📈 "The Big Short": A massive $534 million bet against Tesla (TSLA)
Stocks are pointing to a higher opening after yesterday’s losses. - Here's what is happening in the markets today, Tuesday, May 18th.
Here's what is happening in the markets today, Tuesday, May 18th.
Stocks are pointing to a higher opening after yesterday’s losses.
Earnings: Retailers report earning this week and HomeDepot (HD) and Walmart (WMT) kicked it off:
HomeDepot’s (HD) net sales surged 32.7%, more than expected. HD is already up 20% this year! And Walmart (WMT) is up 1% in premarket trading after reporting strong grocery sales and e-commerce growth for the quarter.
Shares of Macy’s (M) are up roughly 6% in Tuesday’s premarket after Macy’s reported 56% increase in Q1 revenue. And they reported a surprise first-quarter profit, as stimulus checks and the ongoing Covid vaccine rollout gave consumers more money and greater confidence to head back to the mall and refresh their wardrobes
The first-quarter earnings season is wrapping up with more than 90% of the S&P 500 companies having reported their results. So far, 86% of S&P 500 companies have reported a positive EPS surprise, which would mark the highest percentage of positive earnings surprises since 2008 when FactSet began tracking this metric.
Elon Musk gone too far? Tesla (TSLA) dropped more than 2% as famed investor Michael Burry revealed a big short position on the electric carmaker: $534 million. Tesla is down 18% for the year and 36% from the all-time high of $900 on Jan 25.
The reason why Michael Burry is short: In the fourth quarter of 2020, Tesla’s $270 million in net income was enabled by its sale of $401 million in regulatory credits to other automakers. Tesla historically has racked up around $1.6 billion in regulatory energy credits,
Elon Musk lost his position as the world's second-richest person according to the Bloomberg Billionaires Index. He has been unseated by luxury goods tycoon, LVMH chairman Bernard Arnault. Both billionaires are currently set apart by a few million on the list of the world's wealthiest people:
Arnault has amassed a fortune of $161.2 billion, while Musk's has fallen to $160.6 billion, according to Bloomberg.
The Fed’s minutes from its last meeting, which will be released Wednesday, could offer some clues on policymakers’ thinking on inflation.
This wraps up today's stock market news.
If you enjoyed the "Stock Market Today" video, make sure to subscribe to this podcast.
And for more stock market news, visit https://rockwelltrading.com.
#todaysstockmarket #stockmarkettoday #stockmarket
Stocks are pointing to a higher opening after yesterday’s losses.
Earnings: Retailers report earning this week and HomeDepot (HD) and Walmart (WMT) kicked it off:
HomeDepot’s (HD) net sales surged 32.7%, more than expected. HD is already up 20% this year! And Walmart (WMT) is up 1% in premarket trading after reporting strong grocery sales and e-commerce growth for the quarter.
Shares of Macy’s (M) are up roughly 6% in Tuesday’s premarket after Macy’s reported 56% increase in Q1 revenue. And they reported a surprise first-quarter profit, as stimulus checks and the ongoing Covid vaccine rollout gave consumers more money and greater confidence to head back to the mall and refresh their wardrobes
The first-quarter earnings season is wrapping up with more than 90% of the S&P 500 companies having reported their results. So far, 86% of S&P 500 companies have reported a positive EPS surprise, which would mark the highest percentage of positive earnings surprises since 2008 when FactSet began tracking this metric.
Elon Musk gone too far? Tesla (TSLA) dropped more than 2% as famed investor Michael Burry revealed a big short position on the electric carmaker: $534 million. Tesla is down 18% for the year and 36% from the all-time high of $900 on Jan 25.
The reason why Michael Burry is short: In the fourth quarter of 2020, Tesla’s $270 million in net income was enabled by its sale of $401 million in regulatory credits to other automakers. Tesla historically has racked up around $1.6 billion in regulatory energy credits,
Elon Musk lost his position as the world's second-richest person according to the Bloomberg Billionaires Index. He has been unseated by luxury goods tycoon, LVMH chairman Bernard Arnault. Both billionaires are currently set apart by a few million on the list of the world's wealthiest people:
Arnault has amassed a fortune of $161.2 billion, while Musk's has fallen to $160.6 billion, according to Bloomberg.
The Fed’s minutes from its last meeting, which will be released Wednesday, could offer some clues on policymakers’ thinking on inflation.
This wraps up today's stock market news.
If you enjoyed the "Stock Market Today" video, make sure to subscribe to this podcast.
And for more stock market news, visit https://rockwelltrading.com.
#todaysstockmarket #stockmarkettoday #stockmarket