Dec 1st, 2023 – It was a very positive Friday for the US indices, as the Dow Jones (36245.50, +0.82%) and the S&P 500 (4594.63, +0.59%) both reached their highest value of the year. Nasdaq went also really close to its year-highest closing at 14305.03, with a 0.55% gain.
Alibaba shares lost more than 1% on Friday as Morgan Stanley analysts downgraded shares to equal weight from overweight, and also massively reduced the target price from $90 per share to $20. Alibaba was expected to change their core business with the spinoff of their cloud business, which has not happened because of US export restrictions on advanced chips.
Tesla shares fell in the first hours of Friday around 3%, after the first deliveries of the Cybertruck. Finally, Tesla’s Cybertruck is in the market and the first models are being delivered after a 4 year wait. However, there are several clients that have not received their cars yet. Price is another factor that caused the stock to sink in the early stages, as the electric pick-up model was expected to cost $39900 in its base model, with no options, but it was announced at $60990, which is almost double the aforementioned price. The last reason is that analysts, investors and Tesla itself do not believe that Tesla will be cash-flow positive in the short-term from the Cybertruck for 12 to 18 months, if not more.
Coinbase closed on Friday at $133.76 (+7.25%) as Bitcoin rallied to its highest value since May 2022. Coinbase has always outperformed Bitcoin by far this year; in fact Coinbase shares grew almost 300% in 2023, while Bitcoin gained around 130% of its value. It is also important to note that Ark Invest has sold 37377 Coinbase shares for a counter value of $4.7 million.
Author: Filippo Ferrero