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Today in the Market (4/23/2024)

Good Morning! On Tuesday, U.S. markets saw widespread increases as investors, focusing on tech companies, anticipated a new round of earnings with a big focus on Tesla (TSLA) that came out after the bell.

It was a great day for the NASDAQ as it increased by 1.59%, while the S&P 500 rose by 1.20%. The Dow Jones fell a little bit behind but still had a gain of 0.69%.

KEEP US IN THE LOOP!

Tesla (TSLA) Price graph MTD 4/23/24

Tesla (TSLA) shares surged during after-hours trading on Tuesday on the firm’s announcement that it was speeding the release of more cost-effective cars, contradicting previous rumors this month suggesting the company would abandon these intentions.

Just needed an update… Although the EV maker’s sales and profitability fell short of expectations, investors seemed to be pleased with the much-needed update on the company’s present and prospects. Based on data from Bloomberg, Tesla’s adjusted profits per share for the first quarter were $0.45, falling short of the $0.52 predicted. The company’s revenue was $21.30 billion, falling short of the $22.3 billion projected making this 9% decline the first revenue decline in four years.

So what does Tesla have planned going forward? Tesla said future cars, including the more cost-effective versions, would include elements from both the next-generation platform and the present platforms allowing them to be built on the same assembly lines. However, the company said that the purpose-built robo taxi would be manufactured using the innovative “unboxed” manufacturing process.

CHAPTER 11 BANKRUPTCY

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Chapter 11 bankruptcy was submitted by the apparel firm Express Inc. (EXPR), which also owns Bonobos and UpWest. With this, the company decided that it would be reducing its presence in brick-and-mortar stores while focusing online.

So how many stores will Express close down? Starting today, Express is doing closing sales at 95 of the 500-plus U.S. stores, while doing the same for all UpWest stores. In the meantime, the company is making preparations for a possible buyout by a group of property investment companies, headed by brand manager WHP Global.

You probably know how the company got to this point, but just in case… The amount of office ‘fits that are stocked on Express racks has decreased ever since working from home became the new norm. On top of that, according to Neil Saunders, the managing director of GlobalData, the company did not adjust to the expanded “casualization” of fashion, although Express Completion made an effort

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