After the holiday on Monday, the stock market came back with mixed feelings about inflation concerns. — More on that in the “Overall Market” section.
Beyond the overall market, an EV maker has delivered a record number of cars in the middle of a semiconductor shortage. Meanwhile, a cannabis company announced worse-than-expected losses for investors. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, another data management company is going private. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: The indices ended mixed on Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price decreased to $36K per coin.
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Times of Uncertainty
The stock market ended mixed on Tuesday.
After a day of volatility for the markets, only the Dow Jones index ended in the green zone. Although officials at the Federal Reserve reassured that it doesn’t identify any inflationary pressures, the markets disagreed as the 10-Year Treasury bond yield rose above 1.6%. Now, investors turn attention to reports from the Department of Labor later this week.
So, what happened?
Shares of Xpeng (Ticker: XPEV) were up by more than 7% on Tuesday. Despite an ongoing global semiconductor shortage, the EV maker reported an increase in deliveries. According to the company, it delivered 10% more cars compared to April 2021. The number also represents a 483% increase from a year-over-year perspective for May. Although Xpeng’s flagship P7 price is above market average, the car has boosted its numbers in 2021.
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So what happened?
Shares of Canopy Growth (Ticker: CGC) were down by more than 6% on Tuesday. The dip came after the marijuana stock reported worse-than-expected losses in its quarterly report. Although the cannabis company estimated a $0.22 loss per share, it delivered a $1.85 loss per share. Moreover, the company reported a 23% increase in full-year losses. Although Canopy doesn’t think it is all bad news, it seems that investors thought differently.
Cloudera Going Private
So what happened?
After four years as a publicly traded company, the data analytics company decided to retread from the stock market for now. The private equity firm KKR (Ticker: KKR) agreed to purchase Cloudera for $5.3 billion, at $16 per share. Although Cloudera’s open-source software had advantages over competitors, the company witnessed a diminishing number of clients. According to Cloudera, most of its enterprise-level customers decided to move their data to the cloud. The shift caused hard competition against better-financed rivals such as Amazon’s (Ticker: AMZN) web services and Microsoft’s (Ticker: MSFT) Azure. In KKR’s perspective, the deal would give Cloudera the resources to expand its addressable market opportunity.
Although the data management business is intensely competitive, KKR is confident that Cloudera would come back.
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