Midday stock movers: Tesla, Boeing, UPS, and more

The stock market is trading higher midday, modestly recovering from earlier losses this week.

The S&P 500 added 0.26%, while the tech-heavy Nasdaq Composite climbed 0.74%. The Dow Jones Industrial Average lost 0.37%. The Russell 2000 Index rose 0.14%.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

Molina Healthcare (MOH) +21.8%
Tesla (TSLA) +20.0%
CBRE Group (CBRE) +9.7%
Align Technology (ALGN) +7.3%
Tyler Technologies (TYL) +7.1%

The worst-performing five S&P 500 stocks with the largest midday drop are:

Newmont Corporation (NEM) -14.3%
Teradyne (TER) -9.0%
IQVIA (IQV) -8.2%
Carrier Global (CARR) -7.5%
Textron (TXT) -6.7%

Stocks also worth noting include:

Nvidia (NVDA) +0.2%
Alphabet (GOOGL) +0.2%
Coca-Cola (KO) -1.3%
UPS (UPS) +4.8%
Boeing (BA) -1.8%

Boeing machinists rejected a new labor contract offering 35% wage increases, extending their strike that began on Sept. 13.
Stephen Brashear/Getty Images

Tesla soars on earnings beat

Tesla stock surged 20% after the company’s earnings for the third quarter were better than expected.

The company reported adjusted earnings per share of 72 cents, beating analysts’ forecast of 58 cents, making a “record Q3” for Tesla, chief executive Elon Musk said.

However, revenue of $25.18 billion slightly missed the $25.37 billion expected.

Automotive revenue rose 2% to $20 billion, nearly flat since late 2022. Energy generation and storage revenue surged 52% to $2.38 billion, while services and other revenue increased 29% to $2.79 billion.

Tesla launched its self-driving Cybercab in early October. Musk now is targeting volume production of at least 2 million units annually by 2026.

Tesla also expects to see vehicle growth of 20% to 30% next year, Mush said in the earnings call.

Boeing slides after another labor contract fail

Boeing stock dropped 1.8% after its machinists rejected a new labor contract offering 35% wage increases, extending their strike that began on Sept. 13.

The union reported that 64% voted against the deal, which included a $7,000 bonus and increased 401(k) contributions. The rejection followed Boeing's announcement of a $6 billion quarterly loss.

The strike has halted much of Boeing’s aircraft production, costing the company about $1 billion monthly and putting its credit rating at risk.

Boeing CEO Kelly Ortberg emphasized that ending the strike is a priority to get the company back on track, as Boeing faces ongoing financial challenges.

Earlier this month, Boeing said it would cut 10%, or 17,000, of its jobs as losses mount during the strike.

UPS trades higher after earnings

United Parcel Service added nearly 5% after the company reported earnings.

The parcel delivery company posted an adjusted profit of $1.76 per share, surpassing analysts' average estimate of $1.63. Revenue was $22.25 billion, exceeding the expected $22.14 billion.

More Retail Stocks:

UPS has raised its full-year adjusted operating margin forecast, now expecting 9.6%, up from 9.4% in July.

The company’s recent takeover of the USPS air cargo business from FedEx is expected to be profitable within its first year under a new five-year contract.

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