Midday movers: Tesla, Apple, Domino's Pizza rise; Alphabet falls

(Updated - April 29, 2024 11:21 AM EDT)

Investing.com -- Main U.S. indexes edged higher Monday, continuing the previous week’s positive tone ahead of the latest Federal Reserve policy-setting meeting.

Here are some of the biggest U.S. stock movers today:

• Tesla (NASDAQ: TSLA) stock soared 13% after the Wall Street Journal reported that the electric vehicle manufacturer has received tentative approval from Beijing to launch its driver assistance software in China, leveraging mapping and navigation technology from Baidu (NASDAQ: BIDU), a Chinese tech giant, also up 6%.

• Apple (NASDAQ: AAPL) stock rose 3% after Bernstein upgraded its stance on the iPhone maker to ‘outperform’ from ‘market perform’, encouraging investors to “buy the fear” surrounding the world’s second most valuable stock.

• Alphabet (NASDAQ: GOOGL) stock fell 2.4%, handing back some of Friday’s chunky gains which saw the Google parent breach the $2 trillion market value mark for the first time since November 2021.

• SoFi Technologies (NASDAQ: SOFI) stock fell 10% after the personal finance company's second quarter guidance trailed estimates.

• Domino’s Pizza (NYSE: DPZ) stock rose 4% after the pizza chain beat first-quarter sales estimates as customers made use of the company’s loyalty programs.

• Paramount Global (NASDAQ: PARA) stock rose 5% following reports the entertainment giant’s CEO Bob Bakish may be set to leave as it explores a sale.

• Philips (NYSE: PHG) ADRs soared over 30% after the Dutch medical devices manufacturer announced that it has reached a $1.1 billion settlement to resolve legal claims regarding the safety of its recalled respiratory devices in the U.S..

• Coinbase (NASDAQ: COIN) stock fell 3.25%, with the cryptocurrency exchange weighed by the lower prices of Bitcoin, the world’s most popular digital currency.

• onsemi (NASDAQ: ON) rose 4% after reporting better than expected first quarter results. While outlook missed consensus, it was better than some had feared.

• General Dynamics (NYSE: GD) rose 2% after analysts at Jefferies upgraded the stock to 'buy', citing potential for an inflection in revenue and earnings.

• Deciphera Pharmaceuticals (NASDAQ: DCPH) climbed over 70% after it agreed to be acquired by ONO Pharmaceutical's for $25.60 per share.

Additional reporting by Louis Juricic

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