US stocks started the day in the green amid positive updates from major American airlines, while stronger than expected earnings from electric vehicle giant Tesla also added to the buoyant mood.
Bitcoin and oil prices were higher on Thursday morning, while gold is in the red.
Here are Thursday’s trending stocks:
American Airlines (NASDAQ: AAL)
This US airline is flying high today after an optimistic first quarter update. The company reported a smaller loss than expected over the three-month period and said it anticipated a profitable second quarter.
CEO Robert Isom explained:
“The work we have accomplished over the past two years — simplifying our fleet, modernizing our facilities, fine-tuning our network, developing new partnerships, rolling out new tools for customers and team members, and hiring thousands of new team members — has us very well-positioned as the industry continues to rebound.”
American Airlines’ shares were trading almost 10% higher on Thursday morning.
Following this and similar optimism from United Airlines, other US carriers like Delta Air Lines and Southwest Airlines were also higher after the results noted strong demand for flights.
Carvana Co. (NYSE: CVNA)
Used car retailer Carvana has seen its share price slip after its earnings update went the opposite way to American Airlines’. The company’s loss of $2.89 per share was wider than anticipated by analysts.
Carvana blamed high used car prices and interest rate volatility for its difficulties in the period, adding that it expected that these problems would be “transitory” in nature. Instead, the business said it remained focused on offering an expanded selection of vehicles and faster delivery times.
The company’s shares are down by just under 9% at the time of writing.
Xerox Holdings Corp (NASDAQ: XRX)
This print and digital document specialist has seen its share price take a tumble after investors were surprised by a first quarter loss. The company’s CEO, John Visentin, said performance had been impacted by inflationary pressure and increased logistics costs from supply chain disruption.
He added:
“Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in postsale revenue.”
Xerox shares were down by more than 15% in Thursday morning trading.
Mullen Automotive (NASDAQ: MULN)
This electric vehicle manufacturer is in the green on Thursday morning amid apparent investor excitement about the firm’s solid state polymer battery testing at the Battery Innovation Centre in Indiana.
The testing will explore the capacity, peak power and constant power discharge capabilities of Mullen’s technology. Mullen’s stock was up by more than 5% in early trading on Thursday.
Guardforce AI (NASDAQ: GFAI)
In news that sounds straight out of a Terminator movie, an AI robot specialist is one of Thursday’s top risers after it announced the rollout of its services in the US for the first time.
Guardforce AI confirmed it would begin deploying its robots in New Jersey on a trial basis, with the bots initially being tasked with disinfecting office spaces. Customers who use the service will have a chance to offer feedback on other services they are keen for the company’s machines to help with.
The company’s chairman, Terence Yap, commented:
"By integrating the US deployed robots onto Guardforce AI's robotics management platform, the company will progress towards building a truly intelligent network of robots with the ability to help customers reduce labor cost and improve operational efficiency.”
The company’s shares were up by more than 30% in early trading on Thursday.
