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Stock Movers: Tesla's Sales Plummet, nCino Posts Weak Outlook, Newmax's Value Halved
Posted
April 2, 2025
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April 2, 2025
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• Tesla (TSLA) saw its vehicle sales fall 13% last quarter to an almost three-year low, as the carmaker made over its most important model and dealt with international backlash against Elon Musk. The company said Wednesday that it delivered 336,681 vehicles in the first three months of the year, its worst showing since the second quarter of 2022. Analysts on average were expecting the company to sell more than 390,000 cars and trucks, according to estimates compiled by Bloomberg.
• nCino (NCNO) fell as much as 33% on Wednesday after the software company gave a weaker-than-expected outlook, prompting multiple downgrades. The stock price touched an all-time low with shares seeing biggest intraday drop on record.
• Newsmax (NMAX) shares were cut in half on Wednesday after a raucous two-day surge fueled in part by retail traders briefly made it larger than Fox Corp. The stock slumped as much as 50%, wiping out $15 billion in market value, after a 2,230% surge in Newsmax’s first two days as a public company. Retail investors were less vocal about the stock in trader chatrooms compared to prior days, with buy orders on Fidelity’s platform more muted compared to those for larger companies.
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