Retail Favorites’ Mixed Day

It was a mixed day for several of retail investors’ favorite stocks. Let’s see what’s moving. ๐Ÿ‘€

First up is Canadian Solar, which reported mixed second-quarter results and reaffirmed its full-year 2023 outlook. However, its third-quarter revenue forecast of $1.9 to $2.1 billion lagged the $2.5 billion consensus estimate.ย $CSIQ shares fell 13% as the solar industry remains under pressure. ๐ŸŒฉ๏ธ

$AMC and $APE shares continued to fall ahead of this week’s corporate events.

On Thursday, AMC common shares will undergo a 10-for-1 reverse stock split, and on Friday, the company’s APE units will be converted to common shares. Many investors had anticipated the gap in share price would’ve closed by APE units rising, but instead, AMC shares are falling to reflect the impact of their coming dilution. ๐Ÿ“Š

And lastly, Vietnamese electric vehicle maker VinFast’s wild ride continues, with the stock rising more than 100% today. The surge in price brings its market cap back above $84 billion, making it larger than General Motors, Ford, and China’s BYD.

Time will tell if the company’s underlying fundamentals can grow into that valuation, but for now, the stock remains volatile as the “price discovery” process continues. ๐Ÿคท

Chinese Smartphone Maker Unveils EV

Chinese smartphone giant Xiaomi is entering the highly competitive electric vehicle (EV) market, revealing its first electric car this weekend. ๐Ÿ‘€

The consumer electronics company unveiled its SU7 sedan, which it says it spent more than $1.4 billion to develop. The vehicle is set to roll out in China next year and is attempting to do something Faraday Future and other competitors have failed to do: create a software-focused vehicle that matches the technology people find in their phones to what’s happening in their cars.ย 

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PayPal Pops Ahead Of Key Event

It’s been a rough few years for payment giant PayPal, with shares falling 85% peak-to-trough. Recently, the stock has begun to rebound with other beaten-down tech names but remains about 80% below all-time highs. In other words, it would need to nearly 5x its share price to reach those levels again. ๐Ÿ“ˆ

While that may seem a ways off, investors have recently pushed shares to their best three-day run since the end of 2022. That’s because the company promised to roll out new “customer-backed innovation” at an event next Thursday, with its new CEO Alex Chriss saying, “It is very clear what we need to do.”

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Pfizer’s Flop Continues

It’s been a rough ride for pharmaceutical giant Pfizer since the end of the pandemic, and that rollercoaster ride continues today. ๐ŸŽข

The company last announced earnings in October but needed to update Wall Street on its 2024 forecast. It cited weak demand for its Covid products as the reason for a weaker-than-anticipated revenue and earnings forecast.

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Epic Wins A “Victory Royale” Against Google

It’s been three years since Fornite-maker Epic Games sued Apple and Google for allegedly running illegal app store monopolies. And despite losing a similar battle against Apple, the game-maker has secured a win against Google. ๐Ÿ†

The jury in Epic v. Google delivered its unanimous decision after just a few hours of deliberation. They found a few key things:

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