Stock Market News
Midday Stock Movers: Tesla, Apple, Amazon, Robinhood
2022.04.29 19:15
By Sam Boughedda
Investing.com — U.S. equities are declining before the weekend, with the NASDAQ down over 1.5% midday. Here’s what’s moving at the midway point on Friday, April 29th.
- Amazon.com (NASDAQ:AMZN) is down over 12% midday after the tech giant posted weaker-than-expected revenue guidance for the second quarter. Amazon also revealed a $7.6 billion loss on its Rivian investment.
- Tesla (NASDAQ:TSLA) is trading 3% higher despite CEO Elon Musk selling $8.5 billion worth of shares, days after he agreed on a deal to buy Twitter (NYSE:TWTR). However, Musk said no further sales are planned.
- Alibaba (NYSE:BABA) has gained 11%, Pinduoduo (NASDAQ:PDD) is up 17%, and Baidu Inc (NASDAQ:BIDU) is trading 7% higher as Chinese tech stocks gain on news policymakers in the country have signaled an easing of government crackdowns.
- AbbVie (NYSE:ABBV) stock has tumbled over 8% after it reported earnings, missing revenue expectations. The company reported revenue of $13.54 billion, compared to expectations of $13.67 billion.
- Intel (NASDAQ:INTC) beat earnings and revenue forecasts but is down 5% after the company posted weak second-quarter guidance.
- Apple (NASDAQ:AAPL) stock started the session lower before rising, then falling again, and is currently down 0.7% after it cautioned about more significant supply chain problems in the current quarter. However, the company beat both earnings and revenue forecasts.
- Robinhood Markets (NASDAQ:HOOD) initially fell but is now up 2.4%. The brokerage missed first-quarter earnings and revenue expectations, while users declined. The company said customers with smaller accounts traded less when the market declined.
