Diamonds and Dogs
Apple (AAPL) and Tesla (TSLA) split today. The broader market is lower, but Apple is up 3% and Tesla is up 9% as both split their stock 4 for 1 and 5 for 1 respectively. No fundamental reason for the rise, but investors are buying up at least those two stocks. Tesla is the eight largest US company and still is not in the S&P 500.
Walmart (WMT) lower on a downgrade. Walmart is down nearly 3% after one analyst suggested the stock looks stretched trading for a historically high 25 times forward earnings while consumer disposable income is expected to contract going forward through the second quarter of next year at least. Walmart is also on the verge of possibly spending billions to buy TikTok with help from Microsoft (MSFT).
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