As investors look ahead to a busy trading week with the first-quarter reporting season kickstarting, here's a recap of a few major headlines that hit the wire over the weekend.
1. Cathie Wood Has New Tesla Price Target (NYSE:TGT): Cathie Wood's Ark Invest announced late Thursday it expects Tesla stock to hit $4,600 by 2026. This represents an upward adjustment from the firm's previous expectation of the stock scaling $3,000 by 2025. The firm attributed the bulk of the valuation upside to contribution from Robotaxis Tesla CEO Elon Musk sounded out at the Cyber Rodeo event held earlier this month.
3. Twitter (NYSE:TWTR) Adopts Shareholder-Rights Plan, Musk Hints Tender Offer: Twitter, Inc.'s (NYSE: TWTR) board adopted a shareholder rights plan, aka poison pill, in a defiant move against Tesla CEO Elon Musk's $54.20 per share hostile buyout offer for the social media platform. Separately, Elon Musk posted a cryptic tweet that suggested he could make a tender offer to Twitter shareholders.
3. Didi Seeks Shareholder Consent For Voluntary Delisting: Beleaguered Chinese ride-hailing giant DiDi Global Inc. (NYSE: DIDI) said over the weekend that its shareholders will vote on its planned delisting from the U.S. exchange at an extraordinary general meeting scheduled for May 23.
After a high-profile debut on the NYSE in mid-2021, the company came under pressure from Chinese regulators over data integrity and antitrust concerns. The crisis precipitated the delisting move.
4. AMC Keeps Up Promise: Doge (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) along with a few other cryptocurrencies are now available as payment options at the mobile app of movie theater chain AMC Entertainment Holdings, Inc. (NYSE: AMC), CEO Adam Aron confirmed in a tweet on Saturday.
5. China Posts Q1 Growth: China reported a 4.8% rise in gross domestic product year-over-year in the first quarter, beating the consensus estimate of 4.4%, data from China's National Bureau of Statistics showed. On the flip side, retail sales fell 3.5% year-over-year in March, steeper than the 1.6% drop estimated by economists, potentially indicating woes for e-commerce giants like Alibaba (NYSE:BABA) Holdings Ltd (NYSE: BABA) amid COVID-19 resurgence in the country.
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