3rdPartyFeeds News

Movers & Shakers: Tesla’s stock slide drags down other carmakers; IBM, D.R. Horton shares rise, and more big movers

U.S. carmakers caught in global selloff as Tesla margin sacrifice raises price cut fears. Read More...

Here are some of the biggest movers on Thursday, with a slide in Tesla stock rattling the broader market.

Stock gainers:

D.R. Horton Inc. shares DHI, +8.30% climbed 6% in morning trading after the homebuilder reported big fiscal second-quarter profit and revenue beats as demand improved during the quarter despite higher mortgage rates.

Las Vegas Sands Corp. shares LVS, +5.29% rose nearly 4% trading after the casino operator late Wednesday reported first-quarter gambling revenue of $1.54 billion, up from $627 million a year earlier and said a “robust” recovery in travel and tourism spending was underway in both Macau and Singapore.

International Business Machines Corp.‘s stock IBM, +0.17% gained about 2% after the tech giant posted first-quarter revenue about in line with Wall Street estimates, while profits slightly topped expectations. ‘Big Blue’ provided a solid full-year outlook, while acknowledging some softness in its consulting business due to a weaker economy.

Stock decliners:

Tesla Inc. shares TSLA, -7.18% slumped about 7% in morning amid a flurry of analyst price target cuts after CEO Elon Musk suggested he would prioritize market share over margins.

The stocks of both Ford Motor Co. F, -3.31% and General Motors Co. GM, -3.47% lost more than 4% as investors worried that the EV sector would suffer an extended period of price cuts. The stocks of China-based EV makers also fell, with Nio Inc.’s NIO, -3.53% down 3.8%, Xpeng Inc.’s XPEV, -3.70% lower by 3.5% and Li Auto Inc.’s LI, -4.50% off by 4.4%.

The U.S.-listed shares of Nokia Corp. NOK, -8.77% sank about 9% after the telecommunications equipment maker missed first-quarter profit expectations and lowered its sales outlook.

ManpowerGroup Inc. shares MAN, -7.60% gave up more than 6% after the staffing services company reported first-quarter profit that missed expectations, citing a “challenging operating environment in the U.S. and Europe.”

AT&T Inc.’s stock T, -8.60% shed 7% after the telecommunications giant reported first-quarter beat profit expectations but fell short on free cash flow.

F5 Inc.‘s stock FFIV, -3.39% slid 3% after the software services provider and developer said it would cut its workforce by 9% amid a softer demand environment.

Read More

Add Comment

Click here to post a comment