Movers: Amazon.com, Apple, Baker Hughes, Spotify, Tesla, Wayfair
- Scott Peters
- Jan 23, 2023
Amazon.com said it plans to launch a dedicated air cargo service in India. Wayfar said it plans to lay off 10% of its staff. Spotify to cut 6% of its staff. Baker Hughes quarterly earnings plunged.
Amazon.com Inc edged lower 0.3% to $96.96 after the company said it plans to expand its Amazon Prime air services connecting four major cities in India, one of the fastest growing e-commerce markets in the world.
Apple Inc rose 3.2% to $142.23 and the maker of popular computing devices is looking to diversify its manufacturing base following the rising tensions between China and the U.S.
Apple Inc plans to increase its iPhones production in India to 25% from the current 5% to 7%, commerce and industry minister Piyush Goyal said today.
Baker Hughes Company declined 1.1% to $30.74 after the oil services provider reported higher revenues but profit dropped in the fourth quarter.
Revenue increased 7.7% to $5.91 billion from $5.49 billion last year and net income dropped 38% to $182 million from $394 million and diluted earnings per share declined to 18 cents from 44 cents a year ago.
The oil services provider retained its positive outlook for the energy sector despite tightening monetary conditions and operating challenges under recessionary conditions.
CNH Industrial NV gained 0.06% to $17.04 in New York and added 0.6% to €15.79 in European trading and the agriculture equipment maker was in focus after union workers ratified a new contract for two manufacturing locations in Iowa.
Nokia Oyj increased 1.6% to €4.29 in European trading and gained 0.4% to $4.29 in New York after the Finnish telecom company signed a cross-license patent agreement with Samsung Electronics.
Spotify Technology SA increased 2.2% to $100.22 after the audio streaming platform said it plans to trim its workforce by 6%.
Tesla Inc increased 7.1% to $142.87 on the hopes that the rebounding business activities in China will enable the company to resume its production earlier than expected in the world's second-largest economy.
Wayfair Inc soared 22.9% to $57.51 after the online furniture platform said it plans to eliminate 1,750 jobs or about 10% of its staff citing macro headwinds and uncertain economic outlook.
JPMorgan analyst Christopher Horvers revised stock rating to "overweight" from "underweight" and lifted price target to $63 from $35 and cited "changing market share trends" and the company's "new found commitment to controlling investments and expenses."
|Amazon com Inc||AMZN||8%||-97%||2%|
|CNH Industrial N V||CNHI||7%||-18%||52%|
|Spotify Technology S.A.||SPOT||25%||-67%||-24%|