Prism Stocks making the biggest moves midday: Tesla, Verizon, Paramount, Coinbase and more
Take a look at the companies that grabbed the headlines in midday trading.
, Li Auto
— Tesla’s shares saw a drop of about 4%, marking a 52-week low, as a result of announced price reductions. The electric car producer slashed prices for its Model 3 in China, along with price reductions in other markets, as reported by Reuters. Li Auto, a Chinese manufacturer, also reduced prices across multiple models, causing a 6% fall in shares.
— The telecom behemoth witnessed a more than 4% decline post its mixed quarterly results announcement. Verizon’s revenue was pegged at $33 billion, slightly below the $33.32 billion predicted by analysts, as per FactSet. The first quarter saw the company earning $1.15 per share, excluding items, three cents higher than analysts’ consensus forecast. Verizon also confirmed its full-year guidance across multiple metrics.
- B-class shares of the entertainment entity fell 2% on Monday as investors weighed the potential buyout scenario. According to a report by CNBC’s David Faber on Monday, Paramount’s special committee is yet to receive a potential offer from Sony.
— The firm specializing in enterprise data management slid nearly 9% following the collapse of its acquisition talks with Salesforce. In contrast, Salesforce shares edged upwards by less than 1%.
— Following the “halving” event, where bitcoin mining rewards were halved, the bitcoin miner recorded a 14% surge. JPMorgan last week reiterated its overweight rating on Riot, affirming in a note to clients its belief in Riot’s continued leadership in bitcoin.
Crypto stocks — Alongside Riot, several bitcoin-related stocks responded positively to the halving event. Coinbase recorded a 5% gain, while MicroStrategy surged by over 12%.
— Shares plunged 4% after the company, specializing in health-care services and products, revealed its drug distribution contract with UnitedHealth’s OptumRx won’t be renewed post its June expiration. The sales to OptumRx constituted 16% of Cardinal Health’s total revenue in the fiscal year 2023. Despite this, the company reaffirmed its fiscal 2024 non-GAAP EPS guidance.
— After declaring better-than-anticipated earnings in Q1, as per FactSet, the regional bank’s shares rose by 2%. Their net interest income and net interest margins also surpassed estimates.
