Tesla, Trump Media, Humana, PVH, Canoo, Disney, and More Stock Market Movers


Stock futures were falling Tuesday and Treasury yields rose as investors focused on economic data that could impact the outlook for U.S. interest rates.

Tesla
’s

report on first-quarter deliveries will be released Tuesday. Wall Street expects about 457,000 units, up 8% from 423,000 delivered in the first quarter of 2023. However, Al Root of Barron’s noted that analysts’ numbers per FactSet were too high since not all analysts update their estimates at the same rate. The company-compiled consensus number for deliveries is about 443,000 units.

Tesla

shares were down 1.3% ahead of the deliveries report.

Trump Media & Technology Group

was down 4% in premarket trading. Shares of the parent company of Truth Social plummeted 21% on Monday after it was disclosed the company lost $58.2 million in 2023 on sales of just $4.13 million. The company went public last week by merging with special-purpose acquisition corporation, Digital World Acquisition.

Humana

was down 9.2%,

UnitedHealth

fell 3.9%, and

CVS Health

declined 5.2% after the Centers for Medicare and Medicaid Services announced an average 3.7% increase in revenue for Medicare Advantage plans in 2025. The amount is the same as the proposed increase the government had announced in January, but it came as a surprise to investors who were hoping for a slight increase.

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PVH

was falling 26% after the owner of Calvin Klein and Tommy Hilfiger brands said it expects fiscal first-quarter revenue to decrease about 11% to $1.92 billion, below analysts’ estimates. Revenue in the fiscal year was forecast to drop 6% to 7%, with PVH pointing to a “tougher macroeconomic backdrop in 2024.” Fourth-quarter adjusted profit at PVH beat estimates and revenue was mostly flat at $2.49 billion.

Electric-vehicle maker

Canoo

said it expects fiscal-year revenue of $50 million to $100 million, below analysts’ forecasts of $152.5 million. In the just-completed fourth quarter,

Canoo

said it completed 17 vehicles and posted revenue of $367,000, below analysts’ estimates of about $700,000. The stock was tumbling 24%.

Walt Disney

was down 0.3% after The Wall Street Journal reported the entertainment company has pulled ahead in its proxy fight against Nelson Peltz’s Trian Partners with more than half of all shares voted. The Journal, which cited people familiar with the matter, said there were no guarantees

Disney

would remain ahead since votes were still being cast and investors can change them through Disney’s annual meeting Wednesday. 

GE Vernova, the power generation business spun off from

General Electric
,

will begin trading Tuesday under symbol “GEV.” GE Vernova includes a money-losing wind business and a more stable gas-powered turbine unit.

GE Healthcare Technologies

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was spun off last year. The remaining company will be renamed GE Aerospace.

Earnings reports are expected Tuesday from

Paychex
,

Cal-Maine Foods
,

and

Dave & Buster’s Entertainment
.

Write to Joe Woelfel at joseph.woelfel@barrons.com



Read More: Tesla, Trump Media, Humana, PVH, Canoo, Disney, and More Stock Market Movers

2024-04-02 08:54:00

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