Check out the companies making the biggest moves midday:
Tesla — Shares of the electric vehicle company shed 3.2% after Tesla cut the starting prices for some of its vehicles in China. The price decreases apply to Model 3 and Model Y cars. CEO Elon Musk said last week that he saw signs of a recession in China.
WeWork — Shares of WeWork rallied 4.3% after Cantor Fitzgerald initiated coverage of the stock with an overweight rating. Cantor said that the office-sharing company’s cost and optimization of its real estate portfolio cut $2.7 billion in expenses.
Alibaba, Pinduoduo — Shares of Chinese companies listed in the U.S. dropped Monday sharply after Beijing tightened President Xi Jinping’s grip on power, souring investor sentiment for non-state-driven companies. Tech giant Alibaba lost 14%, while Tencent Music Entertainment fell about 5%. Another tech name Pinduoduo plunged a whopping 25% Monday.
Las Vegas Sands, Wynn Resorts – Shares of the casino operators are down 13% and 5.7%, respectively. They both have exposure to China, which saw its market plummet amid the aforementioned political reshuffling.
