CNK.com’s MacKenzie Sigalos brings you the top business news headlines of the day. In today’s show, Pippa Stevens details the slide in Tesla shares. In addition, Courtney Reagan explains Macy’s first quarterly profit in more than a year.
Tesla falls by up to 13% and remains negative for the year
Tesla suffered sharp losses at the opening bell on Tuesday, with investors exchanging high-tech names, although during the session Tesla, in addition to Big Tech, recovered most of the day’s initial losses.
Electric vehicle maker shares fell by up to 13% – the worst stock day since September – before recovering from the low. The shares ended the session with a loss of 2.19%.
Bitcoin extends its slide, falling below $ 50,000
The price of Bitcoin fell further on Tuesday, U.S. Treasury Secretary Janet Yellen and Tesla CEO Elon Musk opined on the recent rise in cryptocurrency.
The world’s most valuable digital currency plummeted 14% in 24 hours, dropping below $ 50,000 to trade around $ 46,443 at 7:30 am ET, according to data from Coin Metrics. It had previously fallen by up to 16% to reach the $ 45,041 intraday low.
Smaller digital tokens like ether and XRP have also fallen. The ether fell 17% to $ 1,458, while the XRP sank 22%, to trade at around 44 cents.
Key estimates of Macy’s year-end sales, taking the company to the first profitable quarter in a year
Macy’s reported its first quarterly profit in a year on Tuesday, as its efforts to reduce inventories over the holiday and depend less on large discounts were rewarded.
The company said it expects 2021 to be a year of recovery and reconstruction, while recovering from the losses suffered during the pandemic. He offered a perspective that anticipates ongoing pandemic-related obstacles during the spring, with momentum building in the second half of 2021.
Like many retailers, Macy’s was hurt because customers who work from home and attend fewer social events make fewer trips to the mall during the health crisis and buy less clothing.