Market Updates
Movers: Apple, Las Vegas Sands, Lucid Group, MGM, Rivian, Tesla, Traeger, Wynn Resorts
Scott Peters
03 Jan, 2023
New York City
Apple Inc declined 3.3% to $125.03 on the worries that iPhone sales may fall more than 20% in the latest quarter on the ongoing demand weakness in China and at home in the U.S.
Apple stock declined 18% in 2022 and investors worried that a slowing global economy may dampen the appetite for expensive electronic gadgets.
China-linked casino operators traded higher on the hopes of a rebound in social mobility.
MGM Resorts International declined 0.5% to $33.36, Las Vegas Sands Corp advanced 2.2% to $49.27 and Wynn Resorts increased 3.1% to $85.08.
Newmont Mining jumped 4.9% to $49.52 after gold jumped 1% to $1,837.93 an ounce.
Barrick Gold added 3.70% to $17.82 and Agnico Eagle Mines jumped 3.1% to $53.60.
Tesla Inc plunged 13.1% to $106.93 after the automobile maker's fourth quarter deliveries disappointed investors.
In the fourth quarter, Tesla produced 439,701 vehicles and delivered 405,278 vehicles.
In 2022, the company sold 1.31 million vehicles, 40% higher than a year ago.
In the 2021 fourth quarter Tesla delivered 308,600 vehicles and in full-year delivered 936,172 vehicles.
The company has been struggling to sell luxury vehicles in China after zero-Covid policy restricted mobility in the first ten weeks of the last quarter.
The weakness in Tesla deliveries spilled over to other electric vehicles stocks.
Rivian Automotive Inc dropped 6.3% to $17.27 and Lucid Group dropped 9.3% to $6.20.
Both luxury automotive companies are struggling with weak cash flows.
Traeger Inc declined 7.6% to $2.61 after RBC downgraded the stock to "sector perform" from sector outperform."
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