US pre-market update: Why is Tesla splitting its stock? DoorDash & Warner Bros Discovery in focus
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How will market open today?
- Stock futures trading flat as investors waited for the jobs report and further clues on rate hikes.
- Analysts expect job growth to slow as Fed continues to hike interest rates to tame surging inflation.
- DoorDash stock up 12% in pre-market post strong quarterly revenue of $1.61 billion, beating estimates.
- Virgin Galactic stock tanked 11% in pre-market after it again delayed its space tourism flights to 2023.
- Warner Bros Discovery stock tumbled 10% after reporting a $3 billion loss in the first quarter post merger.
Tesla Annual meeting takeaways:
- Tesla’s shareholders approved the 3:1 stock split which will bring the Tesla share price to around $300.
- Investors will end up with 2 more additional stocks for every 1 held.
- Reasons for split: Employees will get greater quantities of shares and affordable for retail investors.
- Tesla aims to produce 20 lakh vehicles per year by end of 2022.
- Tesla might announce another factory in 2022 and expects 10-12 so-called giga factories eventually.
- Proposals rejected: Employee Union and annual report on efforts in preventing racial discrimination and sexual harassment.
Why is DoorDash share price on a rally today?
DoorDash stock up 12% in pre-market post strong quarterly revenue of $1.61 billion, beating estimates.
Why is Warner Bros Discovery stock falling today?
Warner Bros Discovery stock tumbled 10% after reporting a $3 billion loss in the first quarter post merger.
Will there be a decline in July's job report?
Analysts expect job growth to slow as Fed continues to hike interest rates to tame surging inflation.
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