Coffee With Greta: Bull Market
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DJIA Futures: -67 (-0.2%)
SPX Futures: +3 (+0.1%)
NASDAQ Futures: +45 (+0.3%)
Good morning friends!
Futures are mixed after the S&P 500 notched its highest close of the year on Thursday.
Let’s get right to it!
S&P 500 Enters Bull Market
The S&P 500 officially closed in bull market territory on Thursday.
The index ended the session 0.6% higher at 4,293.93 – the highest close so far of 2023.
But it was also up 20% from the most recent low on October 12, 2022.
That’s the official threshold that marks a new bull market.
The index is on track for its fourth straight positive week for the first time since August.
GM To Use Tesla EV Chargers
General Motors (GM) shares are up 4% ahead of the open after the automaker reached a deal with Tesla (TSLA) to use the EV maker’s North American charging network.
TSLA shares are also up 6.2% in premarket trade.
GM vehicles will be able to access 12,000 of Tesla’s superchargers using an adapter starting next year.
Starting in 2025, automaker will also begin installing the charging port used by Tesla in its cars, NACS (North American Charging Standard), instead of the current industry-standard CCS.
GM CEO Mary Barra told CNBC the deal should save the automaker up to $400 million of a previously announced $750 million investment in EV charging.
A similar deal was announced between Ford (F) and Tesla last month.
DocuSign Earnings Beat Expectations
DocuSign (DOCU) shares are up 6.9% ahead of the open after beating fiscal Q1 expectations on the top and bottom line.
Here’s how the e-signature provider’s results compared to analysts’ estimates:
- Adjusted EPS: $0.72 vs $0.56 expected
- Revenue: $661 million vs $642 million expected
Both total revenue and subscription revenue jumped 12% year over year.
Revenue in the professional services and other category was up 14%.
DocuSign reported 1.4 million paying users and more than 1 billion total users as of April 30.
The company expects fiscal Q2 revenue between $675 million and $679 million vs $667 million expected.
For the full year, DocuSign forecast revenue between $2.71 billion and $2.73 billion vs $2.7 billion expected.
In Case You Missed It
- Carvana (CVNA) shares surged 56% on Thursday after the used-car retailer hiked its fiscal Q2 guidance. The company now expects to report adjusted EBITDA of $50 million for the current quarter, beating analysts’ estimates. Carvana is expected to report earnings on August 3rd. The CEO said, “Our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected.”