Movers: Carnival Corp, General Electric, GE Healthcare, Microsoft, Rivian, Salesforce, Tesla

Scott Peters
04 Jan, 2023
New York City

China-linked stocks were in focus again today on the ongoing speculation on the rebound in business and travel activities after the abrupt ending of zero-covid restrictions. 

Tesla Inc rose 3.3% to $111.49 on the hopes that China sales will revive soon. The company also extended 10,000 yuan ($1,388) offered in the last two weeks for vehicles made in Shanghai till the end of January. 

China's economic growth has dropped to its lowest pace in decades after the flare-up of Covid-infections and steep job losses in the tech sector. 

In the first 11 months to November, Tesla delivered 390,000 Model 3 and model Y vehicles, a 22% jump from full-year 2021 sales of 321,000 vehicles.  

China also ended its cash subsidy from the beginning of 2023 as electric vehicle sales jumped to 6.4 million in 2022 from 2.99 million in 2021 according to the China Passenger Car Association. 

Rivian Automotive fell 0.2% to $17.37 after the electric vehicle maker missed its production target. 

Casino operators Las Vegas Sands Corp, MGM Resorts and Wynn Resorts Limited soared between 5% and 6% on the hopes of a rebound in travel in China.   

Salesforce Inc increased 3.4% to $139.46 after the software company said it plans to eliminate 10% of its staff and also reduce office space as part of its restructuring plan. 

The company plans to take a charge between $1.0 billion and $1.4 billion related to staff trimming and an additional charge between $450 million and $650 million related to office space reduction. 

The cloud-based software developer employed about 79,000 people and let go of less than 1,000 people in November. 

Carnival Cruise Corp increased 8.6% to $8.99 after the company said it plans to raise prices from April 1 following the price increase by Norwegian Cruise from Jan 1. 

Microsoft Corp fell 4.9% to $227.21 after UBS lowered its stock rating to "neutral" from "buy" citing potential slowdown concerns in its Office and Azure business units. 

General Electric gained 3.6% to $68.71 after the company spun off its healthcare unit today. 

GE Healthcare Technologies jumped 3.4% to $58.10 on the first day of trading. 

In 2021, General Electric announced its plan to spin off its energy unit in 2024 and healthcare unit in 2022 and focus on its aviation business. 

Coinbase Global jumped 13.7% to $38.22 after the company entered into a settlement with the New York Department of Financial Services and agreed to pay a penalty of $50 million for prior compliance violations. 

The cryptocurrency exchange also agreed to invest additional $50 million in additional compliance measures and improvements. 

American Airlines, Delta Air and United Airlines increased between 5% and 6% after crude oil prices fell near one-year low.