Midday movers: Tesla slips; Target surges
Investing.com -- Main U.S. indexes declined Tuesday as weakness in megacap tech weighed on the Nasdaq and S&P 500.
Here are some of the biggest U.S. stock movers today:
Shares in Tesla (NASDAQ: TSLA) tumbled 5% after the electric vehicle (EV) giant said shipments of its China-made cars dropped to a 14-month low in February.
Shares in Advanced Micro Devices (NASDAQ: AMD) slipped 2.3% after Bloomberg News reported that the U.S. government had placed a hurdle in front of the company's effort to sell an artificial intelligence chip designed for the Chinese market.
Target Corporation (NYSE: TGT) reported adjusted per-share income in the fourth quarter that topped average analyst estimates, sending shares in the big-box retailer higher by 12%.
Shares in business analytics group MicroStrategy (NASDAQ: MSTR) dipped in premarket U.S. trading on Tuesday, leading declines in other crypto-linked names like miners Marathon Digital (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT) and CleanSpark (NASDAQ: CLSK).
Application software group Gitlab 's (NASDAQ: GTLB) shares sank 18% after its full-year guidance was weaker than Wall Street expectations.
Apple (NASDAQ: AAPL) shares fell 3%, putting the tech giant on course for a fifth consecutive negative session, after Counterpoint Research said that iPhone sales in the firm's key Chinese market decreased by 24% in the first six weeks of 2024.
SoFi Technologies (NASDAQ: SOFI) declined 11% after it announced a proposed $750 million convertible senior notes offering.