Market Updates
Movers: Apple, AMC, Lyft, Las Vegas Sands, Tesla
Scott Peters
28 Dec, 2022
New York City
Tech stocks rebounded following a 7-day decline and a slight easing in bond yields.
Apple Inc and Tesla jumped 4.2% to $113.60, Apple Inc inched up 0.1% to $130.16 and Microsoft added 0.6% to $238.60.
AMC Entertainment Holdings Inc fell 0.7% to $4.0 after chief executive Adam Aron requested the company's board to freeze his salary and recommended other executives to follow his move.
Southwest Airlines Co declined 1.9% to $33.30 and the discount carrier struggled to normalize its flight schedule after canceling thousands of flights over the holiday weekend.
The stock is nearing its one-year low.
Shares of ride hailing companies were in focus on the expectations of improving demand for travel services.
Lyft Inc increased 1.01% to $9.97 and dropped below $10 a share for the first time since the ride hailing company priced its public offering in 2019.
Lyft priced its initial public offering at $72 a share and sold 32.5 million shares and raised $2.3 billion on March 28, 2019.
Uber Technologies traded up 1% to $24.65 and extended this year's loss to 44%.
Uber priced its shares at $42 a share and raised $8.1 billion in a public offering on May 10, 2019.
China-linked stocks edged lower and trimmed previous day's gains after authorities stopped collecting data on coronavirus infection data.
With no data available from the government agencies, investors are struggling to understand the scope of the health epidemic and its impact on business activities.
Las Vegas Sands declined 2.8% to $47.09 and Wynn Resorts fell 2.6% to $82.14.
Alibaba Group Holding declined 2.3% to $87.73.
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