The stock market presented a mixed picture as tech giants faced new challenges and Tesla made headlines with its Cybertruck event. Tesla (TSLA, Financial) held a significant event at its Gigafactory in Austin, Texas, showcasing the first deliveries of the Cybertruck. CEO Elon Musk emphasized the vehicle's unique features, including its stainless steel super alloy exoskeleton and bullet-proof toughness. A video demonstration showed the Cybertruck outperforming competitors like the Ford (F) F-350 diesel truck, Rivian Automotive (RIVN) R1T, and Ford (F) F-150 Lightning in a towing matchup. The Cybertruck's impressive speed and off-road capabilities were also highlighted, with a 0 to 60 mph time of 2.6 seconds, beating a Porsche 911.
In the tech sector, Brad Gerstner of Altimeter Capital commented on a shift in information discovery, suggesting that Google (GOOGL, Financial) and other tech giants such as Meta (META, Financial), Apple (AAPL, Financial), and Microsoft (MSFT, Financial) will face competition from AI-powered software. Gerstner predicted that Google's dominance in search could be challenged, leading to a higher discount rate for investments in the company.
Occidental Petroleum (OXY, Financial) made news with reports of its private jet visiting Warren Buffett (Trades, Portfolio)'s hometown, sparking speculation about potential acquisition talks for CrownRock, a Permian Basin oil and gas producer. Despite CEO Vicki Holub's previous statements disavowing interest in acquisitions, the visit suggested that Occidental might be considering a significant purchase.
Uber Technologies (UBER, Financial) is poised to join the S&P 500 index, marking a milestone for the ride-sharing company as it now meets the index's profitability criteria. This anticipated inclusion, along with a 30% stock price increase over six weeks, reflects Uber's improved financial performance.
Affimed N.V. (AFMD, Financial) saw its shares drop after announcing the resignations of its CFO and CSO. The company has initiated a search for a new CFO and appointed an interim finance lead.
MicroStrategy (MSTR, Financial) disclosed its largest bitcoin purchase since February 2021, buying 16,130 tokens in November. The company's total bitcoin holdings now average a purchase price of about $30.2K per token.
Fastly (FSLY, Financial) experienced a stock price decline following the resignation of its Chief Revenue Officer Brett Shirk, who left to pursue another opportunity.
GSK (GSK, Financial) raised its forecast for the Arexvy vaccine, expecting sales to surpass £1B in its first year. The vaccine's success in the market has been notable, with plans to expand its use to younger age groups.
Blackstone (BX, Financial) announced the raising of $2.6B for its eighth real estate secondaries fund, demonstrating the firm's significant presence in the real estate investment market.
W. P. Carey (WPC, Financial) saw its stock's seven-day gaining streak come to an end, though the REIT remains near its September highs after a favorable November performance.
Zuora (ZUO, Financial) shares rose after the company reported third-quarter results that exceeded expectations, with Baird analysts noting the company's solid performance despite macro challenges.
BYD Company (BYDDF, Financial) surpassed Nissan Motor Co. (NSANY, Financial) in global automobile sales for the first time, with strong sales of its electric vehicles in various markets.
Meme stocks, as tracked by the MEME Index, saw a resurgence, with notable gains and increased options volume in stocks like GameStop (GME, Financial).
AbbVie (ABBV, Financial) made a significant move by agreeing to acquire ImmunoGen (IMGN, Financial) for approximately $10B, aiming to bolster its cancer drug portfolio with the addition of antibody-drug conjugates (ADCs).
Walgreens Boots Alliance (WBA, Financial) introduced a new digital tool, Rx Savings Finder, to help customers find discounts on prescription medications, potentially impacting GoodRx (GDRX, Financial).
Nokia (NOK, Financial) announced the cancellation of over 78 million shares, adjusting its total number of shares and votes following a buyback program.
Soligenix (SNGX, Financial) saw its stock soar after receiving FDA clearance for an IND application for SGX945, a treatment for Behçet's Disease, with plans to initiate a Phase 2a trial.
