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Midday movers: Morgan Stanley, UnitedHealth rise; Tesla falls

April 16, 2024 9:01 AM
(Updated - April 16, 2024 11:32 AM EDT)

Investing.com -- Main U.S. indexes were mixed Tuesday, as investors digested a cocktail of elevated Middle East tensions, rising bond yields and quarterly corporate earnings.

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

Johnson & Johnson (NYSE: JNJ) stock fell 2% after the healthcare giant reported disappointing first-quarter revenue numbers as sales from its blockbuster psoriasis drug Stelara fell short of expectations.

Morgan Stanley (NYSE: MS) stock rose 4% after the banking giant posted a rise in profit in the first quarter, lifted by a resurgence in investment banking from a two-year dealmaking drought.

UnitedHealth (NYSE: UNH) stock rose 6% after the health insurer disclosed that it expects to take a hit of as much as $1.35 per share to full-year profit from disruptions caused by the February cyber attack at its Change Healthcare (NASDAQ: CHNG) unit, a hefty figure but not as much as feared.

Bank of America (NYSE: BAC) stock fell 4% despite the lender reporting a sharp rise in revenue in investment banking, partially offsetting the expected decline in interest payments.

BNY Mellon (NYSE: BK) stock fell 3% despite the lender reported a 5% increase in profits, as rising asset values boosted investment services fees, more than offsetting lower interest income for the world's largest custodian bank.

Tesla (NASDAQ: TSLA) stock fell 2.3% after CEO Elon Musk told staff in an internal memo seen by Reuters that the EV manufacturer is laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for electric vehicles.

AMD (NASDAQ: AMD) stock rose 1% after HSBC upgraded its stance on the chipmaker to ‘buy’ from ‘hold’, saying the artificial intelligence total addressable market is “more than enough to go around.”

PNC Financial Services Group (NYSE: PNC) stock fell 1.3% after the lender reported a 21% fall in first-quarter profit, hurt by lower interest income as it paid more to hold customer deposits in a high interest rate environment.

Ericsson (BS:ERICAs) ADRs rose 2.5% after the Swedish telecom equipment maker posted stronger than expected first quarter profit.

Trump Media & Technology (NASDAQ: DJT) stock fell 10% despite the media firm announcing plans to roll out a live TV streaming platform in phases.

Intra-Cellular Therapies (Nasdaq: ITCI), a biopharmaceutical company focused on therapeutics for central nervous system disorders, climbed 24% after it announced positive topline results from Study 501 evaluating lumateperone 42 mg as an adjunctive therapy to antidepressants for the treatment of major depressive disorder.

Live Nation Entertainment (NYSE: LYV) declined 6% after reports said the DOJ's ongoing investigation into its anti-competitive practices will result in the filing an antitrust lawsuit against the company as early as next month. The suit could be aimed at forcing a spinoff of Tickmaster.

Additional reporting by Louis Juricic


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