On this edition of Stock Movers:
- Tesla (TSLA) shares are down, with Tesla CEO Elon Musk and President Donald Trump renewing their feud over the $3.3 trillion tax and spending bill. Earlier today, Tesla shares were rallying off the back of launching a limited driverless taxi service is about to be tested by what analysts expect will be another downbeat quarterly sales report. The electric-car maker likely delivered around 389,400 vehicles in the three months that ended in June, according to analysts’ estimates compiled by Bloomberg. That would be down roughly 12% from a year earlier, following a 13% drop in the first quarter.
- Sweetgreen (SG) shares fell after TD Cowen downgraded it to hold from buy, saying the salad restaurant chain’s key urban footprint “appears to be under extreme pressure.” Analyst Andrew Charles says that according to his calculations, year four or older stores are showing same store sales down by double-digit percentages.
- Nike (NKE) shares are up after Argus Research analyst John Staszak upgraded the athletic footwear and apparel company to buy from hold on view that a “recovery is underway.” Nike’s efforts to clear inventory in 2H of the year has resulted in most of the company’s products being “up-to-date,” and attracting customers, Staszak wrote. Other positives include the utilization of its e-commerce channel to improve pricing, and plans to reduce its imports from China to high single digits, compared with a mid-teens level previously.
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