The EV maker’s share price has been incredibly volatile this week, spiking at a record $2,100 before dropping 10% on Monday, MarketWatch reports. Rather than be worried, Jani Ziedins, analyst and writer for Cracked.Market, points to the significant $2,000 mark. This level, he suggests, should be used as a guide — investors should buy above it and sell below it to avoid downside momentum.
European stocks hopeful for stimulus
Reports of further stimulus in Germany and France helped European markets remain buoyant yesterday, but only just in the case of the FTSE. Meanwhile, indices across Asia exhibited uncertainty yesterday — the Shanghai Composite, in particular, suffered a hit. In the US, The S&P 500 and Nasdaq climbed higher, while the DJIA edged upwards.
- FTSE 100 – 6,036.00 (+0.14%)
- Dow Jones – 26,390.99 (+0.15%)
- S&P 500 – 3,171.77 (+0.81%)
- NASDAQ – 10,606.70 (+1.26%)
- Stoxx 600 – 363.03 (+0.91%)
- SSE Index – 3,408.13 (-1.30%)
ETF closures hit record
More exchange-traded products have closed this year than any other time on record, according to Factset as reported by The Wall Street Journal. So far in 2020, 188 such products have shuttered, from big asset managers and small alike. Furthermore, only 161 new products have launched in 2020, the fewest since 2013.
Failure to launch?
Space tourism company Virgin Galactic has had a tough August after it was beset by issues such as delays and underwhelming earnings. The company’s first commercial space flight, for instance, has been pushed back to next year. However, investors shouldn’t write the stock off just yet, as it could even be a bargain.
Salesforce.com boosts cloud companies
The cloud software stock beat earnings on Wednesday and raised its full-year forecast to $20.7bn–20.8bn, causing a more than 14% pre-market climb yesterday. This success helped drive gains across the sector with Adobe, NetApp, ServiceNow, VMWare and Workday all gaining in pre-market trading.
Earnings preview: Workday
A strong return since March lows — Workday has returned 70.4% between its 18 March low and 25 August — has interested analysts. Ahead of its second-quarter earnings, due later today, investors will be keen to see if healthy revenue and earnings growth can help Workday capitalise on this recent momentum.
Seven princesses shine
A group of seven stocks that together make up more than 18% of South Korea’s Kospi Index have been performing well in 2020. The seven princesses — Samsung Biologics, Celltrion, Samsung SDI, LG Chem, Kakao, Naver Corp and NCSoft — have gained on average around 90% so far this year to outperform their US peers the FAANG, Bloomberg reports.
EV entrant to raise $1.3bn
Xpeng, a Chinese electric car marker, is expected to raise $1.28bn on its upcoming debut. People close to the matter told Bloomberg that the company was guiding its US IPO above marketed range, telling investors it was planning to price at $15 per share after previously offering 85 million shares at $11–13.