On Wednesday, Tesla (NASDAQ: TSLA), Nike (NYSE: NKE), and Humana (NYSE: HUM) faced serious challenges.
Tesla's third-quarter results fell short of expectations, Nike withdrew its full-year outlook amid a CEO change, and Humana saw its Medicare Advantage quality rating plummet. These events led to a significant drop in stock prices, with Humana among the hardest hit, falling more than 16% in morning trading.
In the third quarter, #Tesla delivered 462,890 vehicles, up 6.4% from the previous quarter and the first time in 2024 the company achieved growth.
However, this figure fell short of Wall Street's forecast of 463,897 vehicles. The Model 3 and Model Y sold 439,975 units. Despite the gains, Tesla shares fell about 5 percent after the announcement, trading at $245.77, down 4.75 percent for the day.
the electric car maker is now tasked with delivering a record 516,344 vehicles in the fourth quarter to keep up its pace of deliveries through 2023 while battling growing competition in China and Europe.
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Nike released disappointing results for the first quarter of fiscal 2025, with sales totaling $11.59 billion, below expectations of $11.65 billion.
Ashares of the company fell 7% after the report was released and traded at $83.55, down 6.26% for the day. Nike's direct sales fell 13% year-over-year to US$4.7 billion, while wholesale sales fell 8% to US$6.4 billion. In a surprise move, Nike withdrew its full-year forecasts and postponed its next investor presentation amid a CEO change.
The former Nike executive Elliot Hill, who retired in 2020, will succeed John Donahoe as CEO on October 14, 2024.
Humana's share price fell the most of the three companies, down 16.03% to $234.65. The healthcare giant reported a significant drop in enrollment in its Medicare plans with four stars or higher, from 94% in the previous year to 25% in 2025.
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