00:06 Speaker A
Now time for some of today’s trending tickers. We are watching Tesla, Chipmakers and Hims and Hers.
00:12 Speaker A
First up, we got Tesla. CEO Elon Musk buying a billion dollars worth of Tesla shares. The billionaire bought the stock indirectly through a revocable trust last week. That’s according to a regulatory filing.
00:26 Speaker A
The outspoken CEO’s last significant purchase of Tesla shares in the open market was in February of 2020. So this purchase marks Musk’s largest insider acquisition ever by value according to Verity data.
00:40 Speaker A
Tesla shares this year have been weighed down by slumping sales, partly tied to Musk’s political activities hurting the brand, along with the end of certain incentives for electric vehicles by the Trump administration. Those shares by the way, up more than 7. 1/2%.
00:54 Speaker A
Next up, we got chipmakers. China is launching two investigations targeting the US semiconductor industry. The Ministry of Commerce opened an anti-dumping probe related to certain American make analog IC chips. Those are the sort of products sold by companies like Texas Instruments and analog devices.
01:14 Speaker A
At the same time, the ministry also kicked off an anti-discrimination investigation into US moves against the Chinese chip sector. Meanwhile, Chinese mar- China’s market regulator said that Nvidia violated the country’s anti-monopoly law, according to her preliminary probe. All of this coming as the US and China meet for trade negotiations in Madrid.
01:36 Speaker A
China’s market regulator on Monday said that Nvidia violated the country’s anti-monopoly law. That’s according to her preliminary probe. You can see all the stocks are down, but because this is sort of newer on the analog front, TI and uh analog devices is taking a bit of a bigger hit.
01:54 Speaker A
And finally, Hims and Hers, the FDA said a widely watched TV commercial from the telehealth firm earlier this year breached the agency’s regulations. Now, the agency said the advertisement is an example of the industry’s misleading advertisements. The FDA commissioner said online pharmacies are advertising drugs with only upsides mentioned, contributing to America’s culture of over reliance on pharmaceuticals for health.
02:22 Speaker A
The ad in question promoted the use of its compounded version of Novo Nordisk’s obesity drug Wagovi. I believe it played during the Super Bowl.
02:37 Speaker A
And you can scan the QR code below to track the best and worst performing stocks with Yahoo Finance’s trending tickers page.
