While earning the title of the worst-performing S&P 500 stock, Walgreens (WBA) jumped by nearly 20% yesterday. It closed at $10.42, up by $17.74 on a WSJ report that Sycamore may buy the firm.
WBA stock lost 60% YTD. Bears intensified their bearish selling in June when the company lowered its full-year outlook. In October, the drugstore said it would close around 1,200 stores in the next three years.
Unless Sycamore injects substantial cash to build Walgreens, the transaction is not attractive. Shareholders may get back some of their losses if Walgreens finds a buyer.
MongoDB (MDB) erased its trading range rally that started in August. Shares dropped by 16.92% to close at $290.90. In the third quarter, it earned $1.16 (non-GAAP). Revenue increased by 22.3% Y/Y to $529.38 million.
The stock currently trades at 11 times revenue and reported an operating loss. Expect employees to continue selling shares, pressuring MDB stock.
In the EV sector, Tesla (TSLA) was the ninth most heavily traded stock. It gained 2.87% after General Motors (GM) said it would end its robotaxi development. GM will focus on self-driving in personal vehicles instead. GM likely expects Tesla will dominate the Robotaxi market with its cyber cab. Still, if Tesla achieves full driving before GM does, Tesla stock will rally to new highs.