Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
In today’s major stock market news, Starbucks Corporation (NASDAQ: SBUX) has announced a surprising leadership change, Tesla’s CEO Elon Musk engaged with former President Donald Trump’s supporters, and Nike received positive analyst feedback. Here’s a closer look at the developments impacting these stocks.
Starbucks Surges on New CEO Appointment
Starbucks shares skyrocketed 22.71% to $94.52 following the announcement of Brian Niccol as its new chairman and CEO, effective September 9, 2024. Niccol, currently the chairman and CEO of Chipotle Mexican Grill, brings a strong track record in the food and beverage industry, including successful tenures at Taco Bell and Pizza Hut. The appointment comes as Laxman Narasimhan steps down immediately, with CFO Rachel Ruggeri serving as interim CEO.
The leadership change occurs amid activist investor involvement, with Starboard Value and Elliott Investment Management both holding significant stakes in the company. These firms are expected to push for improved stock performance. Despite the day’s surge, Starbucks’ year-to-date return remains slightly negative at -0.21%, with a market capitalization of $107.109 billion and a P/E ratio of 21.58.
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Tesla Rises as Musk Courts Trump Supporters
Tesla stock climbed 4.04% to $205.46 after CEO Elon Musk made a case for electric vehicles to Donald Trump and his supporters during a livestream on X (formerly Twitter). Musk presented a Republican-friendly pitch for transitioning away from fossil fuels while acknowledging the current importance of the oil and gas industry.
The move is seen as an attempt to appeal to a demographic traditionally skeptical of EVs, potentially expanding Tesla’s customer base. Despite today’s gains, Tesla’s year-to-date return stands at -17.31%. The company boasts a market capitalization of $656.435 billion and a P/E ratio of 55.47, reflecting high growth expectations.
Nike Gains on Analyst Optimism
Nike shares rose 4.84% to $78.25 after Bernstein SocGen Group maintained an Outperform rating on the stock with a price target of $112.00. Analysts noted improvements in brand performance metrics, including rising average selling prices for the Pegasus brand and growing search interest for Jordan and Dunk franchises.
Despite the positive momentum, Nike’s year-to-date return remains down 27.38%. The company has a market capitalization of $117.34 billion and a P/E ratio of 20.01. Investors are looking ahead to upcoming Q1 results expected in late September and a November 19 investor day, which may provide medium-term guidance and potential leadership changes.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
The post Stocks to Watch Today: Starbucks, Tesla, Nike appeared first on Tokenist.
