HomeNewsMarket Highlights: Here is why these five stocks trended on Tuesday

Market Highlights: Here is why these five stocks trended on Tuesday

Ruchi Gupta
  • Apple launches Mac Studio and Studio Display
  • General Motors announces electric vehicle program partnership
  • Stitch Fix and MongoDB topped quarterly earnings results

Apple unveils a series of new products

Apple Inc. (NASDAQ: AAPL) held its Spring 2022 Product Launch Event yesterday, with over 150,000 people streaming the event on Youtube. The company made a series of introductions, including Mac Studio starting at $3,999, unveiled Studio Display starting at $1,599, iPhone SE 2022 priced at $429, and unveiled the new iPad Air.

The company revealed that the previously launched iPhone 13 and iPhone 13 Pro are currently available in alpine green and green colors.

General Motors announces partnership with Pacific Gas and Electric Co

General Motors Company (NYSE: GM) and Pacific Gas and Electric Co. (NYSE: PCG) have announced a partnership on a pilot program to create unique electric vehicles that can power a house in the event of a power outage. Marry Barra, the CEO of GM, said that the collaboration is a massive milestone adding to the many advantages of driving an EV. PG&E CEO Patti Poppe also opined that the move would accelerate the adoption of electric cars.

Stitch Fix beats earnings and revenue estimates

Stitch Fix Inc. (NASDAQ: SFIX) stock dropped 20% on Tuesday despite reporting better than anticipated fiscal Q2 2022 results. The company reported a loss of $0.28 per share and revenue of $517 million compared to analyst estimates of a loss of $0.31 per share on revenue of $515 million.

For the third quarter, the company is calling for revenue of between $485 million na d$500 million below analysts' projection of $559 million.

MongoDB provides bullish full-year guidance

MongoDB Inc. (NASDAQ: MDB) shares were up 10% after it topped its Q4 earnings results and provided upbeat guidance. The company reported a loss of $1.25 per share on revenue of $266.5 million compared to consensus estimates of a loss of $0.22 per adjusted share in the revenue of $243.4 million. The company expects a loss per share of $0.51 to $0.29 on revenue of between $1.15 and $1.18 billion for the whole year.

Shell apologizes for buying Russian crude oil

Oil major Shell has apologized for buying highly discounted Russian oil following criticism from Ukrainian Foreign minister Dmytro Kuleba. The company had purchased 100,000 metric tonnes of Urals crude at a discount despite Western sanctions on  Russia for the unprovoked invasion of Ukraine.