT) fell 18.35% amid the trial's start and a secondary share sale filing. Mary Trump highlighted the trial's potential impact on public opinion and the 2024 election.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 7:41 am

VCTR

Amundi and Victory Capital have announced a strategic alliance, with Amundi US set to merge into Victory Capital. Amundi will also become a strategic shareholder in Victory Capital. The partnership includes reciprocal 15-year exclusive distribution agreements, aimed at broadening US investment opportunities.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:31 am

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