Jan 4th, 2024 – The NASDAQ dipped 0.56% closing at 14,510.30, on the other hand the Dow Jones grew by 0.03% closing at 37,440.34. The S&P 500 also slipped by 0.34% finishing at 4,688.68.
QuantumScape (QS) stock roared high Thursday morning’s, rising more than 40%. Volkswagen’s PowerCo subsidiary announced that it had completed a test of QuantumScape’s solid-state lithium battery for electric vehicles and the results were encouraging. The test revealed that the technology could power up over 500,000 kilometers of travel in electric vehicles with a small margin of loss in charge capacity and range. The results stated that after 100 charging cycles the capacity loss was below 1%. The stock grew by 43.08% yesterday.(A.Ramkumar)
Shares of Walgreens Boots Alliance (WBA) started the day with a 6.5% loss, following results of its fiscal 2024 first-quarter where it announced a 48% reduction in dividend payout. The company’s revenue of $36.7 billion beat Wall Street’s expectations of $34.9 billion, adjusted earnings per share also overcame expectations, with a result of $0.66 with expected $0.61. However, investors reacted negatively to the company’s dividend cut after it had increased its dividend for 47 consecutive years. The cut was motivated by the CEO as a move to strengthen the company’s long-term balance sheet and cash position. The stock closed the day with a loss of 5.12%.(K.Speights)
Shares of Amazon.com (AMZN) tumbled 3% as first thing this morning, before crawling back of half their losses later in the morning. This happened following the announcement from ByteDance Ltd. (TikTok owner) that they will begin to compete with amazon with their new Ecommerce platform, built with the purpose to trigger impulse buying. By doing so TikTok could lift sales from $2 billion in 2023 to $17.5 billion in 2024. Even if this number was met TikTok’s e-commerce business would only be 3% the size of Amazon’s, meaning the danger posed by TikTok is quite small. At the end of the day the stock closed with a decrease of 2.63%.(R.Smith)
Author: Luca Sesena