Stock Movers Tesla Gains, Boeing Rises, Philip Morris Up After Shelving US Cigar Unit Sale
Apr 23, 2025
Tesla's stock surged 8.5% as Elon Musk plans to cut back on government work to focus on electric vehicles. Boeing exceeded Wall Street's estimates with its latest results, aiming to ramp up 737 Max production. Meanwhile, Philip Morris decided against selling its US cigar unit, shifting its focus to smoke-free alternatives that currently make up a significant portion of its revenue. These developments suggest a positive trajectory for each company amid market fluctuations.
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Tesla Gains on Musk's Focus Shift
- Tesla shares rose about 8.5% after Elon Musk vowed to reduce his government-related work to focus more on Tesla.
- Despite a disappointing earnings report, investor optimism rallied around Musk's renewed commitment to core business.
Boeing Surges on Strong Results
- Boeing reported first quarter results beating Wall Street estimates with decreasing free cash burn, sparking a 9% stock jump.
- The company aims to increase 737 Max jetliner production to 42 units per month by year-end, signaling recovery efforts.
Philip Morris Shifts to Smoke-Free Future
- Philip Morris called off a $1 billion US cigar unit sale amid market volatility, focusing instead on smoke-free alternatives.
- Its smoke-free business made up 42% of Q1 net revenue and aims to exceed two-thirds of sales from alternatives by 2030.