Top 5 Stock To Watch out And Trade Today – March 11, 2022

Top 5 Stock To Watch out And Trade Today – March 11, 2022

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1.APPLE Apple Inc  Chief Executive Office Tim Cook raised concern on Thursday over LGBTQ laws in the United States, mainly those focused on young people that opponents refer to as “don’t say gay” legislation.

Florida lawmakers recently passed a Republican-backed bill prohibiting classroom discussion of sexual orientation and gender identity for many young students.

The legislation has stirred national controversy amid an increasingly partisan debate over what schools should teach children about race and gender.

“As a proud member of the LGBTQ+ community, I am deeply concerned about laws being enacted across the country, particularly those focused on our vulnerable youth,” Cook said on Twitter .

Walt Disney  Co’s Bob Chapek is another chief executive to voice his disappointment about the LGBTQ legislation.

Another case that has stirred corporate concern about LGBTQ rights is that of a Texas judge who recently issued an order blocking the state from investigating the parents of a 16-year-old transgender girl for providing her with gender-affirming medical treatments.

2.TOYOTA: Toyota Motor  Corp has told suppliers it will cut domestic production by up to 20% from a previous plan for the three months from April, it said on Friday, to ease the strain on suppliers struggling with shortages of chips and other parts.

Toyota’s suppliers have been forced to deal with a number of changes to production plans due to the shortages, a Toyota spokesperson said, adding that the reduction in output should take some of the burden off them.

The automaker is planning to scale back domestic production by about 20% in April, about 10% in May and about 5% in June from its previous the plan, the spokesperson said.

Toyota President Akio Toyoda told a Wednesday meeting with union members that suppliers would be “exhausted” unless there was a “sound” production plan.

Toyoda said April through June would be “an intentional cooling off” period to make safety and quality the highest priorities.

 3.TOSHIBA:-.The top shareholder in Toshiba Corp and two influential proxy advisory firms joined a growing list of investors on Thursday who oppose the Japanese firm’s plan to split up and dismantle the 146-year-old conglomerate.

It marks the latest in a long battle between the once-mighty tech company and a number of its foreign shareholders as it tries to revive itself following years of accounting scandals and governance issues.

Toshiba will hold an extraordinary shareholders’ meeting on March 24 to put its plan to split in two, drawn up originally after a five-month strategic review, to a vote.

Effissimo Capital Management, which owns a stake of about 10% in Toshiba, said in a statement it has decided to vote against the plan, which has been criticised by some other hedge fund shareholders that favour a sale to a private equity firm.

The Singapore-based fund called on Toshiba to establish a trustworthy leadership team first, saying the current management and board are not capable of crafting “a strategic plan with such irreversible and profound consequences.”

The plan, “may ultimately damage Toshiba’s medium- to long-term corporate value,” it said.

4.ORACLE:-Oracle Corp  forecast fourth-quarter profit above Wall Street estimates as the legacy software firm expects its heavy cloud investments to pay off, as more businesses ramp up their spending to support hybrid work and transition to cloud.

The company’s strong forecast, which was disclosed on a call with analysts, pulled up its shares from a nearly 6% slide in extended trading triggered by tepid third-quarter profit due to higher spending for its cloud services.

Oracle said it is on track to spend $4 billion in capital expenditure this year as it looks to build more data centers and improve its cloud services that trail behemoths like Microsoft , Amazon and Alphabet ‘s Google.

Edward Jones analyst Logan Purk said Oracle’s plan to increase investment in its cloud business was the “right move.” “I do think that’s (profit forecast) enough to convince investors Oracle still has room to grow,” he said.

Oracle said its third-quarter operating expenses were up as the company invested aggressively to meet customer demand for cloud services. Cloud services and license support costs alone rose 23% during the quarter, while total operating expenses were up 8% at $6.69 billion.

Excluding items, it earned $1.13 per share for the quarter ended Feb. 28, missing analysts’ estimates of $1.18.

5.RIVIAN:- Rivian Automotive Inc warned on Thursday that supply-chain issues could cut its planned production in half in 2022 to 25,000 vehicles, sending shares of the EV maker down more than 12% in extended trading.

Rivian said as of March 8, it had built 1,410 vehicles this year, and 2,425 since the start of production. It said that during the two weeks prior to March 8 it averaged a weekly production rate that was about twice the exit rate of the fourth quarter of 2021, but it expects supply-chain constraints to continue through 2022.

“As we continue to ramp up our manufacturing facility, manage supply chain challenges, face continued inflationary pressures and minimize price increases to customers in the near term, we expect to recognize negative gross margins throughout 2022,” the company said in a letter to shareholders.

“The 2022 production guidance was disappointing and well short of what they said in their road show, and the fourth-quarter loss was wider than expected,” said Garrett Nelson, analyst at CFRA Research.

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