Wall Street Today | Wedbush: Tesla could rise 30% next year on China demand

Moomoo Recap US wrote a column · Dec 28, 2021 18:00

Wall Street Today | Wedbush: Tesla could rise 30% next year on China demand

Asian stocks set for muted start after dip in U.S.

Asian stocks looked set for a cautious open Wednesday after a megacap technology selloff weighed on U.S. equities.

Australian shares climbed after a holiday break. Futures pointed to a muted start in Japan and Hong Kong, while U.S. contracts edged up. The $S&P 500 Index (.SPX.US)$ and the $NASDAQ 100 Index (.NDX.US)$ snapped four sessions of gains as Apple and Alphabet declined amid a shift toward stocks that benefit from economic reopening. Volumes remained thin into the end of the year.

Nasdaq is poised to underperform S&P 500 for first time since 2016 as investors shun tech stocks

As of Monday's close, the $Nasdaq Composite Index (.IXIC.US)$ was up 23% for the year while the S&P 500 had gained 28%. The last two times the S&P 500 topped the Nasdaq Composite occurred in 2016 and 2011.

"All the stay-at-home, play-at-home, work-from-home stocks were DOA in 2021, like the pandemic didn't exist anymore," said Jake Dollarhide, CEO of Longbow Asset Management.

Apple shares slip as $3 trillion value proves elusive again

$Apple (AAPL.US)$ shares closed lower on Tuesday, with the iPhone maker slipping after a four-day rally that put it within striking distance of a historic $3 trillion market value, a threshold that has proved elusive for weeks.

The stock fell 0.6% as investors rotated out of big-tech names, closing at $179.29. Based on Apple's outstanding shares, it will reach $3 trillion if the stock hits $182.86; it rose as high as $182.13 in intraday trading this month. Should Apple reach the milestone, it would be the first time any company has done so.

Moderna slump hits 50% from peak, erasing $98 billion value

$Moderna (MRNA.US)$ is on its longest losing streak in more than two years, extending its slump from a record high in August by 50%. The shares closed lower by 2.2% Tuesday at $241.44. They have fallen about 18% over the past six days.

The slide has wiped about $98 billion off the companys market value since that peak. While the omicron variant is sweeping the world, Moderna's shares were pressured as covid pills by $Pfizer (PFE.US)$ and $Merck & Co (MRK.US)$ recently received authorization from the FDA.

Tesla could rise 30% next year on China demand, Wedbush says

Shares in the electric-vehicle maker could gain nearly 30% over the next 12 months, analyst Daniel Ives wrote in a note. He expects component shortages to ease next year, allowing Tesla to better meet growing demand in China, while new factories in Austin, Texas and Berlin should alleviate global production bottlenecks.

Omicron infection appears to protect against Covid delta variant and could displace it, South Africa study finds

The immune response of people infected with omicron appears to increase protection against delta more than fourfold, according to a study from South Africa. Omicron could displace delta as a consequence, the team of scientists found.

If omicron also proves less severe, Covid infections could prove less disruptive to society, they wrote. However, the study has not been peer-reviewed, current data on severity is preliminary and epidemiologists have warned omicron could still strain hospitals.

ProShares plans new metaverse ETF as demand for funds surges

If ProShares' filing is approved, the ProShares Metaverse Theme ETF will track the performance of the Solactive Metaverse Theme Index.

ProShares is the latest firm seeking to capitalize on the emerging metaverse trend. The $Roundhill Ball Metaverse ETF (META.US)$ has swelled to $916 million assets under management since its June 30 launch. In November, Canada saw two metaverse ETFs launched in one day.

Elon Musk is a business 'savant,' but 'his gift is not empathy,' according to his brother Kimbal

The savant claim is hard to deny. But that largesse doesn't appear to extend to his interpersonal skills, a claim echoed repeatedly in recent years by friends, foes and Musk himself.

"He doesn't have a lot of interpersonal empathy, but he has a lot of empathy for mankind," Vance said. "I think he has a completely different set of emotions than the average person does."

Source: Bloomberg, CNBC

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