Check out the companies making headlines in midday trading. Tesla – Tesla shares fell nearly 5% after the electric automaker reported an 8.5% year-over-year decline in first-quarter deliveries. GE Vernova – Shares closed down 1.4% after GE Vernova began trading on the New York Stock Exchange on Tuesday under the symbol “GEV,” following its spin-off from General Electric. Shares of GE Aerospace, formerly known as General Electric and retaining the ticker symbol “GE,” fell 2.4%. ChampionX – Shares of the oilfield equipment maker jumped more than 10% after it agreed to be purchased by SLB for $7.7 billion in an all-stock deal. The deal is expected to close before the end of 2024. Shares of PVH — the parent company of Calvin Klein and Tommy Hilfiger — fell more than 22% after weak revenue guidance for the first quarter and full year. Although the retailer beat quarterly estimates at the top and bottom, it warned of a tougher macroeconomic backdrop and slower growth in Europe. Humana, UnitedHealth, CVS – Health insurance managed care shares fell after the Centers for Medicare & Medicaid Services announced that rates for calendar year 2025 would increase 3.7%, in line with previous proposals. However, some investors expected a larger increase. Humana shares fell 13.4%, while CVS Health and UnitedHealth Group shares fell 7.2% and 6.4%, respectively. Endeavor Group – Shares of entertainment company Endeavor rose more than 2% after private equity firm Silver Lake agreed to acquire the company in a $13 billion deal. Blackstone – Shares of the alternative asset manager fell 3.6% after UBS downgraded its rating to neutral, saying the company could be under pressure due to a slow recovery in the real estate market. Nextracker – Shares fell about 6.9% after Barclays downgraded the solar tracker to equal weight from overweight, saying Nextracker “trades at a premium to all other related companies.” However, the Wall Street bank still considers the stock an essential holding that will be a “consistent performer” for investors. Fig – Shares of the healthcare apparel maker fell 7.4% after Bank of America was downgraded to underperform from neutral. The bank said Figs faces a difficult retail environment. Petco – The pet goods retailer's stock fell 6.7% after Bank of America downgraded its rating to underperform from buy, citing declining market share. Dr. Horton – Shares of the home builder fell 3.8%. Wedbush downgraded DR Horton and several other homebuilders to underperform from neutral. Homebuilding stocks could see a “normal seasonal decline in stock prices” in the summer, the company said. Veeva Systems – Shares fell more than 6% after the company said CFO Brent Bowman left. Tim Cabral, the company's former CFO from 2017 to 2020, will serve as interim CFO until a permanent replacement is found. CNBC's Sarah Main, Alex Haring and Samantha Sobin contributed reporting.
