Tariff Threats Hit Copper Company, GameStop Bitcoin Gains, Tesla Downgrade
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Show Notes
On this episode of Stock Movers:
- Freeport-McMoRan moved on the news that US tariffs on copper imports could be imposed within several weeks, earlier than the 270-day deadline. Copper prices have risen to a record, with analysts expecting a 25% tariff to be imposed by the end of this year.
- Dollar Tree shares jumped in premarket trading after the Wall Street Journal reported that the discount retailer is nearing a sale of its Family Dollar business to Brigade Capital Management and Macellum Capital Management for about $1 billion, citing people familiar with the matter. A deal is expected to be announced later Wednesday morning when Dollar Tree posts earnings, the WSJ reported
- GameStop shares rose in the premarket trade after the video game retailer said its board had approved an update to its investment policy to add Bitcoin as a treasury reserve asset. The company also reported fourth-quarter net sales that tumbled 28% year-over-year.
- Tesla led Magnificent 7 shares lower today as it fell as much as 1.9%; stock is cut to hold at Mirae Asset Securities. The Bloomberg Magnificent 7 index, an equal-weighted gauge of the stocks, has fallen 9.6% this year, after jumping 67% in 2024.
- Nvidia is lower as much as 0.9%; the Financial Times reported that China’s energy rules for advanced chips could dent the chipmaker’s sales. The FT reports the rules would prevent Chinese companies from buying Nvidia’s best-selling processors should legislation be strictly implemented.
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