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Market check: Stocks rise in early trading, Tesla shares fall, Robinhood declines

In this article:
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Yahoo Finance's Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript

[MUSIC PLAYING]

BRIAN SOZZI: Yahoo Finance Ines Ferré is over at the YFi Interactive for us. And Ines, many traders could probably use a cold one, just given how volatile things have been over the past 24 hours.

INES FERRE: Completely volatile, but let's take a look right now at the sector action. We are watching all 11 sectors of the S&P 500 that are in the green. But you've got materials, and energy, and also technology here that are leading the gains, as well as consumer staples.

Let's take a look right now at the NASDAQ 100. You can see some of the megacaps here, Microsoft up 3%, Alphabet also higher, Amazon and Apple as well. Of course, Tesla down 5%, as you guys have been noticing.

Also on the Dow, we're watching the laggards on the Dow being Intel, after its forecasts, and also taking a look at McDonald's, that is relatively flat. But other than that, everything else is in the green.

I also want to mention the Chinese names, because we have been seeing a little bit of weakness here with JD.com down more than 3%. A little bit of a flip here with some of these names, because BABA was in the red earlier this morning.

You've got also some of the electric vehicle makers that are in the red as well. In fact, I'm going to put this on an equal weight chart here. And you've got Xpeng as well, down more than 4%. Of course you saw Tesla, as I just mentioned earlier, but you've got also Lucid that's down 8% today, and Rivian down 5%. We have been watching Rivian for the last couple of months now, Rivian now trading at $57 a share. Year-to-date, the stock is down 45%. Brian.

JULIE HYMAN: Ines, I'm going to take it, because you know, we've got Apple earnings after the close. But there's another one that we're watching as well, and that is Robinhood I think the stock is trading at the lowest since its IPO, if I'm not mistaken, so a record low for Robinhood, going into its numbers after the close What are folks looking for?

INES FERRE: Yeah, it has been trading at record lows, it's down 2% today, in fact. And if you take a look at a year-to-date chart, it's 31% lower. Adjusted earnings are expected to come in at a loss of $0.39 a share, with revenue of $370 million.

But the crypto wallet is really what investors will be paying attention to, because the company has been laser-focused on rolling out that crypto wallet. It's in beta version right now, but let me tell you that the market cap for Robinhood is under $11 billion right now.

And I spoke to an industry expert yesterday, just wrote a piece on this, there is speculation that this company could be an attractive takeover target. Now this person is saying that perhaps the likes of a PayPal could buy Robinhood at some point, because PayPal has expressed wanting to be in this space. But this stock down 80% from its all-time highs, intraday highs back in August of last year when it reached $85 a share. Brian, Julie?

BRIAN SOZZI: Ines, I like that angle. I need to just get done with this show, I want to go read your story. We'll check back with you later, a really good one right there.

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