Stocks making the biggest moves midday: Tesla, GE Vernova, UnitedHealth Group and more
Check out the companies making headlines in midday trading. Tesla — Tesla shares sank more than 6% after the electric vehicle maker reported an 8.5% year-over-year decline in deliveries in the first quarter. GE Vernova — Shares jumped more than 3% after GE Vernova started trading on the NYSE Tuesday under the ticker “GEV,” following its spin-off from General Electric. Shares of GE Aerospace , which was formerly General Electric and is keeping the “GE” ticker symbol, gained roughly 1%. ChampionX — Shares of the oilfield equipment maker jumped more than 8% after it agreed to be bought by SLB for $7.7 billion in an all-stock deal. The deal is expected to close before the end of 2024. PVH — Shares of the Calvin Klein and Tommy Hilfiger parent tumbled more than 23% following weak revenue guidance for the first quarter and full year. Although the retailer topped quarterly estimates on the top and bottom lines, it warned of a tougher macroeconomic backdrop and slow growth in Europe. Humana , UnitedHealth , CVS — Health insurance managed care stocks fell after the Center for Medicare and Medicaid Services announced rates for the 2025 calendar year will increase 3.7%, in-line with previous proposals. However, some investors had anticipated a larger hike. Humana slumped 13.1%, while CVS Health and UnitedHealth Group fell 9% each. Endeavor Group — Shares of entertainment company Endeavor rose more than 2.5% after private equity firm Silver Lake agreed to acquire the company in a $13 billion deal. Blackstone — Shares of the alternative asset manager slipped 1% after UBS downgraded it to neutral, saying the company could be pressured by a slow recovery in the real estate market. Nextracker — Shares dropped 4.6% after Barclays downgraded the solar tracking company to equal weight from overweight, saying Nextracker is “trading at a premium to all other relevant comps.” However, the Wall Street bank still considers the stock a core holding that will be a “consistent performer” for investors. Figs — Shares of the healthcare apparel maker slipped 6.2% following a Bank of America downgrade to underperform from neutral. The bank said Figs is facing a tough retail environment. Petco — The pet goods retailer stock dropped 6.7% after Bank of America downgraded it to underperform from buy, citing lower market share. D.R. Horton — The homebuilder’s shares slipped 3.7%. Wedbush downgraded the D.R. Horton and several other homebuilders to underperform from neutral. The firm said homebuilding stocks could see “a normal seasonal stock price decline” into summertime. Veeva Systems — Shares fell more than 5% after the company said Chief Financial Officer Brent Bowman left. Tim Cabral, the company’s previous CFO from 2017 to 2020, will serve as interim CFO until a permanent replacement is found. — CNBC’s Sarah Min, Alex Harring and Samantha Subin contributed reporting
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