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Latest Business News
Stocks to Watch: FedEx, Coinbase, Tesla, Spotify, Rivian, Exact Sciences
FedEx
FedEx reported quarterly results that beat earnings estimates with adjusted earnings per share of $4.94 against a Refinitiv consensus estimate of $4.89 per share. However, revenue came in below expectations at $21.93 billion. FedEx executives also provided roughly flat revenue guidance and announced the retirement of the chief financial officer, Mike Lenz. Following the news, shares of FedEx slipped by 2.9%.
Coinbase and Riot Platforms
The crypto exchange stock Coinbase climbed nearly 3% in premarket trading, perhaps due to the surge in bitcoin’s 7.8% climb, while crypto mining firm Riot added 3.4%. The oscillation in Coinbase’s stock price can be attributed to the ongoing spat with the U.S. Securities and Exchange Commission and BlackRock’s launch of its own bitcoin exchange-traded fund.
MicroStrategy
The cloud services firm with exposure to bitcoin, MicroStrategy, added 2.9% in premarket trading. Its shares have climbed more than 121% so far in 2023 and 8.7% over the past month.
Tesla
Despite a downgrade from Barclays, Tesla’s shares, the electric vehicle giant, added 1.2%. The downgrade advised investors that it may be prudent to “to move to the sidelines” after the recent rally in Tesla's shares. Tesla’s shares soared above the 52% mark over the past month.
Spotify
Spotify, the music streaming service, saw its shares rise approximately 2% in premarket trading following a Wolfe Research upgrade to outperform from peer perform. Spotify is expected to grow its revenues due to price increases and advertising growth.
Rivian
The electric vehicle maker Rivian climbed 1.6% premarket after announcing that starting next year, its customers would have access to Tesla's network of charging stations.
Exact Sciences
Exact Sciences saw its shares add 6% on news of research agreements with The MIT and Harvard Broad Institute to exclusively use the company's molecular residual disease diagnostic testing platform.
In the world of business, it is important to remain up-to-date on market trends and news to make informed decisions. The recent positive developments for companies like Spotify and Rivian could indicate growth opportunities, while the struggles of FedEx in meeting revenue expectations serve as a reminder of the unpredictable nature of the stock market. However, perhaps the most significant takeaway from this information is how the ongoing spat with the U.S. Securities and Exchange Commission and the launch of a new bitcoin exchange-traded fund by BlackRock have affected Coinbase's stock price. This suggests that businesses should carefully consider and anticipate the impact of any regulatory or competitive developments that arise within their industry. Any new business looking to invest in the stock market should also remember to diversify their portfolio to mitigate the risk of any individual stock failing to meet expectations. By staying informed and being strategic, businesses have the potential to make sound investments that can lead to long-term success.
