Market Updates
Movers: Alibaba. Apple, JM Smucker, Las Vegas Sands, Nio, Southwest Air, Tesla
Scott Peters
27 Dec, 2022
New York City
Tesla Inc declined 8.7% to $112.62 on the worries of falling sales in China despite the year-end discounts.
Tesla China sales were between 10,000 and 13,000 in the first three weeks of December and fell just below 9,000 in the week ending December 25, according to CnEVPost.
China's total new energy vehicle sales in the week ending on December 25 were about 182,000 units, an increase of 48.1% from a year ago and 12.6% from the previous week.
Tesla dropped to a new 52-week low.
Apple Inc dropped 1.3% to $130.07 and fell to its 52-week low after tech stocks continued to slide in Tuesday's trading.
Despite the weakness in tech stocks, some consumer staples and healthcare stocks traded at multi-year highs.
JM Smucker jumped 0.9% to $159.85 and traded at all-time high and Merck & Co advanced 0.3% to a multi-year high of $112.20.
Nio Inc ADR dropped 9.0% to $9.98 after the electric vehicle maker in China lowered its fourth quarter sales outlook to 39,000 from the previous estimated range between 43,000 and 48,000.
The company blamed a sales shortfall to supply chain disruptions due to Covid outbreaks in major cities in China.
China-linked stocks were also in favor after China relaxed travel restrictions.
Las Vegas Sands Corp increased 4.4% to $48.51 and Wynn Resorts jumped 4.6% to $84.44.
Alibaba Group Holding Ltd increased 3.7% to $88.95.
Southwest Airlines Co declined 4.7% to $34.37 after the company canceled 70% of its scheduled flights and warned of flight disruptions for the next several days.
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