Trending tickers: Tesla, Meta, Chewy, Sainsbury's

Last week, Tesla said that it would recall most of its Cybertrucks due to a fault with the windshield wipers and exterior trim. (ASSOCIATED PRESS)

Tesla (TSLA)

EV maker Tesla saw its shares gain around 6% on Monday, but was lower in premarket the following day, as investors look to its quarterly production and delivery report later on.

Wall Street brokerage Wells Fargo added the stock to its "tactical ideas" watch list ahead of the data, but kept it at an "underweight" rating as other companies close in on the EV market in key territories.

China's BYD (1211.HK), for example, said it had seen a 21% rise in second-quarter electric vehicle sales, selling 426,039 EVs in the April-June quarter, according to a Reuters report.

Last week, Tesla said that it would recall most of its Cybertrucks due to a fault with the windshield wipers and exterior trim. This would be the fourth time the vehicle has been recalled in the US.

Read more: FTSE 100 LIVE: European stock markets fall as traders await eurozone inflation data

The disclosure revealed the number of vehicles affected by the recall — 11,688 trucks — which would equate to the number of Cybertrucks sold, since it includes vehicles in use and in transit to customers. Because Tesla does not officially break out Cybertruck sales in its quarterly delivery report, getting a read on early Cybertruck sales is noteworthy.

Extrapolating the numbers shows Tesla could deliver around 23,500 Cybertrucks this year. However, at its annual shareholder meeting two weeks ago, CEO Elon Musk disclosed Tesla achieved a production record of 1,300 Cybertrucks per week, with a stretch goal of 2,500 vehicles per week by the end of 2024.

Meta (META)

Meta stock barely wobbled after news of new regulatory challenges in Europe, as the European Commission circled its wagons to implement new digital markets laws.

The Commission said Instagram's "pay or consent" advertising model, where users must either consent to personalised ads or pay to remove them, is in breach of its laws. The regulator said that the "binary" advertising choice does not comply with its Digital Markets Act.

Read more: Stocks that are trending today

Meta is up for a fight, however, saying that its EU advertising model is compliant.

“Subscription for no ads follows the direction of the highest court in Europe and complies with the DMA," a Meta spokesperson said.

If Meta is proved to be in breach of these laws, it faces a potential fine of up to 10% of its global revenue.

Chewy (CHWY)

Pet food retailer Chewy has been on a memestock-fueled rollercoaster this week, heading 6.6% lower on Monday in US trading hours after notorious trader Keith Gill, also known as Roaring Kitty, disclosed to the Securities and Exchange Commission (SEC) a 6.6% stake in the company.

The stake in the company seemed like an endorsement, causing retail traders to pile in and send the stock 18% higher in premarket trading on Monday. But the stock price quickly crashed lower after market open. On Tuesday, it looks set to stage a slight recovery when the market opens, with stock up around 1.8% in premarket.

Ryan Cohen — CEO of GameStop (GME), another memestock — is also the Chewy founder.

Sainsbury's (SBRY.L)

UK grocer Sainsbury's said it had seen "sustained grocery momentum" in its first quarter, despite poor weather conditions.

The chain reported a 3% rise in like-for-like sales, excluding fuel, in the 16 weeks to 22 June. This figure strips out the closure of its Argos business in Ireland.

Total grocery sales were 4.8% higher as the firm saw robust growth by volume. However, this was the slowest growth seen for many quarters as food inflation has fallen back significantly.

Even with seemingly positive numbers, its stock price took a knock in early trade on Tuesday, down around 3.6% shortly after the open.

“We are pleased with our market-beating grocery performance and the early progress we’re making against our Next Level Sainsbury's plan," said Simon Roberts, Sainsbury's CEO. "We’ve been winning from competitors every month for 15 months, as more and more people are choosing Sainsbury's for their big weekly shop."

Read more: Shop price inflation at lowest point since October 2021

Sainsbury’s has been struggling to differentiate itself from rivals with stiff competition on price from the German discounters Aldi and Lidl while its premium ranges fall short of those on offer at Waitrose and Marks & Spencer (MKS.L), noted Victoria Scholar, head of investment at Interactive Investor.

"Nonetheless Sainsbury’s continues to make headway in growing its market share versus rivals with potential for further growth as inflation pressures subsides, a boost from the summer sun that has only recently appeared, and the excitement around the Euros," she said.

"Sainsbury’s was able to keep its full-year guidance unchanged for underlying operating profit of £1.01bn and £1.06bn representing growth of between 5% and 10%."

Watch: EV demand, investing in AI, jobs data: Asking for a Trend

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