Tesla- When Tesla announced it will lower prices in China, the price of its stock dropped by 1.49 percent. The Model 3 and Model Y cars are included in the price reductions. Last week, Elon Musk, Tesla’s CEO, said he believed China was entering a recession.
Stocks Making the Biggest Moves Midday
WeWork- After Cantor Fitzgerald began covering WeWork stock with an overweight rating, the price jumped 6.22 percent. Cantor stated that the office-sharing company saved $2.7 billion through cost reduction and portfolio optimization of its real estate holdings.
Alibaba and Pinduoduo- Investors’ enthusiasm for non-state-driven Chinese enterprises dropped Monday after Beijing strengthened President Xi Jinping‘s grip on power. Alibaba, a tech powerhouse, sank 12.51 percent, and Tencent Music Entertainment fell 4.96 percent. Pinduoduo, another digital company, fell by an astounding 24.61% on Monday.
Las Vegas Sands, Wynn Resorts- Casino operators as a whole have had their stock prices drop by 10.29% and 3.86 %. They’re both vulnerable because of their exposure to China’s market, which collapsed due to the aforementioned political shakeup.
Starbucks- The stock price of Starbucks fell by 5.47 percent on Monday. The brand has a foothold in China as well, where it recently opened its 6,000th store.
Avis Budget Group- After JPMorgan raised its rating on the rental car company to overweight from neutral, the stock price increased by 16.63 percent. Experts predict that the current high cost of renting a car will last for much longer than the market anticipates.
Myovant Sciences- Following the announcement that a subsidiary of majority shareholder Sumitomo Pharma will acquire the biopharmaceutical firm, the stock price rose 9.17%. The $27 per share purchase price is more than Sumitomo’s first offer of $22.75 per share.
HCA Healthcare- The healthcare provider recovered 6.97% following its Friday slump. Following mixed results for the third quarter, including a revenue miss, HCA stock dropped 5.7% on Friday.
Stocks making the biggest moves midday: Avis, Pinduoduo, Starbucks, Alibaba and more – Newsworldpress @ https://t.co/eMzKswJlsa pic.twitter.com/bByhmUuHNs
— newsworldpress.com (@newsworldpress) October 25, 2022
Williams-Sonoma- Williams-Sonoma, a retailer of home furnishings, had its stock price fall early Monday before recovering somewhat to end the day down 0.77 percent. Jefferies reduced their recommendation for the stock to underperform from hold. The analysts said the downgrade was because of the increased scrutiny of the economy.
AT&T- Raymond James raised its rating on AT&T shares to strong buy from outperform, stating that the company’s return to its core business has helped the stock and that the company’s shares might jump by 40%. The stock gained 2.4%.
Tractor Supply Company- Tractor Supply Company (TSCO) stock followed the market’s 5.3% increase in price with a 5.5% gain. A week ago, the firm announced earnings that surpassed projections, and it has also recently completed the acquisition of Orscheln Farm and Home.
Aaron’s- Bank of America lowered the rent-to-own furniture stock from neutral to underperform, citing the “financial health of the subprime customer” as a reason for the downgrade. The stock declined 7%.
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