Tesla Falls Ahead of Deliveries Figures
The Wall Street Journal reported that Xiaomi’s Hong Kong-listed shares surged following the announcement of its debut electric vehicle.
Rubrik, a cloud and data security software firm, submitted its filing for an initial public offering on Monday, following in the footsteps of Reddit (RDDT) and Astera Labs (ALAB) in breaking the dry spell in U.S. IPOs. In the most recent fiscal year, Rubrik reported a net loss of $354.2 million, up from $277.7 million the previous year. Headquartered in Palo Alto, California, Rubrik is set to be listed on the New York Stock Exchange under the ticker symbol “RBRK.” The company is looking to raise between $500 million and $700 million in its IPO, with Microsoft (MSFT) among its investors.
If you have any news tips for Investopedia reporters, please feel free to email us at the provided address.
Tesla (TSLA) shares are declining as the electric-vehicle manufacturer prepares to announce its first-quarter deliveries, while its competitors are reporting sales increases. Rubrik, a security software company backed by Microsoft (MSFT), has filed for an initial public offering. Humana (HUM) shares are falling in line with other health insurance companies after disappointing investors with a rate hike for Medicare Advantage plans. Trump Media & Technology Group (DJT), the parent company of Truth Social, continues to see a decline in its shares. General Electric’s three-way breakup will become official today, with its aerospace unit and power business trading as separate entities. U.S. stock futures are indicating a lower opening, crude oil futures have reached $85 a barrel in New York for the first time since October, and bitcoin (BTCUSD) is trading below $66,000. These are the key developments for investors to be aware of today.
Shares of Tesla (TSLA) experienced a 1% decline in premarket trading on Tuesday, approximately two hours before the market opened. This drop occurred ahead of the company’s announcement of its first-quarter delivery data for its electric vehicles. Investors are eager to see if Tesla can surpass the 422,875 cars it sold in the same period last year, especially considering the sales growth achieved by its competitors. Notably, Chinese electric-vehicle manufacturers XPeng (XPEV), Nio (NIO), Li Auto (LI), and BYD (BYDDY) reported year-over-year increases in their March deliveries on Monday. Tesla faced significant challenges in the first quarter of this year, with its shares declining by nearly 30%, making it the largest decliner among S&P 500 stocks. The company is also encountering fierce competition in China, where Nio and XPeng have implemented various price cuts and incentives such as subsidies and coupons. In the midst of these developments, Xiaomi, a Chinese mobile-phone maker, unveiled its inaugural electric vehicle, leading to a rise in its shares listed in Hong Kong.
