Nvidia was up 0.9% in premarket trading. The artificial intelligence chipmaker’s stock fell 10% on Friday, its worst single-day decline since March 16, 2020, when it fell 18.5%, according to Dow Jones Market Data. Nvidia’s market capitalization fell by $212 billion on Friday, the company’s biggest single-day decline. Technology stocks, especially those in the semiconductor sector, have been under pressure over the last week, with Nvidia down nearly 14%.
Tesla stock fell 4.2% after the electric car company lowered the prices of its Model Y, S and X in the United States over the weekend. The cuts are a sign of weaker demand, and automakers are struggling to generate more demand these days, according to Al Ruto, a reporter at . Barons. The company also cut prices in China and Europe. Tesla stock ended its sixth straight session of declines. Friday’s decline came after Tesla recalled about 4,000 Cybertrucks.
Li Auto’s U.S.-listed shares fell 8.1% after the Chinese EV maker cut prices in China as well.
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Super Microcomputer’s stock price fell 2.2% in pre-market trading. Shares plunged 23% on Friday after the artificial intelligence hardware company said it would report earnings on April 30, but did not release preliminary results for its fiscal third quarter. Investors were hoping for a positive update from the company. For example, in January, 11 days before the company announced its financial results, Super Micro significantly raised its profit and sales forecasts.
Verizon Communications rose 1.6% after the telecom giant said it lost 158,000 users in its consumer wireless postpaid phone business in the first quarter, up from 263,000 in the same period last year. This has improved from the decrease in users. Verizon also reported adjusted earnings of $1.15 per share in the first quarter, 5 cents less than a year earlier, but ahead of analysts’ expectations of $1.12.
Discussions between Salesforce and Informatica
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The data management software provider has stalled after the two companies were unable to agree on terms, The Wall Street Journal reported, citing people familiar with the matter. Earlier this month, the Journal reported that the two companies were in talks. The transaction value is estimated to be approximately $10 billion. Salesforce stock rose 3.4%, while Informatica fell 5.9%.
Coinbase Global rose 2.2%.
Bitcoin
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It rose 1.1% to $65,956 after the cryptocurrency’s so-called halving late Friday.
Gold prices plunged as tensions eased in the Middle East and investors moved from safe-haven to risky assets, with Newmont falling 2.6% and Barrick Gold falling 2.9%.
Report from Tesla is expected later in the week
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ge aerospace
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visa
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pepsico
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texas instruments
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philip morris
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united parcel service
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lockheed martin
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meta platform
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IBM
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thermo fisher scientific
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AT&T
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ServiceNow
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boeing
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microsoft
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alphabet
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Merck
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T-mobile
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caterpillar
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comcast
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intel
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bristol myers squib
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exxon mobil
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chevron
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and AbbVie
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Email Joe Weelfel at joseph.woelfel@barrons.com.
