Tesla, Opendoor, Block, BP and Ryanair

Shares in electric vehicle (EV) company Tesla (TSLA) were up 1.4% in pre-market trading on Monday morning, ahead of the release of its latest earnings this week.

Tesla (TSLA) is due to release its second quarter results on Wednesday, along with Google-parent Alphabet (GOOG, GOOGL), as the first two of the “Magnificent 7” tech giants to report this earnings season.

Shares in Tesla (TSLA) are down more than 18% year-to-date, as the stock has continued to come under pressure with sales falling amid backlash against CEO Elon Musk and increasing competition from rival EV makers.

In figures released early in July, Tesla (TSLA) delivered 384,122 vehicles globally in the second quarter, a drop of 13.5% for the same period last year.

Dan Coatsworth, investment analyst at AJ Bell (AJB.L), said: “Elon Musk has tested Tesla (TSLA) investors’ patience over the past year, given his constant distractions and increasing involvement in politics. Tesla has found life a lot harder this year, with weaker sales at the start of 2025 amid fierce competition.”

“The company is looking to get back on track with a more affordable electric vehicle and recently launched a robotaxi service, so one would expect Musk to talk up the opportunities at the results and shake off accusations that he’s been preoccupied with other things.”

Shares in online real estate service Opendoor Technologies (OPEN) soared 188% last week and were up another 36% in pre-market trading on Monday morning.

The surge in shares came after activist investor Eric Jackson said he could see the company hitting $82 (£60.95) per share. Retail traders have piled into the stock since Jackson, founder of EMJ Capital, posted his bull thesis for an Opendoor turnaround on X on 14 July.

Opendoor (OPEN) went public through a special purpose acquisition company (SPAC) in 2020, with shares hitting a high of $39.24 in February 2021 before falling to under $1 each.

The latest retail rally, fueled by Jackson's thesis and speculative posts on the meme-stock Reddit forum r/WallStreetBets, has begun to push the company toward the $5 line that would lift it out of penny stock status. On Friday, the stock closed at $2.25 per share.

Shares in Block (XYZ) were up more than 9% in pre-market trading on Monday morning, after it was announced that the fintech led by Twitter co-founder Jack Dorsey would be joining the S&P 500 (^GSPC).

S&P Global announced on Friday that Block (XYZ) would replace energy company Hess Corporation (HES) in the US blue chip index effective prior to the opening of trading on Wednesday 23 July.

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The changes come as energy company Chevron Corporation (CVX) closed its $53bn deal to buy rival Hess (HES).

This came after an arbitration panel at the International Chamber of Commerce in Paris ruled on Friday that Chevron has the go-ahead to close its all-stock purchase of Hess (HES), shutting out rival major bidder ExxonMobil (XOM) and ending one of the biggest standoffs the oil and gas industry has seen in the last 50 years.

On the London market, BP (BP.L) was in focus on Monday morning, after the oil major announced that it had appointed Albert Manifold as the company's new chair.

Manifold, who was CEO of building materials company CRH (CRH) for a decade until December 2024, will join BP's (BP.L) board on 1 September as a non-executive director and chair-elect, before taking over as chair on 1 October.

He will be taking over from Helge Lund, who was appointed BP's (BP.L) chair at the beginning of 2019.

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Shares in BP (BP.L) were up less than 1% on Monday morning following the announcement and are trading just 2.4% in the green year-to-date, as the stock has come under pressure amid weak company performance and lower oil prices.

Neil WIlson, UK investor strategist at Saxo Markets, said: “BP’s (BP.L) revival is building some momentum. Two days after revealing it’s selling its US onshore wind business, the oil giant has appointed a new chairman to replace much-maligned Helge Lund. He will be replaced by Albert Manifold, former chairman of building materials firm CRH (CRH) – which moved its main listing to the US from London. Perhaps BP is gearing up for some more radical shifts?”

Dublin-listed shares in Ryanair (RYA.IR) jumped 6% on Monday morning, after the budget airline reported that profits had more than doubled in the first quarter.

In results released on Monday, Ryanair (RYA.IR) said that profit after tax came in at €820m (£709m) in the first quarter, up from €360m for the same period last year.

The company said traffic also grew by 4% year-on-year to 58 million passengers in the first quarter at 21% higher fares.

Mark Crouch, market analyst at eToro, said: “Ryanair’s (RYA.IR) latest numbers leave little doubt, this airline is built differently. Profits more than doubled in the three months to June, and all this while tariff uncertainty lingers and Boeing delays continue to hold back fleet growth. Most carriers would kill for these kinds of ‘problems'.”

“It’s not just that Ryanair (RYA.IR) is outperforming a sector still facing turbulence, it’s that it’s doing so with a kind of swagger. Where others are weighed down by cost inflation, wavering passenger demand and operational chaos, Ryanair is flying straight through it. Fewer planes? No problem. Higher fares? Passengers still pile in.”

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