Nasdaq Markets

(RTTNews) - European stocks are set to open sharply lower on Thursday after the U.S. Federal Reserve painted a gloomy outlook of the U.S. economy, spurring demand for safe-haven assets.

(RTTNews) - Nokia corp. (NOK) said Thursday that Kristian Pullola will step down as chief financial officer and leave the Group Leadership Team on August 31, 2020.

(RTTNews) - Sanofi said that it will provide an overview of the growth and development strategy for Dupixent or dupilumab in the third of its five-part series to highlight Sanofi's progress in R&D.

(RTTNews) - Sam's Club, a division of Walmart, Inc. (WMT), announced Thursday the launch of curbside pickup across the United States.

Electric car giant Tesla (TSLA) is at the top of its game, hitting another all-time high on Wednesday, and reaching the long-ballyhooed $1,000 mark. The latest surge ensued when a memo from CEO Elon Musk telling employees it was "time to go all out" on the production of the Tesla Semi, began making the rounds.

But Tesla’s latest rally picked up steam earlier this week, when reports came out that demand for Model 3s in China has accelerated. News outlets focused on the 11,095 Model 3s that zoomed out of Tesla’s Shanghai Giga 3 factory last month and are now sitting pretty outside a new home.

However, GLJ Research analyst Gordon Johnson argues the celebrations are premature and, in fact, the figures are misleading.

“The China May 2020 Sales numbers released yesterday, which have been covered by nearly every news outlet, were from China Passenger Car Association (“CPCA”)... Stated more clearly, the numbers from CPCA yesterday, according to CPCA, were just an estimate, and have not been confirmed,” Johnson said.

According to Johnson, the figures to look out for are those released by the China Automotive Technology and Research Center (CATARC) or the China Banking and Insurance Regulatory Commission (CBIRC).

Ok, so where are they? “Those numbers are not yet available,” Johnson added, “So all the Reuters and Bloomberg articles from yesterday are wrong. Also, the many analysts commenting on these numbers today on TV are also wrong.”

While TSLA’s production number of 11,501 is not disputed by the analyst, Johnson believes “we do not yet know how many cars TSLA sold in May in China.”

What we do know, Johnson adds, are Tesla’s EU sales figures. “They were pretty bad,” he said.

Down by 5.2% month-over-month and 33% year-over-year, as it happens. Additionally, through June 8, quarter-to-date, 2Q20 sales dropped by 54% quarter-over-quarter and 75% year-over-year in “Norway + the Netherlands + Spain, which accounted for 47% of all of TSLA’s EU sales in 2019.”

“But,” Johnson summed up, “Who cares about numbers/facts when Ron Barron is on TV nearly monthly saying TSLA’s stock will increase 10x with no supporting details – and also saying he wants to buy more, despite the fact he’s been selling… why won’t the media focus on the numbers vs. perpetually having people on to give their opinions on what Tesla will do in 2025? what about 2020?”

Unsurprisingly, Johnson rates Tesla shares a Sell, without suggesting a price target. (To watch Johnson’s track record, click here)

While not quite as flummoxed as Johnson, the Street appears out of sync with Tesla’s ascent, too. 9 Buys, 9 Holds and 10 Sell ratings add up to a Hold Consensus rating. With an average price target of $633.95, the analysts expect Tesla stock to drop by 38% over the next 12 months. (See Tesla stock analysis on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

(RTTNews) - PG&E Corp. (PCG), which expects to emerge from bankruptcy by June 30, has appointed new Board of Directors, as part of an agreement the company made with the California state to shake up a corporate culture.

(RTTNews) - The Hong Kong stock market on Wednesday ended the seven-day winning streak in which it had skyrocketed more than 2,050 points or 9 percent. The Hang Seng Index now sits just beneath the 25,050-point plateau and the losses may accelerate on Thursday.

(RTTNews) - The Australian stock market is notably lower on Wednesday after the U.S. Federal Reserve projected a sharp contraction for the U.S. economy this year due to the coronavirus pandemic and indicated that interest rates are likely to remain at current near-zero levels th

Investors in On Deck Capital, Inc. ONDK need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 21, 2020 $3.00 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied vol

FibroGen, Inc. FGEN was a big mover last session, as the company saw its shares rise nearly 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $32.64

(RTTNews) - Food deliver company Grubhub Inc. (GRUB) on Wednesday said it has agreed to be acquired by European peer Just Eat Takeaway.com N.V. in an all-stock transaction valued at $7.3 billion.

(RTTNews) - The Malaysia stock market has tracked higher in back-to-back sessions, gathering almost 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index remains just above the 1,575-point plateau although it may be stuck in neutral on Thursday.

Wednesday was another day of mixed performance on Wall Street, as major stock market benchmarks were mixed. Investors' preference for growth stocks seemed to reassert itself, as the Nasdaq Composite (NASDAQINDEX: ^IXIC) once again managed to gain substantial ground in setting a

What happened Shareholders of Boeing (NYSE: BA) probably expected a big boost to their stock price on Wednesday, after Reuters reported that the 737 MAX is set for a certification test flight for the Federal Aviation Administration later this month.  

Johnson & Johnson (NYSE: JNJ) announced on Wednesday that it expects to begin a phase 1/2a clinical trial of its COVID-19 vaccine candidate Ad26.COV2-S, recombinant, in the second half of July. The company previously projected that the early-stage clinical study would begin

Tyson Foods Inc said on Wednesday it was cooperating with the U.S. Department of Justice on a price-fixing investigation in the poultry industry, under a program that could protect the meat processor from criminal prosecution.

(RTTNews) - Treasuries moved sharply higher over the course of the trading day on Wednesday, extending the upward move seen over the two previous sessions.

Biogen (NASDAQ: BIIB) has taken its shareholders on a roller-coaster ride over the past year or so, and more potential trouble is on the horizon for the biotech. Given that, now may be a good time for shareholders to consider jumping ship -- at least, so says Bernstein analyst A

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Teladoc Health Inc (Symbol: TDOC), where a total of 13,191 contracts have traded so far, representing approximately 1.3 million underlying shares. That amounts to abou

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Visa Inc (Symbol: V), where a total of 40,605 contracts have traded so far, representing approximately 4.1 million underlying shares. That amounts to about 45.6% of V'