Closing Bell Movers: Tesla and IBM fall as Q3 results disappoint

Major indices caved for the second straight day on Wednesday under the weight of broad-based selling in Tech, Communication Services – where Netflix (NFLX) was an outsized loser – and Industrials.  Following earnings from the first of the Mag-7 – Tesla – the opening two hours of the evening session are also seeing U.S. equity futures down slightly, with S&P 500 and Nasdaq 100 contracts down 0.2% and Dow Industrials off by 0.3%.

In commodities, the blow-off selling in precious metals has abated as Gold has bounced back above $4,100 and Silver traded up toward $48 per ounce.  Meanwhile, Crude Oil is up sharply for the third straight day, topping $60 per barrel on geopolitical concerns following U.S. decision to sanction Russia’s top two oil producers – Rosneft and Lukoil – as well as Trump’s decision to cancel his 2nd round of talks with Putin in a bid to exert pressure toward resolving the war in Ukraine.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Medpace Holdings (MEDP) up 18.5%
• Core Laboratories (CLB) up 14.2%
• QuantumScape (QS) up 9.9%
• Kaiser Aluminum (KALU) up 8.6%
• Helix Energy Solutions (HLX) up 6.0%
• Las Vegas Sands (LVS) up 5.1%
• Churchill Downs (CHDN) up 4.9%
• O’Reilly Automotive (ORLY) up 1.3%

ALSO HIGHER –

• Ventyx Biosciences (VTYX) up 82.6% after results from VTX3232 study
• Hudson Technologies (HDSN) up 5.6% after securing U.S. Defense Logistics Agency contract 

DOWN AFTER EARNINGS –

• Molina Healthcare (MOH) down 19.0%
• Oceaneering International (OII) down 8.0%
• Packaging Corporation of America (PKG) down 7.3%
• IBM (IBM) down 6.4%
• Tesla (TSLA) down 3.5%
• United Rentals (URI) down 2.9%
• Lam Research (LRCX) down 1.2%
• Kinder Morgan (KMI) down 0.5%