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Yahoo BusinessJul 13, 2020
Tesla Falters After Optimism Over ‘Battery Day,' India, S&P
(Bloomberg) -- Tesla Inc.'s relentless surge faltered Monday, with shares erasing a double-digit gain and dipping into negative territory, despite enthusiasm ahead of several events that include the possible unveiling of new battery technology, the entry into a lucrative new market and the stock's potential addition to the prestigious S&P 500 Index.Tesla shares, which had gained as much as 16% Monday before losing steam, have seen an incredible rally this year that has left Wall Street analysts struggling to make sense of the sky-high valuation -- which soared past that of Toyota Motor Corp. earlier this month. Tesla is up about four-fold just this year, despite a steep pandemic-related sell-off in February and March.Although Tesla had kicked off this year with a strong run, its ascent has been turbo-charged after reporting better-than-expected delivery numbers earlier this month, leading many to say the company may be poised to report a profit for the second quarter. Profitability is good news in itself, but in the case of Tesla, this would also mark the fourth consecutive quarter of profit, a milestone it needs to achieve to be considered for inclusion in the S&P 500.At the current price, Tesla's stock reflects an expectation of 2030 volume of 5 million units, which is more than ten times what the company appears on track to achieve this year, Morgan Stanley analyst Adam Jonas said. "We're not saying these are assumptions that are not possible, but they are a very big leap ahead from what t

MarketWatch MarketPulseJul 13, 2020
Gold futures post their first gain in 3 sessions
Gold futures climbed on Monday to score their first gain in three sessions, moving back toward the nearly nine-year high they reached on Wednesday. Investors eyed the rising number of cases in the U.S., which lifted expectations for further central bank stimulus measures to offset the effects of the pandemic's hit to the economy. August gold rose $12.20, or 0.7%, to settle at $1,814.10 an ounce. Prices on Wednesday settled at $1,820.60, the highest for a most-active contract since Sept. 14, 2011, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJul 13, 2020
Redfin's stock falls after BofA Securities turns bearish, citing valuation concerns
Shares of Redfin Corp. dropped 1.1% in midday trading Monday, after BofA Securities analyst Nat Schindler turned bearish on the real estate brokerage services company citing valuation concerns. Schindler cut the rating to underperform from neutral, while keeping the stock price target at $24, which is 34.7% below current levels. Schindler said data suggests pending home sales for the four weeks ending June 28 are down as much as 17 percentage points from pre-COVID-19 levels, while real estate services valuation multiples on pre-COVID estimates suggest the market is pricing in a "significant expansion" from the highs seen earlier this year. "We see current valuations leaving little room for multiple expansion or upward estimate revisions and believe continued COVID outbreaks skew risks heavily to the downside," Schindler wrote in a note to clients. The stock has more than doubled over the past three months (up 105.2%) and has run up 73.8% year to date, while the S&P 500 is little changed this year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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