Market Recap: June 20, 2023 - Tesla and Rivian Join Forces, New Domino's Pizza Pinpoint Service, and Key Market Updates

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Indexes 📉🔽

All the indices fell today as a rally that pushed the market to levels unseen in over a year paused for a break. Another factor contributing to the slide was concerns about China's economy, the second-largest globally. These concerns continued to linger due to Beijing's recent reduction in a significant lending rate, which fell below expectations. Now, let's explore how the indices performed today...

The S&P 500 (SPX) was down -0.47% coming to a conclusion at 4,388

The Nasdaq Composite (IXIC) fell by -0.16% to settle at 13,667

The Dow Jones Industrial Average dropped by -0.72% ending the day at 34,053

The Russell 2000 (RUT) slid by -0.47% to finish at 1,866

The Nasdaq-100 (NDX) declined by -0.09 to conclude at 15,070

Rivian to Join Tesla's Supercharger Network in Landmark Charging Partnership 🚗⚡️

Rivian (RIVN) has reached an agreement to join Tesla's (TSLA) Supercharger network in the US and Canada, starting in spring 2024. Rivian vehicles, equipped with the CCS charge port, will require an adapter to utilize Tesla's network, which uses the NACS (North American Charging Standard) plug. By 2025, Rivian's upcoming vehicles will have the NACS as a standard feature, enabling native support for Tesla's Supercharger network. This partnership aligns with Tesla's objective of establishing itself as the predominant charging standard in the US. While Rivian will continue developing its own charging network, this collaboration represents a significant step toward industry-wide cooperation to ensure reliable access to charging infrastructure.

RIVN:

15.70 ▲ +0.82 (+5.51%) Today

15.76 ▲ +0.06 (+0.38%) After Hours

TSLA:

274.45 ▲ +13.91 (+5.34%) Today

277.60 ▲ +3.15 (+1.15%) After Hours

Buy Buy Baby Assets to Be Auctioned Separately in Bid to Sustain Operations 💰📰

Bed Bath & Beyond (BBBYQ) plans to conduct a separate auction for its Buy Buy Baby assets, which are considered its most valuable holdings. The objective is to attract a buyer who is interested in keeping the Buy Buy Baby stores operational. The auction is scheduled for June 28. Overstock.com previously made a bid of $21.5 million for Bed Bath & Beyond's intellectual property assets, which is likely to set the minimum price at the auction.

BBBYQ:

0.22 ▼ -0.0051 (-2.23%) Today

0.22 ▼ -0.00032 (-0.15%) After Hours

Roblox Introduces Age-Verification Process for Mature Content Development 🧓🎮

Roblox (RBLX) has announced a significant change in its policy by allowing eligible creators to develop experiences with mature content for users aged 17 and above. This decision comes after the company expressed its commitment to providing age-appropriate experiences for users at all stages of life on its platform. Access to the new mature content will be granted only after users verify their age by uploading a selfie and a government-issued ID.

RBLX:

41.77 ▼ -0.035 (-0.084%) Today

41.76 ▼ -0.01 (-0.024%) After Hours

Novo Nordisk Sues Medical Spas over Unauthorized Sale of Weight Loss Drugs 👩‍⚕️💊

Danish drugmaker Novo Nordisk (NVO) has sued five medical spas and wellness clinics for allegedly selling cheaper, unauthorized versions of its weight loss drugs Ozempic and Wegovy. The lawsuits, initiated in federal courts in New York, Texas, Florida, and Tennessee, accuse the clinics of marketing and selling "compounded" drug products claiming to contain semaglutide, the active ingredient in both drugs. Novo Nordisk, the sole patent holder of semaglutide, does not sell this ingredient to outside entities, raising questions about what these clinics are actually selling. The company is seeking court orders to halt the sales of these unauthorized drugs and has requested unspecified monetary damages.

NVO:

161.67 ▲ +0.38 (+0.24%) Today

161.58 ▼ -0.09 (-0.056%) After Hours

US CEOs Prioritize Meeting with Indian PM Narendra Modi Amid China's Economic Uncertainty 🤝🏛️

Top US corporate executives, including Apple (AAPL) CEO Tim Cook, Google (GOOGL) CEO Sundar Pichai, Microsoft (MSFT) CEO Satya Nadella, and FedEx (FDX) CEO Raj Subramaniam, are prioritizing a meeting with Indian Prime Minister Narendra Modi during his state visit to the White House. This comes amid China's faltering economy and increased political tensions. A separate meeting with tech leaders, centered around technology transfer and finding ways to diversify away from China, is also scheduled. With US corporations taking steps to diversify away from China, PM Modi's visit is viewed as an opportunity to convince more US companies to commit to manufacturing in India.

Sen. Bernie Sanders Launches Congressional Probe into Amazon's Warehouse Working Conditions 🔍📦

Sen. Bernie Sanders is leading a congressional investigation into the working conditions at Amazon's (AMZN) warehouses. Sanders, who chairs the Senate’s Health, Education, Labor, and Pensions (HELP) Committee, has criticized Amazon for its high turnover and injury rates, as well as its treatment of injured workers. Sanders has requested additional information regarding Amazon's injury and turnover rates, as well as data related to its on-site medical clinic, AMCARE. Amazon has until July 5 to respond to these inquiries.

AMZN:

125.78 ▲ +0.29 (+0.23%) Today

125.89 ▲ +0.12 (+0.091%) After Hours

Domino's Pizza Revolutionizes Delivery with Pinpoint Service for Non-Traditional Locations 🚀🍕

Domino's Pizza (DPZ) has introduced a new service called Pinpoint Delivery, which allows customers to receive deliveries at non-traditional locations such as parks, beaches, and sports fields. The service includes real-time tracking and text alerts to keep customers informed about the progress of their delivery. During its soft launch, Pinpoint Delivery has already received positive feedback from both customers and delivery drivers. This marks the first time such a feature is available in the United States.

DPZ:

325.54 ▼ -5.87 (-1.77%) Today

325.10 ▼ -0.44 (-0.14%) After Hours

EDX Markets: Redefining Digital Asset Trading with Institutional Focus and Non-Custodial Model 💻💰

EDX Markets, a cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has the potential to reshape the digital asset landscape, particularly in light of increased scrutiny of the crypto sector in the United States. EDX Markets, an institutional-only exchange announced in September 2022, will facilitate trading in four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The exchange operates on a "non-custodial" model, meaning it does not hold clients' digital assets during trading. Instead, EDX is collaborating with a third-party custodian. CEO Jamil Nazarali believes that for crypto to thrive, it needs to adopt the rules and investor protections of traditional finance.

PayPal Secures $43.7 Billion Loan-Book Sale to KKR, Boosting Buy Now, Pay Later Expansion 💲💳

Following an agreement to sell approximately $43.7 billion in buy now, pay later loans originated in Europe to private equity group KKR (KKR). The loan-book sale, valued at around $43.7 billion, is expected to generate approximately $1.8 billion in gross proceeds for PayPal (PYPL) in the second half of this year. Out of these proceeds, around $1 billion will be allocated toward buying back PayPal shares. The buy now, pay later is said to significantly enhanced PayPal's checkout experience, driving engagement, payment volume growth, and repeat usage. Gabrielle Rabinovitch added that the collaboration with KKR allows us to meet the demand for PayPal Pay Later in Europe while maintaining free cash flow for other strategic initiatives.

KKR:

56.63 ▼ -0.57 (-1.00%) Today

56.82 ▲ +0.19 (+0.34%) After Hours

PYPL:

68.89 ▲ +2.46 (+3.70%) Today

69.10 ▲ +0.21 (+0.30%) After Hours

Groupe Lactalis Expands Chicago Footprint with $3.2 Billion Cheese Brand Acquisition from Kraft Heinz 🧀💼

Groupe Lactalis, the world's largest dairy maker, is expanding its presence in Chicago through the acquisition of cheese brands from Kraft Heinz Co. (KHC) in a $3.2 billion deal. The family-owned company plans to hire nearly 100 people at its Chicago offices within the next year. Lactalis' expansion coincides with its preparations to segregate its supply chain and finance systems as it integrates Kraft brands including Cracker Barrel and Knudsen. The US market has become the second-largest for Lactalis, and the company expects to have over 850 employees at its Chicago offices by the end of this year.

KHC:

36.62 ▼ -0.37 (-1.00%) Today

36.83 ▲ +0.21 (+0.57%) After Hours

Abu Dhabi's CYVN Holdings Acquires 7% Stake in Nio, Bolstering Electric Carmaker's Future 🔌🔋

The Abu Dhabi government, through its investment entity CYVN Holdings LLC, is acquiring a 7% stake in electric carmaker Nio (NIO) This investment comes as Nio faces losses and challenging market conditions in China's competitive electric vehicle sector. The deal involves CYVN Holdings purchasing approximately 85 million newly issued Class A shares for $738.5 million in cash, at a price of $8.72 per share. Additionally, CYVN Holdings will acquire 40 million shares from Tencent Holdings Ltd. This strategic investment aims to strengthen Nio's financial position, accelerate its business growth, and open possibilities for joint ventures in Nio's international operations. As long as CYVN maintains a minimum 5% stake, it will have the right to nominate one director to Nio's board.

NIO:

9.36 ▼ -0.04 (-0.43%) Today

9.30 ▼ -0.05 (-0.53%) After Hours

Spotify Considers "Supremium" Subscription Plan with High-Fidelity Audio 🎵🎧

Spotify (SPOT) is contemplating the launch of a more expensive subscription plan called "Supremium" to increase revenue and meet investor expectations. The new tier is expected to offer high-fidelity audio, a feature that Spotify announced it was developing in 2021. In addition, Spotify plans to enhance its existing "Premium" offering by granting subscribers extended access to audiobooks, either through a set number of free hours per month or a specific number of titles, with options to purchase more.

SPOT:

156.82 ▼ -3.17 (-1.98%) Today

160.00 ▲ +3.18 (+2.03%) After Hours

After Hour Movers 🌙🕒

FedEx (FDX) released its consolidated results for the quarter ending on May 31, 2023. The company concluded fiscal 2023 with $90.2 billion in revenue, diluted earnings per share (EPS) of $15.48, and adjusted diluted EPS of $14.96. Throughout the fiscal year, FedEx returned $2.7 billion to stockholders through stock repurchases and dividends. Looking ahead to fiscal 2024, FedEx expects flat to low-single-digit percentage revenue growth, with earnings per diluted share ranging from $15.00 to $17.00 before accounting adjustments, and $16.50 to $18.50 after excluding costs related to business optimization initiatives. The company also anticipates permanent cost reductions of $1.8 billion from the DRIVE transformation program. FedEx remains focused on improving profitability and delivering exceptional service to its customers despite challenging market conditions.

FDX:

231.79 ▼ -1.67 (-0.72%) Today

224.70 ▼ -6.95 (-3.00%) After Hours

La-Z-Boy (LZB) experienced a decline in its shares following the company's disappointing outlook, despite beating earnings expectations. After a 1% gain in the regular session, which closed at $27.46, La-Z-Boy shares fell by as much as 6% in after-hours trading. The company provided a revenue forecast of $470 million to $490 million for the first quarter, falling short of analysts' expectations of $522.4 million for the same period, according to FactSet. In the fiscal fourth quarter, La-Z-Boy reported a net income of $34.4 million, or 79 cents per share, compared to $57.4 million, or $1.33 per share, in the year-ago period. Adjusted earnings, which exclude purchase accounting charges and other items, amounted to 99 cents per share, down from $1.07 per share in the year-ago quarter. Revenue also declined from $684.6 million in the year-ago quarter to $561.3 million. FactSet analysts had predicted earnings of 72 cents per share on revenue of $533 million.

LZB:

27.46 ▲ +0.27 (+0.99%) Today

25.95 ▼ -1.51 (-5.50%) After Hours

Dynagas LNG Partners LP (DLNG), announced its financial results for the first quarter. The company reported a net income of $9.6 million, equivalent to 18 cents per share. After adjusting for one-time gains and costs, earnings stood at 10 cents per share. In terms of revenue, the gas shipping company generated $37.3 million during the period.

DLNG:

2.82 ▲ +0.11 (+4.06%) Today

2.50 ▼ -0.32 (-11.35%) After Hours

Sectors 🛒🏗️

Out of the 11 sectors, 1 closed in positive territory today, with Consumer Discretionary leading the way with a gain of 0.75%, while Utilities saw a decline of -1.17%.

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