Ford falls in premarket on price cut; chipmakers also extend losses

January 30, 2023 9:26 AM EST

By Geoffrey Smith -- Stocks in focus in premarket trading on Monday, 30th January. Please refresh for updates.

  • Lucid Group (NASDAQ: LCID) stock rose another 6.1% on speculation that it may be taken private by the Saudi Arabian Public Investment Fund (SAPIF). SAPIF already holds 64% of the company.
  • Ford Motor (NYSE: F) stock was down 2.2% after the company said it will cut the price of its electric Mach-E Mustang in response to a similar move earlier this month by Tesla (NASDAQ: TSLA). CNBC quoted a Ford executive as saying that this means not all Mach-E models will be profitable on a per-unit basis.
  • Tesla (NASDAQ: TSLA) stock rose 0.3% on the back of the same news, on perceptions that it is better positioned to withstand a price war among electric carmakers.
  • GE HealthCare (NASDAQ: GEHC) stock fell 2.0% after reporting quarterly earnings a little below expectations. The company upheld its guidance for organic sales growth of around 6% this year and forecasts earnings per share between $3.60 and $3.75.
  • Philips ADRs (NYSE: PHG) rose 5.9% to their highest since September after the Dutch maker of medical devices said it will cut another 6,000 jobs to improve profitability. The company's guidance for the full year was also stronger than expected.
  • Helbiz (NASDAQ: HLBZ) stock rose 4.8% after the mobility company said it is incorporating OpenAI's ChatGPT into its business processes.
  • Intel (NASDAQ: INTC) stock fell 1.6% as more investors bailed on the chipmaker after its weak quarterly report last week.
  • Nvidia (NASDAQ: NVDA) stock also fell 1.9% as chipmakers fell broadly out of favor.

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