Take a look at the companies making headlines in midday trading. Tesla, Li Auto – Tesla shares fell nearly 4%, hitting a 52-week low after announcing price cuts. In addition to price cuts in other markets, the electric car maker has also lowered the price of the Model 3 in China, according to Reuters. Chinese manufacturer Li Auto also cut prices on several models, sending its shares down 6%. Verizon Communications — The telecommunications giant reported mixed quarterly results, sending its shares down nearly 4%. Verizon reported revenue of $33 billion, slightly lower than analysts’ forecast of $33.32 billion, according to FactSet. The company’s first-quarter earnings, excluding items, were $1.15 per share, 3 cents above analysts’ consensus forecast. Verizon also reiterated its full-year guidance on a number of measures. Paramount Global — The entertainment company’s Class B shares fell 2% on Monday as investors continued to evaluate the possibility of an acquisition. CNBC’s David Faber reported on Monday that Paramount’s special committee has yet to hear from Sony about a potential offer. Informatica — Shares of the enterprise data management company fell nearly 9% after acquisition talks with Salesforce broke down. Salesforce shares edged up less than 1%. Riot Platforms – Bitcoin miners are up 14% following the “halving” event, in which Bitcoin mining rewards were cut in half. Late last week, JPMorgan Chase also reiterated its overweight rating on Riot. In a note to clients, the company expressed confidence that Riot will remain the leader in Bitcoin. Crypto Stocks – In addition to Riot, several other Bitcoin-related stocks are also rising post-halving. Coinbase rose 5% and MicroStrategy gained more than 12%. Cardinal Health — Shares of Cardinal Health fell 4% after the health care services and products company announced that its drug distribution contract with UnitedHealth’s OptumRx will not be renewed when it expires in June. OptumRx sales accounted for 16% of Cardinal Health’s fiscal 2023 consolidated revenue. However, the company reiterated its fiscal 2024 non-GAAP earnings per share guidance. Zions Bancorporation — Shares of Zions Bancorporation rose 2% after the regional bank reported better-than-expected first-quarter profits, according to FactSet. Net interest income and net interest margin were also higher than expected. —CNBC’s Jesse Pond, Samantha Subin, Michelle Fox and Alexander Harlin contributed reporting.
