Closing Bell: Tesla Rallies, Centene Plunges, Intel Falls
Jul 2, 2025
Tesla's shares rallied as the company posted a less severe decline in vehicle sales than analysts feared, delivering 384,122 units. However, future sales could be affected by potential changes in EV tax credits. In stark contrast, Centene's stock plummeted over 40% after it withdrew its profit forecast, caught off guard by rising risks from Affordable Care Act plans. Additionally, Intel is considering a strategic shift amid market pressures, while Adobe struggles against competition from Figma, leading to significant stock declines.
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Tesla Sales Beat Pessimistic Forecasts
Tesla's vehicle sales declined 13% year-over-year but were better than feared by some analysts anticipating over 20% drop.
This less drastic decline provided relief to investors worried about Tesla's early-year slump recovery.
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Centene Shocked Investors with Profit Warning
Centene's shares plunged over 40% due to withdrawing profit outlook amid rising risks from Affordable Care Act plans.
This sudden change shocked investors, illustrating insurers struggling to price risk accurately in a shifting regulatory environment.
insights INSIGHT
Intel CEO Explores Strategy Shift
Intel shares fell over 4% amid reports CEO Lip-Bu Tan is considering no longer marketing certain chipmaking technologies externally.
This potential strategy shift could significantly impact Intel's foundry business and market position.
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- Tesla (TSLA) shares rallied today 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. The sales figures run counter to Elon Musk’s claim in mid-May that Tesla’s car business had recovered from an early-year slump driven in part by blowback over his work in the Trump administration. Sales could be further challenged toward the end of this year if Congress passes the president’s multitrillion-dollar spending bill that would eliminate tax credits for EV purchases.
- Centene (CNC) shares plunged after the health insurer shocked investors by withdrawing 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. Shares of Centene dropped more than 40% in New York on Wednesday, the biggest one-day drop since its initial public offering in 2001. Other insurer stocks including Molina Healthcare Inc. and Oscar Health Inc. and Elevance Health Inc. sank by double digits.
- Intel (INTC) shares fell as much as 6% during trading following a report that CEO Lip-Bu Tan is exploring a potential strategy shift in its foundry business that would entail no longer marketing certain chipmaking technology to external customers.
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