HomeNewsTuesday’s market recap: Quarterly results trigger mixed stock movements, JPMorgan is suing Tesla, and Progenity faces hard times

Tuesday’s market recap: Quarterly results trigger mixed stock movements, JPMorgan is suing Tesla, and Progenity faces hard times

Motiur Rahman

  • BIMI up 60% after reporting 345.7% revenue growth
  • Walmart and Talkspace shares drop after release of Q3 2021 results
  • Tesla faces $162 million suit

There was mixed movement for various stocks that released quarterly earnings on Tuesday, with some gaining while others dipped on disappointing results.

BIMI surges in immersive quarterly results 

BIMI international Medical (NASDAQ: BIMI) jumped 60% after the healthcare products and services provider released its Q3 2021. The company reported 345.7% YoY growth in revenue to around $10.69 million, attributed to robust wholesale pharmaceutical unit revenue of around $8.48 million. Gross profit was up 688.7% to $2.029 million.

Walmart’s Q4 results could suffer inflation impact 

Walmart Inc. (NYSE: WMT) released its Q3 2021 results with revenue of $140.54 billion and net income of $3.11 billion or $1.11 per share.   Despite the impressive results, shares lost 2.0% on concerns that inflation could impact the retailer’s Q4 margins. Nevertheless, the company beat analyst estimates and offered hawkish full-year guidance. The company expects adjusted earnings per share of $6.4 billion for the full year on 6T% annualized US comparable sales growth.

Talkspace reported Q3 2021 net revenue fi $26.4 million 

Talkspace Inc.(NASDAQ: TALK) had a quiet day in the last session, but its Q3 results that missed estimates saw shares of the online services therapy provider tank 36%. The company reported net revenue of $26.4 million, representing a 23% YoY increase. In addition, total active members grew 21% to around 60,300. Talkspace had a net income of $1.5 million or $0.01 per share, representing an improvement from a loss of $2.7 million a year ago.

Progenity adapting to change in strategic focus 

On Tuesday, Progenity Inc (NASDAQ: PROG) shares gained 34% to $3.96. The stock has lost its value considerably since last year’s IPO. The stock took a short-squeeze-triggered frenzy for the second time in a month. The company had prenatal testing revenue before the COVID-19 pandemic, but then it changed focus to developing its proprietary pipeline that includes the Preecludia test. In Q3 2012, the company had revenue of $182,000 with a net loss of $43.7 million. Although the numbers were a YoY improvement, the company is far from realizing a profit.

JPMorgan sues Tesla for $162 million 

Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk has been selling his holdings in the company and has so far unloaded 934,000 shares worth $930 million. So surprisingly, JPMorgan Chase (NYSE: JPM) is suing the EV carmaker for more than 4162 million. According to JPMorgan, Tesla breached the stock warrants contract due this year by failing to offer bank shares or cash consideration after the expiry of the contract.