Tesla rose 2.1%. The electric car maker’s shares rose 6.5% on Wednesday (U.S. stocks were closed on Thursday for Independence Day) and 10% on Tuesday after it reported better-than-expected second-quarter deliveries. Tesla cars were included on China’s local government procurement list for the first time on Thursday, allowing the company’s electric vehicles to be used locally as service cars for public agencies.
XPeng American Depositary Receipts
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Nio
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Li Auto shares fell after the European Union confirmed it would impose additional tariffs on Chinese-made electric vehicles. The tax hikes took effect on Friday. XPeng fell 4.8%, NIO fell 5.3% and Li Auto fell 1.3%.
Coinbase fell 0.6%, Robinhood Markets dropped 1% and MicroStrategy fell 1.6%.
Bitcoin
It plummeted to about $56,600. Bitcoin and other cryptocurrencies fell as the pending return of assets from the collapsed crypto exchange Mt. Gox dragged crypto-related stocks down.
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Macy’s shares rose 9.5 percent to $19.64 after The Wall Street Journal reported that investment firms Arkhouse Management and Brigade Capital Management had raised their bid for Macy’s by about $300 million. People familiar with the matter told the Journal that the new proposal would buy the Macy’s shares they don’t own at $24.80 a share, or about $6.9 billion.
British medical equipment distributor Smith & Nephew’s U.S.-listed shares rose 6.7% after activist investor Cevian Capital revealed it had taken a 5% stake in the company.
Amazon.com rose 1.2% to $200. Jeff Bezos, founder and chairman of the online retail and technology giant, filed plans on Tuesday to sell his 25 million Amazon shares, worth more than $4.9 billion at the time of the filing. The filing came as Amazon shares hit an all-time high of $200 at Tuesday’s closing price. Meanwhile, Friday marks the third anniversary of Andy Jassy taking over from Bezos as Amazon’s CEO.
Frontier Group fell 6.8%, and Spirit Airlines
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Shares fell 8.6% after analysts at Raymond James downgraded the airline’s stock to underperform from market perform.
Contact Joe Woelfel at joseph.woelfel@barrons.com.
