Stock Movers: Tesla Rebounds, Lockheed Martin F-35 Cuts, GameStop Slips

Tesla Stock Performance

• 📈 Tesla shares saw an upswing, trading as much as 2% to 2.5% higher.
• 💡 Elon Musk announced a tentative robo taxi launch date of June 22nd, promoting a video of a vehicle driving autonomously in Austin.
• 🚀 A plan to autonomously deliver a vehicle from factory to customer on June 28th was also mentioned.
• 🤝 Musk expressed regret for his social media posts concerning President Donald Trump, stating he "went too far" in their public feud.

Lockheed Martin and F-35 Program

• 📉 Lockheed Martin shares are down 2% due to a significant reduction in the US Air Force's F-35 request to Congress, from 48 to 24 jets.
• ⚠️ This cut may reflect a broader plan to reduce US military spending by 8% over the next five years.
• ✈️ The F-35 program has faced criticism, with some questioning the necessity of manned fighter jets in the age of drones.

GameStop's Financials and Strategy

• 📉 GameStop shares slipped 6% in premarket trading after missing expectations for hardware and accessories net sales.
• 💰 The company swung to a profit for the first quarter, but overall sales declined.
• 🚀 The collectibles business was the only segment to record growth, contrasting with falling sales in other areas.
• ₿ GameStop's purchase of 4,710 Bitcoin, valued at half a billion dollars, was noted as a strategic move towards becoming a crypto player.

Chewy's Financial Shortfalls

• 📉 Chewy shares fell 6% as gross margin and free cash flow fell short of expectations.
• 🎯 The company reiterated its annual sales target, but the report was deemed not strong enough to justify recent share strength.
• 📊 Analysts from Baird noted a solid print but insufficient to meet the high bar, while City expressed disappointment that the full-year guidance was not raised.