Elon Musk Avoids Doomsday Scenario
Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures gained today as tech rebounded. Tesla led the charge (more on that below) and chipmaker STMicroelectronics NV showed strong results in Europe. Despite the recent uptrend, economists are still weary. Kingswood Holdings chief economist sees the recent stock surge as overdone given recession risks ahead. Upcoming reports and job data should give a clearer picture.
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Here’s a look at the top-moving stocks this morning.
Tesla (Nasdaq: TSLA)
Tesla is up 6.65% premarket after the Elon Musk led electric vehicle giant did just enough in the mind of many investors to remove the worst-case scenario for the stock in the near-term. The company reported record Q4 revenue of $24.32 billion. On the profitability end, Tesla is reporting adjusted net income of $4.1 billion, nearly $400 million more than Q3. Overall, the premarket gain gave the markets some relief after big tech groups like Microsoft reported less-than-stellar earnings earlier this week.
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Chevron Corporation (NYSE: CVX)
Chevron is up 2.91% premarket after the news of a $5 billion stock buyback and a boost to its dividend. The buyback will begin in April. Oil companies like Exxon also saw big profits in 2022 as the price of oil continued to rocket.
Tractor Supply Company (Nasdaq: TSCO)
Tractor Supply Company is up 4.63% premarket after the earnings and revenue topped expectations. The seller of farm products generated a net sales increase of 20.7% and comparable store sales increase of 8.6% driven by both ticket and transaction growth. Total revenue from sales came in at $4.01 billion for the fourth quarter of 2022, up from $3.32 billion from last year.
Chargepoint Holdings (NYSE: CHPT)
Chargepoint Holdings is up 3.42% premarket. The company recently announced an agreement with Lexus to help buyers of Lexus’ fully electric RZ 450e crossover utilize Chargepoint’s residential and public charging solutions. The deal is aimed to make it easier for consumers to get access to fast charging. The company also announced a new partnership with Mercedes-Benz that will result in over 400 charging hubs being added in North America. Shares of CHPT are up 40% over the last month.
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Those are the biggest stock movers for today.
The Wake-Up Watchlist Research Team