Tesla’s stock dropped about 7% after Battery Day event.
Tesla’s market value dropped $50 billion on Tuesday after Elon Musk disclosed that some of the battery and manufacturing strategies presented at its battery day event would only be available in 3 years. Shares were down about 7%. Investors had expected the company to announce improved battery specs and a cost reduction target that would finally drop the price of an electric vehicle. Instead, Elon Musk promised that Tesla will slash battery costs in half over the next few years with new technology and deliver an affordable electric car. Click here to read more
Nike (NYSE: NKE) used the pandemic as an opportunity to escalate its digital business and it is paying off. The company reported an 82% rise in its online sales and it’s women’s apparel division grew nearly 200%. Nike posted revenue of $10.59 billion vs $9.15 billion expected. This earnings result is a fortunate turnaround from the poor results the company posted in the previous quarter due to the closure of stores. Nike said its Jordan brand is looking stronger than ever and it expects demand to grow through the holidays. Shares were up 13%. Click here to read more
Ralph Lauren (NYSE: RL) will cut 15% of its global workforce by the end of its fiscal year as part of its restructuring efforts to lower costs and accelerate its online business. Although the pandemic battered demand for luxury goods in retail stores, the company’s e-commerce sales have surged. Ralph Lauren now plans to invest in digital platforms to support e-commerce operations, expand product personalization and add new features like augmented reality. Click here to read more
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