Momentum investors will watch Tesla (TSLA) today. The stock, which broke out from the $200 – $250 range last month to close at $338.59, could face selling pressure today.
California’s governor, Gavin Newsom, is proposing that Trump repeal the current $7,500 federal tax credit. Readers may recall that CEO Elon Musk moved SpaceX and X from California to Texas. Musk said that California’s parental notification law was the last straw.
Hackers cyberattacked the software that Starbucks (SBUX) uses for payroll operations and barista scheduling. The outage could disrupt customer service quality, should baristas not have a workaround to the scheduling system.
The bad news may increase the attention on the CEO’s remote work agreement. Starbucks needs its executives to meet in person at the corporate headquarters. The company has significant challenges ahead. For example, customers may cut back on purchases as prices continue to rise.
In the biotechnology sector, speculators who bought Cassava Sciences (SAVA) lost 83.78% of their investment yesterday. The firm discontinued a second phase 2 trial for ReFocus-ALZ, an Alzheimer’s drug candidate. Simufilam did not meet its co-primary endpoints in a phase 3 trial.
The SAVA stock plunge is nothing new in biotech investing. Some firms develop a blockbuster drug while others do not.