Trending tickers: Tesla, CoreWeave, CrowdStrike, Airbus and AO World
Shares in Tesla fell nearly 4% on Tuesday, after Wells Fargo warned of weak second quarter deliveries and concerns about a threat to its free cash flow.
Wells Fargo is expecting Tesla's Q2 deliveries to be down 21% versus a year ago, with the bank's 343,000 estimate around 17% below the consensus.
In a note to clients, Wells Fargo's Colin Langan wrote: "New Model Y appears weak given inventory building & promotions. There is also no update on the affordable model, the only driver of 2H [second half of the year] volumes."
Read more: FTSE 100 LIVE: Stocks rise as UK inflation slows ahead of Bank of England decision
"Order px [pricing] is stable, though financing promos & inventory discounts continue. We expect lower margin q/q due to px."
Langan's analysis showed that Tesla's free cash flow was at risk of going into the red in 2025 due to different factors, including lower deliveries, as well as pricing and tariffs.
'We now forecast FCF [free cash flow] burn of $1.9bn (£1.4bn), the first FCF FY since 2018," the note said.
Tesla shares were back up nearly 1% in pre-market trading on Wednesday morning, though the stock is still down nearly 10% over the past month.
Shares in Nvidia (NVDA)-backed artificial intelligence cloud computing company CoreWeave (CRWV) surged 8.5% on Tuesday and were up another 2% in pre-market trading on Wednesday.
The stock's rise came after Bank of America analyst Brad Sills on Monday downgraded CoreWeave but set his price target on shares to a new Wall Street high.
Read more: Oil prices ease but remain at four-month high amid Iran-Israel conflict
Sills lowered his rating on CoreWeave to "neutral" from "buy", citing a high valuation and pointed out that it was trading on 27 times its projected 2027 earnings but highlighted its significant debt.
However, Sills still lifted his price outlook on the stock to $185 from $76, which is the highest among Wall Street analysts tracked by Bloomberg.
"[W]e see solid sustained demand in CoreWeave's AI infrastructure market," Sills wrote.
Cybersecurity firm CrowdStrike (CRWD) hit at a fresh all-time high on Tuesday, with a closing share price of $492.03, with the stock hovering just above the flatline in pre-market trading on Wednesday.
CrowdStrike announced on Monday that it had joined forces with Amazon (AMZN) Web Services (AWS) to provide a program for security incident response.
Read more: Stocks that are trending today
The company said that its new program offered "AI-powered incident response to help organisations respond to incidents faster, reduce risk, and strengthen their cloud security posture, while providing joint customers significant cost savings and a seamlessly integrated security workflow."
Shares rebounded from a fall earlier in June on the back of CrowdStrike's first quarter results. The company posted adjusted earnings per share of $0.73 for the quarter, compared to a Bloomberg consensus estimate of $0.66, while revenue of $1.1bn was in line with expectations.
On the Paris bourse, shares in Airbus (AIR.PA) were up 2.6% on Wednesday morning, after the aeronautics and space company reaffirmed its 2025 guidance.
Airbus said in a statement on Wednesday, it extended the upper range of its dividend payout ratio to 30% to 50% from the current ratio of 30% to 40%.
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The company also said it would keep its 2025 guidance unchanged. In its first quarter results, published at the end of April, Airbus said it was targeting adjusted earnings before interest and tax of around €7bn (£5.98bn).
Shares rose after the release of its first quarter results, though the stock is up just 6.5% year-to-date.
On the London market, shares in AO World (AO.L) were down nearly 3%, after the online electronics retailer flagged higher inflation costs.
AO said that the largest increase in operational costs had been from those relating to employment and warned that this would only rise further in the 2026 fiscal year because of the changes to the minimum wage and employer national insurance contributions, which were announced in the autumn budget.
"We anticipate that this is likely to continue for the next few years, and so we will increasingly look to mitigate these costs through automation, outsourcing and offshoring," AO said.
However, in its full-year results, released on Wednesday, AO said revenue rose 9% to £1.14bn ($1.53bn), while adjusted profit before tax came was up 27% to £44m.
Read more: UK inflation slows to 3.4% in May as transport costs ease
Russ Mould, investment director at AJ Bell, said: "AO has rediscovered its spark, hoovering up a significant number of new customers and growing profits fast. More than 650,000 people bought from the electricals retailer for the first time over the past year, while repeat customers accounted for over 60% of orders. That suggests AO is doing something right with both marketing and service.
"At face value, everything looks good until you dig into the numbers. The mobile arm continues to be problematic and that's acting as an anchor on the business."
Mould added: "Costs are another headwind for AO and they're only going to get worse. Furthermore, potential legislative changes could create more problems if retailers are forced to take back a customer's old electrical product for free when they deliver a new one."
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