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