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Midday movers: Citigroup, KB Home, Tesla, and more

Published 01/11/2024, 07:41 AM
Updated 01/11/2024, 11:49 AM
© Reuters.

(Updated - January 11, 2024 11:47 AM EST) -- Main U.S. indexes declined Thursday following hotter than expected inflation data for December, raising doubts the Federal Reserve will cut rates as soon as some investors expect.

Here are some of the biggest U.S. stock movers today:​

Citigroup (C) stock fell 2.5% after the banking giant booked about $3.8 billion in combined charges and reserves that will erode its fourth-quarter earnings set to be reported on Friday.

Alphabet (NASDAQ:GOOGL) stock declined 0.6% following media reports that the tech giant’s Google unit is dismissing hundreds of its employees across several divisions to decrease costs and support an ongoing push into artificial intelligence.

KB Home (NYSE:KBH) stock fell 3% after the homebuilder disappointed with its fourth-quarter results, as the average selling price for its properties fell 4.5% during the quarter.

Coinbase (NASDAQ:COIN) stock declined 5% following news that the U.S. securities regulator has approved the first U.S.-listed exchange-traded funds to track bitcoin.

Chesapeake Energy (NYSE:CHK) stock rose 6.5% and Southwestern Energy Company (SWN) rose 0.9% after the two boards approved a merger valued at $7.4 billion, creating a gas giant.

Salesforce (NYSE:CRM) stock rose 1.4% after analysts upgraded the cloud-based software company to ‘outperform’ from ‘neutral’, highlighting the company's strong performance last year and current low valuation.

Chewy (NYSE:CHWY) stock declined 0.7% despite an analyst upgrade. Analysts upgraded the e-commerce company to ‘overweight’ from ‘equal weight’, highlighting it as a promising candidate for significant returns within the challenging market.

American Airlines (NASDAQ:AAL) stock rose 0.4% after analysts upgraded the carrier to ‘buy’ from ‘hold’, citing cost levers and better utilization.

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Tesla (NASDAQ:TSLA) declined 3.3% following reports the company notified workers at its California car plant of pay increases across its U.S. factories. Separately, rental car company Hertz Global (HTZ), down 4.4%, said it plans to sell one third of its fleet of electric vehicles in the U.S. to “better balance supply against expected demand of EVs.”

Netflix (NASDAQ:NFLX) shares rose 1.3% on optimism about strength in the streaming giant's ad-supported subscriber tier.

Additional reporting by Louis Juricic

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