Midday movers: Tesla, Boeing, Rivian and more
(Updated - January 17, 2024 11:45 AM EST)
Investing.com -- Main U.S. indexes slipped lower Wednesday on concerns that interest rate cuts by the Federal Reserve could be further away than earlier anticipated.
Here are some of the biggest U.S. stock movers today:
Walt Disney (NYSE:DIS) stock fell 1.6% after the entertainment giant rejected nominees to its board of directors put forward by activist investors, saying the current leadership team has made "considerable" progress in executing a sweeping overhaul of the company.
Tesla (NASDAQ:TSLA) stock fell 2.5% after the electric vehicle manufacturer cut prices of its Model Y cars in Germany, where it lost the spot as top electric vehicle seller to Volkswagen (ETR:VOWG_p) in 2023, a week after it reduced its Model 3 and Model Y prices in China.
Spirit Airlines (NYSE:SAVE) stock fell 24%, continuing the previous session’s slump, after a U.S. judge blocked JetBlue (JBLU), down 8.5%, from acquiring the carrier, citing competition issues.
Charles Schwab (NYSE:SCHW) stock declined 2.7% after the broker’s fourth-quarter revenue fell short of consensus. Management said it dealt with "challenges" posed by a tighter interest rate environment in 2023.
Interactive Brokers (NASDAQ:IBKR) stock rose 2.7% after the financial services company reported revenue that was slightly better than consensus was expecting for the quarter.
Manchester United (NYSE:MANU) stock fell 5.8% after the English soccer club lowered its full-year revenue and profit forecasts as a result of being knocked out of this season's European Champions League football tournament.
Alibaba (NYSE:BABA) ADRs fell 1.6%, JD (NASDAQ:JD) ADRs dropped 4.7% and Baidu (NASDAQ:BIDU) stock fell 3%, with the Chinese e-commerce giants hit by the weaker than expected growth data.
Instacart (NASDAQ:CART) stock rose 7.3% after Wolfe Research upgraded the delivery company to ‘outperform’ from ‘peer perform’, saying it can enhance efficiencies in logistics and advertising to foster healthy revenue growth.
Ford (NYSE:F) stock declined 2% after it was downgraded to ‘neutral’ from ‘buy’ by analysts at UBS. The stock was described as being fairly valued.
Rivian Automotive (NASDAQ:RIVN) stock fell by more than 5% after Deutsche Bank downgraded the automaker to ‘hold’ from ‘buy’. Analysts warned of potential for lower than expected volume and gross margin in 2024.
Spotify (NYSE:SPOT) stock declined 1.9% after analysts warned of headwinds for new subscribers in December and the early part of 2024.
Boeing (NYSE:BA) stock rose 1.5% after the FAA provided an update on inspections as part of a review of 737 Max 9 planes following a recent incident. The FAA said it completed an initial round of checks on 40 planes. The planes will remain grounded until the agency finishes the review and approves an inspection and maintenance process.
Sinclair (Nasdaq: SBGI) stock climbed 14% after it agreed to a global settlement related to litigation filed by Diamond Sports, removing an overhang on the stock.
MSCI (MSCI) stock declined 1% following a cautious report by short seller Spruce Point warning of 55% to 65% downside as the company faces client retention challenges.
Additional reporting by Louis Juricic
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