In midday trading, several companies made headlines with significant stock movements. Tesla saw its shares drop over 6% after reporting an 8.5% year-over-year decline in deliveries in the first quarter. GE Vernova experienced a more than 3% increase in shares as it began trading on the NYSE under the ticker “GEV” following its spin-off from General Electric. ChampionX also saw a jump in stock price of over 8% after agreeing to be acquired by SLB for $7.7 billion in an all-stock deal. PVH, the parent company of Calvin Klein and Tommy Hilfiger, saw its shares tumble by more than 23% due to weak revenue guidance for the first quarter and full year.
Health insurance managed care stocks, including Humana, UnitedHealth, and CVS, fell after the Center for Medicare and Medicaid Services announced a 3.7% increase in rates for the 2025 calendar year, which was in line with previous proposals but lower than some investors had expected. Endeavor Group’s shares rose over 2.5% after private equity firm Silver Lake agreed to acquire the entertainment company in a $13 billion deal. Blackstone, an alternative asset manager, saw its shares slip 1% after being downgraded by UBS to neutral, citing potential pressure from a slow recovery in the real estate market. Nextracker’s shares dropped 4.6% following a downgrade by Barclays, although the stock is still considered a core holding with potential for consistent performance.
Figs, a healthcare apparel maker, saw its shares decline by 6.2% after a Bank of America downgrade to underperform from neutral, citing a challenging retail environment. Petco, a pet goods retailer, experienced a 6.7% decrease in stock price after being downgraded by Bank of America to underperform from buy, with concerns about market share. D.R. Horton, a homebuilder, saw its shares slip 3.7% after being downgraded by Wedbush to underperform from neutral, along with several other homebuilders. The firm anticipates a seasonal stock price decline for homebuilding stocks into the summertime. Veeva Systems’ shares fell over 5% after the company announced that Chief Financial Officer Brent Bowman had left, with Tim Cabral serving as interim CFO until a permanent replacement is found.
Overall, the stock market saw a mix of gains and losses for various companies in midday trading. Tesla faced a decline in shares after reporting lower than expected deliveries, while GE Vernova and ChampionX experienced increases following corporate developments. Health insurance managed care stocks fell after rate announcements, and several companies, including Figs, Petco, and D.R. Horton, saw declines after being downgraded by analysts. Despite the fluctuations, some companies like Endeavor Group and Nextracker still showed potential for growth and consistent performance in the future.
