U.S. markets witnessed another sell-off on Thursday, erasing all optimism surrounding a "Santa Claus" rally following a rebound in the previous session as investors and traders began considering the effects of a recession. Major Wall Street indices closed over 1% lower on Thursday. Notably, hedge fund titan David Tepper, the founder and president of Appaloosa Management, reportedly said he is leaning short on the equity markets right now. Meanwhile, here are five stocks that are drawing retail investors’ attention:
1. Tesla Inc TSLA: Tesla shares closed 8.88% lower on Thursday but gained 2.3% in extended trading on comments made by CEO Elon Musk. The EV maker offered U.S. consumers $7,500 to take delivery of its two cheapest models before year-end. The discount Tesla on new Model 3 sedans and Model Y sport utility vehicles is double what it offered earlier this month.
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2. Apple Inc AAPL: The U.S. International Trade Commission said on Thursday that Apple Watches with an electrocardiogram function infringe patents belonging to medical device maker AliveCor Inc, Reuters reported. Apple shares closed 2.38% lower on Thursday.
3. Amazon.com, Inc. AMZN: The European Union’s top court stated on Thursday the retail giant may be confusing people by failing to make a distinction between Louboutin and non-official sellers of the brand’s famous red-soled shoes, reported Bloomberg. Shares of Amazon fell 3.43% on Thursday.
4. CarMax, Inc KMX: CarMax shares closed 3.66% lower on Thursday. The company said its fiscal third-quarter revenue fell 23.7% year-over-year to $6.5 billion, which missed an average Wall Street estimate of $7.42 billion. It reported quarterly earnings of 24 cents per share, which missed an estimate of 72 cents per share.
5. Cleveland-Cliffs Inc CLF: Shares of Cleveland-Cliffs closed 11.83% higher on Thursday. The company announced it will achieve higher annual fixed prices for steel in 2023 compared to 2022. Cleveland-Cliffs said a large portion of its fixed price contractual volumes were renewed in its most recent negotiating cycles, making it clear that prices will be higher year-over-year.
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