Diamonds and Dogs
Tesla (TSLA) higher on insider buying. Tesla is up 3% as Elon Musk stepped up and bought $25M worth of stock. This follows news earlier in the week that Tesla was laying off 9% of its global workforce, in a move that would impact about 3,500 salaried staff. The layoffs come at a time when Tesla is looking to eke out its first profit in its fifteen years of existence without having to raise additional capital to fund its operations.
Oracle (ORCL) taking a hit on a downgrade. Cloud computing software firm is down 4% on negative comments from JP Morgan. The analyst said Oracle was the firm that received the most indications for expected spending contractions this year as CIOs have clarified that they are migrating Oracle databases to Microsoft SQL Server, Amazon databases and PostgreSQL. Oracle reports earnings next week so we'll get the straight truth from the horse's mouth.