As the second quarter comes to a close, stock futures traded higher on Tuesday in anticipation of economic data that will close out the first six months of 2023. Despite the Dow Jones Industrial Average closing lower for the sixth consecutive session on Monday, it remains higher for June.
Lordstown Motors Files for Chapter 11 Bankruptcy Protection
Lordstown Motors, an electric-truck maker, announced on Tuesday that it has filed for Chapter 11 bankruptcy protection and plans to put itself up for sale. The startup also filed litigation against Foxconn for failing to provide $170 million in cash as part of a deal. Lordstown claims that Foxconn’s actions caused significant damage to the company and its future prospects. As a result, Lordstown’s stock declined by 43% in premarket trading to $1.57.
Tesla Shares Rise After Monday’s Fall
After falling more than 6% due to another downgrade from Wall Street analysts, Tesla (TSLA) saw a 1.6% rise in premarket trading on Tuesday. Despite the setback, the electric-vehicle giant aims to bounce back and regain its footing in the market.
Eli Lilly Shares Rise After Promising Obesity Drug Trial
Eli Lilly (LLY) saw a 1% increase in premarket trading after the announcement of positive results from their mid-stage trial of retatrutide, an experimental drug for treating obesity. The 48-week study showed that patients were able to lose up to a remarkable 24.2% of their body weight. These findings were published in the New England Journal of Medicine, a respected medical publication.
Carnival Shares Rebound Following Fall
Carnival (CCL) shares suffered a 7.6% loss on Monday, taking it to lead the decliners on the S&P 500. Despite reporting a narrower-than-expected fiscal second-quarter loss due to continued acceleration of demand, the impact was significant. However, Carnival was able to rebound slightly, rising 0.6% in premarket trading.
Earnings Reports Expected From Several Companies
On Tuesday, earnings reports will be released by Walgreens Boots Alliance (WBA), Korn Ferry (KFY), Schnitzer Steel (SCHL), AeroVironment (AVAV) and Jefferies Financial (JEF).
