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Home»Business»Finance»Midday Stock Market Update: Tesla, Nike, Humana and Other Top Movers
Finance

Midday Stock Market Update: Tesla, Nike, Humana and Other Top Movers

News RoomBy News RoomOctober 2, 20240 ViewsNo Comments3 Mins Read
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In midday trading, Tesla’s shares declined by about 4% after falling short of third-quarter delivery estimates. The company reported deliveries of 462,890 vehicles, slightly below FactSet’s estimate of 463,310. Nike also faced a rough day in the market, with its stock dropping 6% after withdrawing its full-year guidance and postponing its investor day due to an impending CEO change. Despite this, Nike’s fiscal first-quarter earnings and revenue exceeded Wall Street’s expectations. Another notable stock that took a hit was Humana, which saw its shares plummet more than 17% following its preliminary 2025 Medicare Advantage data. The company announced a significant decrease in the number of members enrolled in higher-rated plans for the upcoming year and is exploring options to address expected revenue declines in 2026.

Chinese stocks, on the other hand, continued to rally thanks to stimulus measures in the country. JD.com saw a 5% increase in its stock price, extending gains for the fifth consecutive day. E-commerce company PDD also rose by 3%, contributing to the positive momentum in Chinese stocks. Exchange-traded funds tracking Chinese stocks overseas, such as the KraneShares CSI China Internet ETF, also saw gains despite mainland markets being closed for a holiday. In contrast, Harley-Davidson’s shares slipped by 3% after being downgraded by Baird from buy to neutral. The firm cited risks to the motorcycle maker’s third-quarter forecast due to weak retail activity, excess inventory, and negative sentiment reported by dealers.

Shares of Lamb Weston Holdings, a major player in the french fry market, rose more than 2% after the company reported better-than-expected fiscal first-quarter results. Earnings per share were 1 cent higher than analyst estimates, and revenue of $1.65 billion outperformed expectations of $1.56 billion. Lamb Weston acknowledged soft demand but announced plans to cut spending to improve cash flow. Diamondback Energy’s stock rose by 1% following an upgrade from Barclays, which raised the energy company’s rating from equal weight to overweight. The upgrade was based on Diamondback Energy’s $26 billion merger agreement with Endeavor Energy Resources. In contrast, Conagra Brands saw its shares drop 9% due to disappointing fiscal first-quarter results. Earnings per share fell short of estimates by 7 cents, and revenue of $2.79 billion missed the FactSet estimate of $2.84 billion.

Kangen Water

Overall, the market saw a mix of ups and downs for various companies during midday trading. While Tesla, Nike, and Humana faced challenges that led to declines in their stock prices, Chinese stocks continued to rally due to supportive government measures. Companies like Lamb Weston Holdings and Diamondback Energy saw positive movement following strong earnings reports and strategic deals, while Conagra Brands experienced a setback due to lower-than-expected financial performance. Investors will continue to monitor these companies and others in the market to assess potential opportunities and risks in the trading session.

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