The big mover for the day will be on Tesla, as Elon Musk tweeted there’s a possibility of him selling 10% of his Tesla holdings, given that it accounts for $28 billion worth of Tesla stock there would be a substantial selloff in the pre-market as well as during trading hours.
Virgin Galactic as well as Tencent Music Entertainment both have earnings due during the course of the day, with both companies having their recent obstacles that they had to deal with earnings are not expected to be exceeded by any means.
- Peloton Interactive Inc. (PTON) was down 35.35% as they froze hiring across all departments
- Moderna (MRNA) was down 16.56% as it missed revenue and earnings expectations
- Expedia Group Inc (EXPE) was up 15.63% the announcement of the Pfizer COVID-19 pill added positive statements to the travel industry that pushed the travel stocks higher
- Nikola Corporation (NKLA) was down 14.90% as BTIG lowered to hold following its previous Buy sentiment
Earnings due today:
Virgin Galactic Holdings Inc SPCE During the course of the day
Tencent Music Entertainment Group TME During the course of the day
Stocks to watch:
Beyond Meat Inc.
The second quarter’s earnings missed expectations by some margin while revenue came out higher than expected, with the third quarter due midway through the week a miss in revenue and earnings may drive prices even lower.
Technically the chart is shaping up well for price to decline further lower with the only saving grace likely to be an earning and revenue increase from the second quarter. Following a retracement to test the 50 day moving average, the break on the daily of the 20 day moving average to retest the rising trend line does line up well for a further break lower to a possible target of $85.