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- Elon Musk to Reportedly Slash Jobs at TSLA
Elon Musk to Reportedly Slash Jobs at TSLA
Good day, 360 –
Here are our top 3 trade ideas today – these setups look primed! And make sure to check out the Market News roundup at the bottom.Be the best prepared trader on the Street!
NKE - Soars 12% after beating earnings on top and bottom line
TSLA - Announces hiring freeze, possibly more job cuts next quarter
VERO - Venus Concepts up over 70% in pre-market after receiving 510(k) clearance from FDA to market its AI.ME next generation robotic technology for fractional skin resurfacing
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NKE - Soars 12% after beating earnings on top and bottom line
Nike announced EPS of $0.85 vs $0.65 expected and revenue of $13.3 billion vs analyst estimate of $12.57B. Revenue was up over 17% year over year (YoY). NKE had strong outperformance in the U.S (30% YoY) with an 11% increase in sales in Europe. China revenue slipped 3%.
The after hours high was $118.28 and that will be an important test for bulls today.
Above it, targets to the upside are $120, $122 and $124.
To the downside, there is potential support at $114, $110 and a gap to fill at $103.21.
TSLA - Announces hiring freeze, possibly more job cuts next quarter
According to Elektrek, Tesla told employees that it is conducting a hiring freeze and that another wave of layoffs could be coming next quarter. After another day of selling yesterday, this news has sent TSLA 1.23% higher in the pre-market.
TSLA has been one of the weakest large cap momentum stocks over the past couple of weeks so this could be a catalyst for a bounce in the name.
$141 was a resistance level in the pre-market this morning so that is likely to be an important pivot level today.
Above it, targets to the upside are $144.20, $148.20 and then $150.
Below $141 there is potential support at $138.50 from the pre-market.
Yesterday’s low of $137.66 represents 52-week lows in TSLA with the next potential support levels below that at $136, $132 and $126.37.
VERO - Venus Concepts up over 70% in pre-market after receiving 510(k) clearance from FDA to market its AI.ME next generation robotic technology for fractional skin resurfacing
510(k) clearance allows VERO to market its non-surgical robotic technology. The company said it looked “forward to introducing our first AI.ME systems with Venus Concept’s leading physician partners in 2023.”
According to Finviz as of yesterday’s close, VERO had a market capitalization of only $16.42 million and a float of 63.3 million shares.
Pre-market resistance in VERO was around $0.50 and is an important level for the bulls.
Above that, the next major levels of potential resistance are $0.55, $0.60, $0.65 and $0.75. Above that, $0.80, $0.90 and $1 are in play.
Below $0.50 there is potential support at $0.36, $0.3240 and a gap to fill at $0.2520 which was yesterday’s close.
Economic Calendar Wednesday
MBA Mortgage Applications 7:00am ET
Current Account 8:30am ET
Consumer Confidence 10:00am ET
Existing Home Sales 10:00am ET
EIA Petroleum Report 10:30am ET
Earnings for Wednesday
After Market:
MLKN, MU, QIPT
HTGM HTG Announces One-for-Twelve Reverse Stock Split
GVA Granite Selected for Approximately $174 Million Los Angeles World Airports Construction and Rehabilitation Project
ATRA Atara Biotherapeutics Announces $31 Million Royalty Interest Financing Agreement with HealthCare Royalty
FULT Fulton Financial Corporation Announces Quarterly Dividends and $100 Million Stock Repurchase Program
Citadel Returning Roughly $7 Billion In Profits to Clients, Sources Say two Sigma Returning Profits To Investors In Spectrum Fund Brevan Howard Asset Management Returning Some Profits To Clients Caxton Associates Raising Performance Fee For Some Flagship Share Classes Reuters
LCID Lucid Begins Deliveries of Lucid Air Dream Edition to Customers in Europe, Confirms Official WLTP Driving Range of up to 883 km
WKEY WISeKey Reaffirms its 2023 Growth Forecast; Expects to Exceed FY 2022 Revenue Guidance due to Steady Demand for Semiconductors
GM recalls 150k Chevrolet Bolt EVs over fire risks in North America
EVGN Biomica Raises $20 Million in a Financing Round to Advance its Pipeline of Microbiome-based Therapeutics
PLTR UK Ministry of Defense awards Palantir £75 million Enterprise Agreement
NKE "We believe the inventory peak is behind us as actions we’re taking in the marketplace are working" --Nike on earnings call yest
TSLA Tesla to implement hiring freeze and new round of layoffs - Electrek
TSLA Elon Musk says he will step down as Twitter CEO once he finds a replacement – CNN
PFE Pfizer Announces FDA and EMA Acceptance of Etrasimod Regulatory Submissions for Ulcerative Colitis
HBT HBT Financial, Inc. Announces Authorization of New $15 Million Stock Repurchase Program
VUZI Vuzix Signs Distribution Agreement with Elmark Automation and Receives Initial Volume Smart Glasses Order
GH Guardant Health and Susan G. Komen® Partner to Develop Clinical Studies to Identify Early-Stage Breast Cancer Patients Who May Benefit from Additional Monitoring or Therapy
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