Major Wall Street indices closed in the red on Tuesday, the first trading day of 2023, as concerns over rising rates and inflation still seem to drive investor sentiments. The Nasdaq Composite closed 0.76% lower while the Dow Jones ended Tuesday’s session marginally in the red. The S&P 500 shed 0.4% during the day. Meanwhile, here are five stocks drawing investors’ attention:
1. Tesla Inc TSLA: Shares of Tesla closed 12.24% lower on Tuesday, dragged by concerns over weakening demand and logistical problems that have hampered deliveries. Tuesday’s decline erased nearly $50 billion in market value for Tesla, which is roughly equal to the valuation of its rival Ford Motor Company F, reported Reuters.
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2. Amazon.com, Inc. AMZN: Amazon said on Tuesday it has reached an agreement with certain lenders for an $8 billion unsecured loan, reported Reuters. The term loan has a maturity of 364 days, with an option to extend for another 364 days and the proceeds would be deployed for general corporate purposes, the report said. Shares of Amazon closed 2.17% higher on Tuesday.
3. Apple Inc AAPL: Apple’s market capitalization declined sharply on Tuesday taking it below the $2 trillion mark for the first time since March 2021, reported Reuters. Shares of the company closed 3.74% lower after Exane BNP Paribas analyst Jerome Ramel downgraded the company to “neutral” from “outperform,” cutting the price target to $140 from $180, the report said citing Refinitiv Eikon.
4. Aurinia Pharmaceuticals Inc AUPH: Shares of the company closed 37.5% higher on Tuesday. The company announced it has entered into an agreement with Sun Pharmaceuticals to terminate the ongoing inter partes review as well as for the settlement of the ongoing patent infringement litigation.
5. Vera Therapeutics, Inc. VERA: Shares of the company closed 5.43% lower and shed 59.18% in extended trading. It is not clear what drove the stock price down although the company was in news on Tuesday as it announced positive topline results of Phase 2b ORIGIN Clinical Trial of Atacicept.