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Stock Movers: Apple and Nike Fall, Stellantis and Wayfair Downgraded
Posted
April 4, 2025
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April 4, 2025
768
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3:29Now PlayingGet more equity coverage like this on the Stock Movers podcast from Bloomberg, featuring five-minute episodes on the winners and losers in the stock market.
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On this episode of Stock Movers:
• Apple (AAPL) stock dipped after the company lost over $300 billion in value Thursday, marking the second-biggest single-day drop in market cap for any company ever. The company had previously moved some portions of its supply chain away from China, but to countries that now also face high tariffs from US President Donald Trump.
• Nike (NKE) is continuing its slide as shoe and garment makers extended their selloff in the face of tariffs on their Asian-made products. Apparel and footwear companies that shifted manufacturing from China to avoid tariffs are now being targeted by Trump's tariffs on Vietnam, Cambodia, Indonesia, and Thailand.
• Stellantis (STLA) shares are lower after about 6,000 workers in Canada were idled on day one of the US tariff regime. It comes along with reports of 900 US jobs cuts and Fitch downgrading the company's debt to BBB from BBB+.
• Wayfair (W) shares slid 11% in premarket trading, putting the stock on track to extend declines after Citi downgraded the online furniture retailer to neutral from buy. Analyst Ygal Arounian said President Donald Trump’s tariff announcement “created significant exposure” to the supplier base of Wayfair, and sees eBay as better positioned.
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