© Reuters.
By Liz Moyer
Investing.com — Stocks rose on Monday as big tech companies lined up to report earnings this week. Here are the midday movers for Oct. 24:
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Alibaba Group Holdings Ltd ADR (NYSE:) shares along with other Chinese companies fell on Monday after Xi Jinping solidified his leadership for a third term over the weekend. The e-commerce giant’s shares slipped 15%. Baidu Inc (NASDAQ:) shares also fell 13.7%.
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Tesla Inc (NASDAQ:) stock fell 3.3% after the electric vehicle maker cut prices for its products in China. The Model 3 sedan price there fell about 5% to 279,000 yuan, or $38,500, and the Model Y SUV’ is now 9% lower in price, around 316,000 yuan, or $43,600.
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Microsoft Corporation (NASDAQ:) shares rose 1.6% as the software giant prepared to reveal third-quarter earnings on Tuesday. Analysts are optimistic about its cloud computing business, which generates roughly half of its overall revenue.
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Meta Platforms Inc (NASDAQ:) stock rose 2.4% after BofA analysts cut it to neutral from buy, citing concern for its advertising business. Last week, Snap (NYSE:) shares tumbled after a disappointing outlook for digital ad sales in the fourth quarter.
- JetBlue Airways Corp (NASDAQ:) shares rose 3.8% ahead of its earnings as the carrier becomes the latest to post its results and outlook. Analysts expect it to report profit of 24 cents a share adjusted on revenue of $2.6 billion as travel demand remains strong.
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