See the companies making headlines in midday trading. Tesla, Li Auto – Tesla shares fell 3.4% to a 52-week low after announcing a price cut. The electric vehicle maker has cut prices for its Model 3 in China, in addition to cuts in other markets, Reuters reports. Chinese manufacturer Li Auto also cut prices on many models, sending shares down about 5.6%. Verizon Communications — Shares of the telecom giant fell more than 4% after posting mixed quarterly results. Verizon reported revenue of $33 billion, slightly below the $33.32 billion figure cited by analysts, according to FactSet. The company earned $1.15 per share excluding items in the first quarter, three cents above analysts’ consensus estimates. Verizon also reaffirmed its full-year guidance on a number of measures. Paramount Global – The entertainment company’s B-shares fell 0.5% on Monday as investors continue to evaluate the possibility of a buyout. CNBC’s David Faber reported Monday that Paramount’s special committee has yet to hear from Sony about a potential offer. Informatica — Shares of the enterprise data management company fell 10.5% after acquisition talks with Salesforce fell through. Salesforce shares rose 1.3%. Riot Platforms – Shares of Bitcoin miners rose 23.1% following the halving event, which saw Bitcoin mining rewards cut in half. Late last week, JPMorgan also reiterated its Outstanding rating on Riot. In a note to clients, the company said it is confident Riot will remain the leader in Bitcoin. Cryptocurrency stocks. In addition to Riot, several other Bitcoin-related companies saw movements as a result of the halving. Coinbase shares rose 7%, while MicroStrategy shares rose more than 12%. Cardinal Health — Shares fell 5% after the health care services and products company announced its drug distribution contract with UnitedHealth’s OptumRx would not be renewed when it expires in June. OptumRx sales contributed 16% of Cardinal Health’s fiscal 2023 consolidated revenue. However, the company reiterated its non-GAAP earnings per share guidance for fiscal 2024. Zions Bancorporation — Shares of the regional bank rose 3.5% after reporting better-than-expected first-quarter earnings, according to FactSet. Net interest income and net interest margin were also included in the estimates above. — CNBC’s Jesse Pound, Samantha Subin, Michelle Fox and Alexander Harring contributed reporting.
