On this edition of Stock Movers:
- Tesla (TSLA) shares jumped after the carmaker posted a less drastic decline in vehicle sales than the most pessimistic analysts feared. The company delivered 384,122 vehicles during the last three months, down 13% from a year earlier. While that leaves Tesla in a deep hole to dig out from to avoid another annual drop, some investors were braced for a more than 20% plunge. “We’re at the bottom here,” Gene Munster, managing partner of Deepwater Asset Management, said on Bloomberg Television.
- Nike (NKE), Lululemon (LULU), GAP (GAP) and other US retail shares are up after President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports. A 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on any goods deemed to be transshipped through the country, Trump said in a social-media post on Wednesday. Trump said that Vietnam had agreed to drop all levies on US imports.
- Health insurer Centene (CNC) shares are down as they shocked investors Tuesday when it withdrew its profit outlook on precipitously rising risks from Affordable Care Act plans, sending shares plummeting the most on record. The company appears to have been badly caught off guard by the impact of US government actions. It’s an ominous sign for insurers, whose purpose is to price for risk but have lately been blindsided by it.
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