5 Key Stories You May Have Missed From This Weekend By Benzinga


© Reuters. Tesla Gets New Price Target From Ark, Elon Musk Hints At Tender Offer, China GDP And More: 5 Key Stories You May Have Missed From This Weekend

As investors look ahead to a busy trading week with the first-quarter reporting season kickstarting, here’s a recap of a few major headlines that hit the wire over the weekend.

1. Cathie Wood Has New Tesla Price Target (NYSE:): Cathie Wood’s Ark Invest announced late Thursday it expects Tesla stock to hit $4,600 by 2026. This represents an upward adjustment from the firm’s previous expectation of the stock scaling $3,000 by 2025. The firm attributed the bulk of the valuation upside to contribution from Robotaxis Tesla CEO Elon Musk sounded out at the Cyber ​​Rodeo event held earlier this month.

3. Twitter (NYSE:) Adopts Shareholder-Rights Plan, Musk Hints Tender Offer: Twitter, Inc.’s (NYSE: TWTR) board adopted a shareholder rights plan, aka poison pill, in a defiant move against Tesla CEO Elon Musk’s $54.20 per share hostile buyout offer for the social media platform. Separately, Elon Musk posted a cryptic tweet that suggested he could make a tender offer to Twitter shareholders.

3. Didi Seeks Shareholder Consent For Voluntary Delisting: Beleaguered Chinese ride-hailing giant DiDi Global Inc. (NYSE: DIDI) said over the weekend that its shareholders will vote on its planned delisting from the US exchange at an extraordinary general meeting scheduled for May 23.

After a high-profile debut on the NYSE in mid-2021, the company came under pressure from Chinese regulators over data integrity and antitrust concerns. The crisis precipitated the delisting move.

4. AMC Keeps Up Promise: Doge (CRYPTO: DOGE) and (CRYPTO: SHIB) along with a few other cryptocurrencies are now available as payment options at the mobile app of movie theater chain AMC Entertainment Holdings, Inc. (NYSE: AMC), CEO Adam Aron confirmed in a tweet on Saturday.

5. China Posts Q1 Growth: China reported a 4.8% rise in gross domestic product year-over-year in the first quarter, beating the consensus estimate of 4.4%, data from China’s National Bureau of Statistics showed. On the flip side, retail sales fell 3.5% year-over-year in March, steeper than the 1.6% drop estimated by economists, potentially indicating woes for e-commerce giants like Alibaba (NYSE:) Holdings Ltd (NYSE: BABA) amid COVID-19 resurgence in the country.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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