Citi Cuts 3,500 Tech Jobs in China; Tesla Shares Fall Amid Trump-Musk Feud
Key Takeaways
- Citi will cut 3,500 tech jobs in China as part of restructuring.
- Tesla shares fell due to the conflict between Trump and Musk.
- Benchmark maintains buy rating, sets $160 target on Plexus stock.
- Abacus announces $20M stock buyback; Joint Corp's stock surged.
- Taiwan and Indonesia stocks both closed up 0.59% on 2025-06-05.
Top Stories
Citi to cut 3,500 tech jobs in China.
Citi announced on 2025-06-05 that it will eliminate 3,500 technology positions in China as part of a broader global restructuring effort.
Tesla shares fall amid Trump-Musk spat.
On 2025-06-05 and 2025-06-04, Tesla shares experienced a decline attributed to the escalating conflict between Trump and Musk, which negatively impacted investor sentiment and dragged down the S&P 500.
Tesla, MongoDB leading market cap stock movers.
On 2025-06-05, Tesla and MongoDB were identified as the leading stocks in terms of market capitalization movement.
Benchmark maintains buy rating, $160 target on Plexus.
On 2025-06-05, Benchmark reaffirmed a buy rating for Plexus stock and set a price target of $160.
Abacus, Joint Corp announce stock repurchase plans.
On 2025-06-05, Abacus Global Management announced a $20 million stock buyback plan, and The Joint Corp's stock surged following their own repurchase plan announcement.
Taiwan, Indonesia stocks close up 0.59%.
On 2025-06-05, both Indonesia's IDX Composite Index and Taiwan's Weighted Index closed with a gain of 0.59%.
Economy Today
Citadel CEO worried by rising US default insurance cost.
On 2025-06-05, reports indicated that the CEO of Citadel is concerned about the increasing cost of US default insurance.
ECB cuts rates for eighth time.
The ECB cut interest rates for the eighth time amid trade tensions and cooling inflation.
Analyst Insights
Samsara beats expectations, stock price rises.
On 2025-06-05, Samsara's stock price increased after the company surpassed expectations for Q1 FY2026.
Morgan Stanley raises Udemy stock rating, boosts target.
On 2025-06-05, Morgan Stanley increased its rating for Udemy stock and also raised the price target.
JPMorgan lowers FedEx target amid demand concerns.
On 2025-06-05, JPMorgan reduced its stock price target for FedEx, citing worries about the company's demand outlook.
Biggest Movers
Torrid shares up 4% on earnings beat.
On 2025-06-05, Torrid shares increased by 4% after Q1 earnings exceeded expectations, although guidance fell short.
Company Spotlight
Didi's Q1 revenue rose 8.5% amid recovery.
On 2025-06-05, reports indicated that Didi's Q1 revenue increased by 8.5%, signaling a recovery in its business operations.
Aethlon Medical announces reverse stock split.
On 2025-06-05, Investing.com reported that Aethlon Medical declared a reverse stock split, which will take effect on 2025-06-06.
Global View
Fitch downgrades Oragroup to 'Restricted Default'.
Trafigura warns of 2025 volatility, profit up.
On 2025-06-05, Trafigura cautioned about potential volatility in 2025, despite reporting an increase in first-half profit.
Invest Wisely
Executives buy/sell stocks: BSC, Ceribell, First Northwest.
On 2025-06-04, Boston Scientific’s EVP sold $5.8 million in stock. On 2025-06-05, Ceribell CEO Chao Xingjuan sold stock worth $425,000, while First Northwest Bancorp CEO Matthew Deines bought $20,750 in stock.
Market Snapshot
Bitcoin flat at $105.1k amid uncertainty.
Bitcoin's price remained stable at $105.1k on 2025-06-05, influenced by trade and economic uncertainties.
Policy Updates
Trump budget bill threatens home solar subsidies.
On 2025-06-05, it was reported that Trump's proposed budget bill could eliminate subsidies that have supported the mainstream adoption of home solar energy.