On this episode of Stock Movers:
- Tesla (TSLA) introduced new versions of its top-selling models priced at under $40,000, making its main vehicles more affordable to counteract the loss of US incentives for electric cars. The new standard versions of the Model 3 sedan and Model Y sport utility vehicle start at $36,990 and $39,990, Tesla’s website shows. Those starting prices are about 13% and 11% cheaper, respectively, than premium longer-range versions of each model.Tesla shares fell 4.4% on Tuesday, giving up much of Monday’s gain stoked by social media posts from the company. The stock has risen more than 7% this year.
- Ford (F) faces months of disruptions to its business after a major fire at an aluminum plant in New York, the Wall Street Journal reported.The company will probably outline the fallout from the blaze when it announces quarterly earnings this month, the Journal reported, citing people familiar with the matter. Ford is the biggest customer of the plant, which is owned by Atlanta-based Novelis Inc., the newspaper said.
- AppLovin (APP) saw shares drop steeply earlier this week on reports the SEC has been probing its data-collection practices. AppLovin declined to comment, saying it generally doesn’t speak on potential regulatory matters. “We regularly engage with regulators and if we get inquiries we address them in the ordinary course,” the company said by email. “Material developments, if any, would be disclosed through the appropriate public channels.” The SEC didn’t comment. “During the shutdown, the SEC’s public affairs office is not able to respond to many inquiries from the press,” the agency said by email. Today, shares of the mobile advertising tech company gained back some of its loses.
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