On this episode of Stock Movers:
- Tesla (TSLA) is moving to the downside this morning after President Trump lashed out at Elon Musk, accusing the Tesla and SpaceX chief executive officer of benefiting excessively from government subsidies for electric vehicles. "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump said in a Truth Social post.
- Robinhood (HOOD) is gaining in the premarket after the company announced it will make tokenized US securities for 150,000 customer in 30 countries, available 24 hours a day. In the wake of the announcement, Mizuho raised its price target to $99 from $80, lauding the firm’s “unmatched product velocity.” Mizuho analyst Dan Dolev (outperform) says Robinhood’s product development “makes it hard to keep up with innovation;” believes Robinhood should be re-rated as new products merit a bigger premium vs. peers.
- Wolfspeed (WOLF) shares gained 95% in premarket trading after the chipmaker said on Monday night it would file for bankruptcy to enact a creditor-backed plan to slash $4.6 billion in debt. The company filed for reorganization under Chapter 11 and expects to emerge out of bankruptcy by the end of the third quarter.
- Sweetgreen (SG) is lower as TD Cowen downgrades 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. More weight being placed on suburban markets for net restaurant growth, but moves into new, unproven geographies means lower visibility on sales development.
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