On this episode of Stock Movers:
- Tesla (TESLA) shares rebounding as owner Elon Musk expressed regret on social media for his recent posts about President Donald Trump, saying they "went too far". The public feud between Musk and Trump was triggered by Musk's opposition to Trump's tax-cut bill, which posed a threat to Musk's wealth and caused Tesla's stock price to tumble. Meanwhile, the president told the New York Post this morning "I guess I could" in response to the possibility of mending relations with Musk.
- Lockheed Martin (LMT) shares are lower as the Air Force has reduced its request to Congress for F-35s from 48 to 24, a significant cut that may reflect the Defense Secretary's plan to reduce US military spending by 8% over the next five years. The F-35 program has faced criticism, including from Elon Musk and right-wing influencer Laura Loomer, who have questioned the need for manned fighter jets in an age of drones, with the program now valued at roughly $2 trillion.
- GameStop (GME) shares dipped in US premarket trading after Hardware and Accessories net sales from the video game retailer missed Wall Street’s expectations. Analysts say GameStop reported decent upside on 1Q earnings per share, as solid performance on margins and costs more than offset sluggish top-line trends.
- Chewy (CHWY) fell this morning after the pet food company’s gross margin and free cash flow fell short of expectations, as did its reiterated annual sales target.
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