3 stocks to watch in the coming week: Tesla, Apple, DocuSign

1.Tesla

Shares of Tesla Inc (NASDAQ:) will remain in the spotlight after CEO and co-founder Elon Musk told employees in an email that it was time for the electric car maker to tighten its belts and prepare for a tough race.

Tesla plans to cut its workforce by about 10%, according to an email quoted by Reuters in which Musk noted he had a “super bad feeling” about the economy. The email, titled “suspend all hiring globally,” was sent to Tesla executives on Thursday, according to Reuters.

Tesla shares fell nearly 9% after the report, showing investor concerns about the automaker’s growth plans for this year. Tesla stock closed Friday at $703.55.

Tesla had handled global supply chain disruptions and pandemic-related lockdowns in China much better than other producers. It hit record high global sales volume when Musk also predicted “substantially higher” growth later this year.

2. Apple

Apple (NASDAQ:) will likely announce major changes to iPad software next week at its annual Worldwide Developers Conference, beginning Monday, June 6. The biggest change, according to the media, will concern the software of the iPad which will transform the device more into a portable computer.

Apple Daily

The new updates are Apple’s biggest software announcement of the year and define Apple’s public platform strategy over the next 12 months. For example, iOS 16, as Apple is expected to call the new software for iPhone and iPad, could include improved notifications, a redesigned lock screen, and updates to the Messages and Health apps, according to Bloomberg News.

New features and updates can create some excitement around Apple shares, which have fallen more than 18% this year amid widespread selling off in tech stocks.

Investors view Apple as a safe haven because of its large global market share in the cellphone market, its track record of long-term profitability, and its ability to constantly innovate. Its shares closed Friday at $145.38.

3.DocuSign

E-signature platform, DocuSign (NASDAQ:) is expected to report its first quarter fiscal 2023 results after market close on Thursday, June 9. Analysts expect earnings of $0.56 per share on sales of $683 million.

Daily DocuSign

The San Francisco-based applications software company has seen explosive growth in its digital services over the past two years as the shift to remote working and social distancing has prompted businesses to seek digital signatures from workers, clients and customers working from home, as they managed their contracts and crucial documents electronically.

However, signs are now emerging that the company’s growth has already peaked. In March, DocuSign provided a disappointing full-year revenue forecast. The company expected current year revenue to be between $2.47 billion and $2.48 billion, well below StreetAccount’s forecast of $2.61 billion.

DocuSign shares, which are down 45% this year, closed Friday at $83.78.

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