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Tesla Stock Gains as Musk Says His $56B Pay Deal Will Be Approved
10 minutes ago
Tesla (TSLA) shares gained Thursday after Chief Executive Officer (CEO) Elon Muskannounced that indications are his controversial $55.8 billion pay package will be approved when the votes from today’s shareholder meeting are tallied.
Musk wrote Wednesday night on X that both the compensation deal, plus a second resolution on moving the electric vehicle (EV) maker’s incorporation from Delaware to Texas, were on their way to passing “by wide margins.”
Shareholders were asked to again back the plan, which they originally approved in a 2018 vote. However, a Delaware judge threw it out in January, ruling that the payment, the largest in corporate history, was excessive.
The final results of the votes will be revealed at the shareholder meeting being held at 3:30 PM Central Time at Tesla’s Austin, Texas, headquarters.
Tesla shares were up 3% but they are still down by a fifth this year.
Watch Out for These Levels in Broadcom's Stock Price
1 hr 14 min ago
Shares in Broadcom (AVGO) surged after the chipmaker reported better-than-expected fiscal second-quarter revenue, fueled by artificial intelligence (AI) product sales reaching a record high. Following in the footsteps of Wall Street darling Nvidia (NVDA), Broadcom also announced a 10-for-1 stock split.
With the stock hitting a record high on Thursday, investors can forecast a profit target using technical analysis by applying the measuring principle. To do this, simply calculate the distance of the ascending triangle’s widest portion in dollars and add that amount to the pattern’s top trendline.
In this particular case, add $330 to $1,415, which projects a price target of $1,745. This provides a general area on the chart where the stock may run into selling pressure, especially if other indicators, such as the relative strength index (RSI), warn of overbought conditions.
When the stock undergoes retracements, investors should monitor the ascending triangle’s top trendline at $1,415, an area on the chart that will likely flip from prior resistance into future support. A breakdown below this technically important level could see the stock revisit lower support around $1,132, where the price finds a confluence of support from the December swing high and rising 200-day moving average.
Broadcom shares were up more than 13% at $1,709 early Thursday, and have gained more than 50% this year.
Stock Futures Mixed
2 hr 35 min ago
Dow futures were down 0.3% in premarket trading Thursday.
The Wall Street Journal
S&P futures were up 0.2%.
The Wall Street Journal
Nasdaq futures were up 0.6%.
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