Market News

Walmart (NYSE: WMT) showed its continued growth during the pandemic, America’s biggest retailer announced better-than-expected second-quarter financial results on Tuesday. The company second-quarter results showed a U.S. comp-store sales increase of 9.3% over Q2 2019 and a 97% bounce in eCommerce.

TESLA (NASDAQ: TSLA) shares pre-market up 7% after the carmaker announced Tuesday the five-for-one stock split. The split set to go into effect on August 31. Each stockholder of record on Aug. 21 will receive a dividend of four additional shares of common stock for each one they own. Starting August 31st, Tesla says it will begin trading on a split-adjusted basis.

“When the market is ready, we will be ready,”- Airbnb CEO, Brian Chesky

This week the main attention will be on the earnings season with more of the FAANG group of companies reporting their quarterly earnings. Facebook, Apple, Amazon, and Alphabet are among the big giants to report this week. These are the most popular momentum stocks which are largely responsible for the stock market’s gains over the past few years and these four Big Tech combines for more than $5 trillion in market value.

The world’s most valuable automaker Tesla (TSLA) is set to announce its second-quarter 2020 financial results today, Wednesday, July 22 after the markets close. $TSLA shares started this week on a positive note, the stock climbed from $1,500 to $1,643 more than 9% on Monday. While on Tuesday the shares closed 5% lower after investment bank JMP Securities is out with a rating downgrade for Tesla. Based on the company's closing price yesterday, Tesla has a $290 billion market capitalization.