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5 Top Stories

Will Tesla Exit the Magnificent Seven?

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Will Tesla Exit the Magnificent Seven?

Ahead of its deliveries report on Tuesday, Wells Fargo added Tesla [TSLA] to its Q3 Tactical Ideas List as a stock that may see a near-term decline. “Few levers remain to increase volumes outside of pricing and model refreshes, as the company has resorted to financing promotions with seemingly little effect,” wrote analyst Colin Langan. In the event, the electric vehicle maker delivered 443,956 vehicles in Q2, down 4.8% year-over-year but up 14.8% from Q1.

Nvidia Under Scrutiny

Nvidia [NVDA] is set to be charged with anticompetitive practices by French antitrust enforcers, according to Reuters. This follows on from a raid on Nvidia’s offices last year. The world’s most valuable chipmaker is increasingly facing the attention of regulators, but no concrete action has yet been taken. Neither Nvidia nor the agency in question responded to Reuters’ requests for comment.

Amazon International Segment on Track for Profitability

After reporting a $2.7bn operating loss last year, Amazon’s [AMZN] $131bn international unit looks set to swing to an annual profit. Analysts polled by Refinitiv predict that the e-commerce giant will report operating profit of $1.6bn this year, and of $5bn in 2025. This is partly thanks to efforts to streamline logistics in key overseas markets, including Germany and the UK. Elsewhere, Amazon has opted out of the Integrity Council for the Voluntary Carbon Market’s global standard for verifying carbon offsets.

Who Will Win the Indian Super App Race?

Bloomberg has detailed how the race has accelerated to develop an Indian equivalent to the ‘super apps’ offered by Chinese firms Tencent [0700:HK] and Alibaba [BABA]. Tata Group [TATAMOTORS:NS] launched its Tata Neu app in 2022, which was soon joined by Reliance Industries’ [RELIANCE:NS] MyJio and Adani Group’s [ADANIENT:NS] Adani One. However, Adani has announced that it wants one in three Indians to have downloaded the app by March 2024, which would represent a 16-fold spike from its current count of 30 million users.

Kitty Buys Pet Stock

Keith Gill, known as ‘Roaring Kitty’, has bought a 6.6% stake in Chewy [CHWY], a US-based pet product company — to the consternation of the firm’s executives, Reuters reported, who are worried about meme stock-style volatility. The company’s share price has indeed been behaving erratically since the news came to light. It is Gill’s first known investment after GameStop [GME]; Chewy Founder Ryan Cohen is now CEO of GameStop.

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