Today’s Market Is Shaking With Movement In Tesla, Dell, Newmont, Life Storage, Tyson, And More Stocks

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Stock prices continued to descend, expanding their downward trajectory from Friday due to the persistent U.S. jobs report, which has heightened worries that the Federal Reserve will keep escalating interest rates.

Following an alteration of the U.S. government’s rules that made Tesla’s Model Y SUV entitled to EV tax credits, premarket trading saw a 1.4% rise in shares for TSLA (Tesla). 

The increase is likely attributed to the company raising prices on their highly sought-after vehicle model due to this new opportunity for incentives from the federal government.

Dell Technologies (DELL) is regrettably laying off 6,650 employees in response to the diminishing demand for personal computers.

The tech company is experiencing market conditions that continue to erode with an uncertain future,” Jeff Clarke, co-chief operating officer, said in a memo to employees.

Dell became the most recent tech firm to reduce its workforce in light of a weakening world economy – yet their stock still managed to rise 0.5%.

As Newmont (NEM), one of the planet’s most giant gold extractors, launched a bid worth around $17 billion for its Australian competitor Newcrest, the former’s stocks fell by 4.7%. 

Shares in Australia climbed 10%, indicating investors are optimistic about this merger.

In an unexpected move, Public Storage (PSA) bid $11 billion for its smaller competitor, Life Storage (LSI). 

On its website, Public Storage unveiled a letter addressed to the executives of Life Storage, which outlines an all-stock proposal valued at approximately $129 per share.

On Friday, Life Storage closed at $110.58, and this morning is rising over 10% to nearly $122. In comparison, Public Storage has fallen by 1.1%. 

This remarkable surge in stock value for Life Storage demonstrates just how well the company is performing and points towards a promising future for its investors.

As the stock market opens on Monday, Cummins (CMI), ON Semiconductor (ON), and Tyson Foods (TSN) will be releasing their earnings results.

Following Wall Street’s close tonight, Activision Blizzard (ATVI) will announce their latest quarterly earnings.

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