Midday movers: Tesla, Li Auto and CNH Industrial fall; Salesforce rises

April 22, 2024 8:35 AM EDT
(Updated - April 22, 2024 11:19 AM EDT) -- Main U.S. indexes edged higher Monday, starting the new week, dominated by Big Tech earnings, with a positive tone.

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

​Tesla (NASDAQ: TSLA) stock fell 4.6% after the EV manufacturer announced fresh price cuts in several key markets, including China and Germany, days after similar reductions in the United States, risking a fresh electric vehicle price war.

Li Auto (NASDAQ: LI) stock fell 6% after the Chinese EV maker also cut prices of some of its models, including the L7, L8, L9, and the newly launched MEGA SUV.

Apple (NASDAQ: AAPL) stock was flat after Morgan Stanley urged investors to buy “post-earnings weakness” in the iPhone maker, saying they expect the guidance for the June quarter's revenue and implied EPS will be 4%-7% below Wall Street expectations.

Verizon (NYSE: VZ) stock fell 3.6% after the telecoms giant said on Monday it lost fewer-than-expected wireless subscribers in the first quarter thanks to its flexible plans and streaming bundles offering discounted pricing. Overall its first quarter results were viewed as mixed.

Salesforce (NYSE: CRM) stock rose 0.3% after the business software maker backed away from its talks to acquire data-management software firm Informatica (NYSE: INFA), down 9%, after the two companies could not agree on terms.

Quanex (NYSE: NX) stock fell 4% after the building supplies company announced plans to acquire U.K. rival Tyman for $1.1 billion.

Cardinal Health (NYSE: CAH) stock fell 5.7% after the healthcare company said its contracts with pharmacy-benefits manager OptumRx will not be renewed when they expire at the end of June and will not be renewed.

CNH Industrial (NYSE: CNHI) stock fell 5% after the agricultural machinery manufacturer announced the departure of CEO Scott Wine, appointing Gerrit Marx to run the company.

Spotify Technology S.A. (NYSE: SPOT) declined 2.5% ahead of the release of its first quarter results on Tuesday morning.

Ford (NYSE: F) climbed 4%. Its first quarter earnings report is scheduled to be released on Wednesday.

Additional reporting by Louis Juricic

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