Stocks making the biggest moves midday: Tesla, Verizon, Paramount, Coinbase and more

Published Mon, Apr 22 202412:15 PM EDTUpdated Mon, Apr 22 20244:06 PM EDT

Check out the companies making headlines in midday trading. Tesla , Li Auto — Tesla shares declined 3.4%, hitting a 52-week low, following announcements of price cuts. The electric vehicle maker lowered prices for its Model 3 in China, on top of decreases in other markets, Reuters reported . Chinese manufacturer Li Auto also lowered price tags on many models, sending shares down around 5.6%. Verizon Communications — The telecommunications giant fell more than 4% after posting mixed quarterly results. Verizon reported $33 billion in revenue, slightly under the $33.32 billion figure penciled in by analysts, per FactSet. The company earned $1.15 a share, excluding items, in the first quarter, three cents more than the consensus forecast of analysts. Verizon also reaffirmed its full-year guidance for several measures. Paramount Global — The B-class shares of the entertainment company dipped 0.5% on Monday as investors continued to gauge the possibility of a buyout. CNBC's David Faber reported Monday that Paramount's special committee has not yet heard from Sony about a potential offer. Informatica — The enterprise data management company tumbled 10.5% after acquisition talks with Salesforce broke down. Salesforce shares inched higher by 1.3%. Riot Platforms — The bitcoin miner rallied 23.1% following the " halving" event , in which bitcoin mining rewards were cut in half. Late last week, JPMorgan also reiterated its overweight rating on Riot. In a note to clients, the firm said it is confident that Riot will remain a bitcoin leader. Crypto stocks — In addition to Riot, several other bitcoin-related names moved on the back of the halving. Coinbase gained 7%, while MicroStrategy rallied more than 12%. Cardinal Health — Shares tumbled 5% after the health-care services and products company announced its drug distribution contract with UnitedHealth's OptumRx will not be renewed when it expires in June. Sales to OptumRx generated 16% of Cardinal Health's consolidated revenue in fiscal 2023. However, the company reaffirmed its fiscal 2024 non-GAAP earnings per share guidance. Zions Bancorporation — The regional bank advanced 3.5% after reporting better-than-expected earnings in the first quarter, per FactSet. Net interest income and net interest margins also came in above estimates. — CNBC's Jesse Pound, Samantha Subin, Michelle Fox and Alexander Harring contributed reporting.