Tesla, Amazon, Snowflake, Xpeng, Salesforce: Why These 5 Stocks Are Drawing Investors' Attention Today

Major Wall Street indices soared on Wednesday after Federal Reserve Chair Jerome Powell said the central bank may slow the pace of rate hikes as soon as December while also observing there is a long way to go in bringing down inflation. The Nasdaq closed over 4% higher while the Dow and S&P ended Wednesday’s session over 2% higher. Meanwhile, these five stocks are drawing investors’ attention:

1. Tesla Inc TSLA: The EV-maker is looking forward to ramp-up its Model Y production output from Gigafactory Texas in the first quarter of 2023, reported Electrek. Shares of Tesla closed 7.67% higher in line with Wednesday’s Wall Street rally.

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2. Amazon.com, Inc. AMZN: Amazon is planning to introduce warning cards for software sold by its cloud-computing division, in the wake of ongoing concern that artificially intelligent systems can discriminate against different groups, reported Reuters citing the company. Shares of Amazon closed 4.46% higher.

3. Snowflake Inc SNOW: Although shares of the company closed 4.63% higher, they dropped 5.28% in extended trading on Wednesday. Snowflake expects fourth-quarter product revenue to be between $535 million and $540 million, which came in shy of Street estimates.

4. Xpeng Inc XPEV: Xpeng saw its net loss widen to RMB 2.38 billion ($0.33 billion) for the third quarter of 2022, compared with RMB1.59 billion for the same period of 2021. However, shares of the Chinese EV-maker closed 47.28% higher on the NYSE as the company indicated it could witness a bottom to declining deliveries, according to CNBC.

5. Salesforce Inc CRM: Salesforce shares closed Wednesday’s session 5.59% higher but lost 6.65% in extended trading as the company reported its third-quarter results and announced that Bret Taylor will step down as vice chair and co-CEO. The company’s third-quarter revenue increased 14% year-over-year to $7.84 billion, which beat average analyst estimates of $7.82 billion.

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