Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Tesla (TSLA) beat Wall Street’s profit expectations to start the year as the automaker said demand for its electric vehicles is rebounding around the globe, hinting at a possible recovery for its long-struggling automotive business. The shares rose 4% at 4:48 p.m. after the close of regular trading in New York. The stock has declined 21% from a record high in mid-December.
- IBM (IBM) posted quarterly sales in its software unit that were in line with estimates, failing to shake investor concerns about AI disruption to its business. Software revenue increased 11% to $7.05 billion in the period ended March 31, the company said Wednesday in a statement. Total revenue increased 9% to $15.9 billion compared with analysts’ average estimate of $15.7 billion. The shares declined about 6% in extended trading after closing at $251.86 in New York. The stock has slipped 15% this year.
- Texas Instruments (TXN) the biggest producer of analog chips, gave a surprisingly strong forecast for the current period, helped by booming spending on data centers. Revenue will be $5 billion to $5.4 billion in the second quarter, the company said in a statement Wednesday. Analysts had estimated $4.85 billion on average, according to data compiled by Bloomberg. Profit will be $1.77 to $2.05 a share, compared with a projection of $1.57.
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