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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Nasdaq hovers near record levels as factory activity scales new peak

06/23/2021 | 11:52am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Microsoft crosses $2 trillion in market cap

* Retail darlings Alfi, Torchlight extend declines

* Indexes: Dow and S&P flat, Nasdaq up 0.11%

June 23 (Reuters) - The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June.

Data firm IHS Markit said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.

The "high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away," said Jai Malhi, global market strategist at J.P. Morgan Asset Management.

U.S. stocks rose with the Nasdaq notching a record closing peak on Tuesday after Fed Chair Jerome Powell reassured that U.S. the central bank will not raise interest rates too quickly on inflation fears alone.

Powell's comments follow the Fed's projection of an increase in interest rates as soon as 2023, sooner than anticipated which sparked a sharp profit booking in the so called "reflation" stocks and triggered a move into tech-heavy growth names.

"As you get this idea that the reopening has been discounted and the recovery growth has been digested by the market, we're going to go back to a economy that has a slower growth rate," said Tom Martin, senior portfolio manager at Globalt Investments.

"In that environment, growth (stocks) will be attractive."

Seven of the 11 majors S&P sectors rose, with economy-linked industrials, materials and energy among the biggest gainers. Energy jumped 0.4% on the back of higher oil prices.

Tesla Inc gained 4.3% as the electric vehicle maker opened a solar-powered charging station with on-site power storage in China and as bitcoin prices retraced some losses.

At 11:26 a.m. ET, the Dow Jones Industrial Average was down 11.66 points, or 0.03%, at 33,933.92, the S&P 500 was up 1.45 points, or 0.03%, at 4,247.89, and the Nasdaq Composite was up 16.05 points, or 0.11%, at 14,269.32.

Nikola Corp gained 3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Mid-West for its zero-emission trucks.

Among so-called meme stocks, software firm Alfi Inc dropped 26.8% after more than doubling in value in the prior session, while Torchlight Energy Resources Inc slumped 30.1% for the second day after announcing an upsized stock offering.

Advancing issues outnumbered decliners by a 1.72-to-1 ratio on the NYSE and by a 1.43-to-1 ratio on the Nasdaq.

The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 73 new highs and 18 new lows. (Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Maju Samuel)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALFI, INC. -0.91% 9.77 Delayed Quote.0.00%
NIKOLA CORPORATION -1.33% 11.87 Delayed Quote.-22.21%
TESLA, INC. 1.45% 687.2 Delayed Quote.-2.62%
TORCHLIGHT ENERGY RESOURCES 1.27% 3.99 End-of-day quote.0.00%
07/29SECTOR UPDATE : Consumer Discretionary Stocks Holding Bulk of Earlier Gains Near..
07/29UPDATE : Former Nikola CEO With Charged With Defrauding Investors; Stock Tumbles
07/29NIKOLA : founder Milton freed on $100M bail after fraud arrest
07/29SECTOR UPDATE : Consumer Stocks Posting Solid Gains; Discretionary Names Lead
07/29NIKOLA : Trevor Milton, founder of EV startup Nikola, charged with fraud
07/29NIKOLA : Founder Trevor Milton Charged With Three Counts of Criminal Fraud, Shar..
07/29NIKOLA : statement regarding government actions against Trevor Milton
07/27IAN READ : Exclusive-Rivian ready to invest $5 billion in second U.S. assembly p..
07/15SECTOR UPDATE : Consumer Stocks Continue to Weaken as Staples Cling to Gains
07/15SECTOR UPDATE : Consumer Staples Stocks Edging Higher This Afternoon
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Financials (USD)
Sales 2021 18,3 M - -
Net income 2021 -609 M - -
Net cash 2021 610 M - -
P/E ratio 2021 -7,97x
Yield 2021 -
Capitalization 4 712 M 4 712 M -
EV / Sales 2021 224x
EV / Sales 2022 25,3x
Nbr of Employees 450
Free-Float 47,0%
Duration : Period :
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Technical analysis trends NIKOLA CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 8
Last Close Price 11,87 $
Average target price 19,00 $
Spread / Average Target 60,1%
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Managers and Directors
Mark A. Russell President, Chief Executive Officer & Director
Kim J. Brady Chief Financial Officer
Stephen J. Girsky Chairman
Dane Davis Chief Technology Officer
Isaac Sloan Chief Information Officer & Software Architect
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