What's Behind the Aluminum Shortage Crisis? Porsche Shares Plunge 5%

Image source: Photo by serjan midili on Unsplash

What's Behind the Aluminum Shortage Crisis? Porsche Shares Plunge 5%. 🚗 Porsche shares dropped 5% following a profit warning attributed to a critical shortage of specialist aluminum alloys. The unexpected supply disruption has raised concerns about potential production shutdowns and long-term impacts on the company's revenue and margins. MarketWatch reports.

🛠️ InnoVidia: Nvidia preparing version of new flagship AI chip for Chinese market. Reuters reports.

🚫 GearFail: US investigating some Jeep and Ram vehicles after getting complaints of abrupt engine stalling. Yahoo Finance reports.

⬇️ EVSlump: Ford, GM face profit decline as EV sales slow and cyber outages persist. Benzinga reports.

📊 AdVance: Alphabet to report double-digit Q2 growth. Reuters reports.

🏀 Sportdit: Reddit partners with NFL, NBA to boost revenue. Yahoo Finance reports.

🕹️ LinkEdge: LinkedIn deploys AI and games to compete with Meta and TikTok. Benzinga reports.

*Analyzing the markets with Richie Naso, a Wall Street veteran of over 40 years and former member of the NYSE.


FRIDAY’S MOVES:

Came as a major outage disrupted flights, banks and even doctors’ appointments around the world. Cybersecurity firm CrowdStrike said the issue believed to be behind the outage was not a security incident or cyberattack and that it had deployed a fix. The company said the problem lay in a faulty update sent to computers running Microsoft Windows. CrowdStrike’s stock dropped 11.1%, while MSFT lost 0.8%.

TUESDAY S&P 500 SET ITS LATEST HIGH:

Big tech stocks that have been the market’s biggest winners, amid criticism they simply grew too expensive, NVIDIA, for example, is still up 138% this year amid a frenzy around AI technology, even after falling 2.6% on Friday and 8.8% over the week.

The closing price of the top three market percent gainers trading near or above $3 on July 22.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $MIRA: MIRA Pharmaceu
Total gain: 643.32%
The company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2. The ketamine is under investigation for its potential in treating neurological and neuropsychiatric disorders, including depression, treatment-resistant depression (TRD), and post-traumatic stress disorder (PTSD). Benzinga reports.

2. $CMAX: CareMax
Total gain: 228.48%
The stock appeared to be moving on no notable news.

3. $SAVA: Cassava Sciences
Total gain: 27.28%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

GOOGL: Alphabet
2Q 2024
After Market Close
Estimate: 1.850
Actual: N/A

V: Visa
3Q 2024
After Market Close
Estimate: 2.420
Actual: N/A

TSLA: Tesla
2Q 2024
After Market Close
Estimate: 0.620
Actual: N/A

Time (ET) / Report / Period

10:00 am - Existing home sales - June

"You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, and you won’t do well in the markets."

― Peter Lynch

Sourced in:
“One Up On Wall Street: How To Use What You Already Know To Make Money In
The Market”, by Peter Lynch, published in 2000