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Tesla, Apple, Southwest Airlines: Stocks That Defined The Week

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Tesla Inc.

Tesla is in a tailspin. The Wall Street Journal reported that the electric-vehicle maker suspended car production at its Shanghai plant on Dec. 24, extending a planned eight-day halt at its largest worldwide plant by car output. Meanwhile, Tesla has lost more than $700 billion in market valuation in 2022 amid investor concerns about production disruptions, demand worries and Chief Executive

Elon Musk

‘s focus on Twitter Inc. Tesla shares tumbled 11% Tuesday.

Southwest Airlines Co.

Flight cancellations snowballed at Southwest. The airline scrapped nearly two-thirds of its flights Tuesday, Wednesday and Thursday, after a severe winter storm threw it into disarray. The meltdown that stranded thousands of customers worsened while other airlines began to recover from the severe winter weather. Southwest canceled about 8,000 flights from Dec. 24 to Monday, according to data from FlightAware. Airline executives and labor leaders pointed to inadequate technology systems as a contributor to the problems. Southwest said it would reimburse affected travelers, and federal lawmakers signaled that they would investigate. Southwest shares lost 6% Tuesday.

AMC

Entertainment Holdings Inc.

AMC’s leader wants a pay freeze. Chief Executive

Adam Aron

on Tuesday tweeted that he asked the company’s board to withhold a raise for him in 2023 after a painful year for the movie-theater chain. Mr. Aron, who received compensation valued at $18.9 million in 2021, said he also asked more than a dozen senior officers to forgo raises to their cash salaries in the new year. AMC shares are down more than 75% this year, battered by the pandemic’s lingering impact on theater attendance and coming down from the meme-stock highs of 2021. AMC shares declined 4.7% Wednesday.

Exxon

Mobil Corp.

Russia is attempting to thwart a price cap on its oil. The Kremlin on Tuesday banned the sale of Russian oil and petroleum products to countries that put a cap on their sales price. The move comes after the U.S. and its allies agreed to bar the shipping, financing or insuring of seaborne Russian crude unless it is sold for $60 a barrel or less—a sanction imposed in response to Russia’s invasion of Ukraine. The participants in the sanction include the Group of Seven advanced democracies, the 27 members of the European Union and Australia. Shares of energy companies declined Wednesday as oil prices pulled back. Exxon shares fell 1.6% Wednesday.

Apple Inc.

IPhone production is powering back up. The Wall Street Journal reported that Covid-19 issues in China are still hampering manufacturing of Apple’s iPhone, but output is beginning to catch up to demand for the more expensive Pro models. The parts of the

Foxconn Technology Group

facility that produce iPhones have somewhat recovered and are operating at about 70% capacity, according to analysts and people involved in the supply chain. Fears that additional turmoil in China could hit Apple production and sales in the country into the new year helped push Apple stock down 3.1% in Wednesday trading. Apple shares rebounded 2.8% Thursday.

Cal-Maine Foods Inc.

Spreading bird flu didn’t crack Cal-Maine’s egg sales. The largest U.S. egg producer on Wednesday reported record sales amid rising prices, and it missed earning estimates. Cal-Maine said an avian-influenza outbreak helped push its egg prices higher. The outbreak is the deadliest in U.S. history, leading to the deaths of more than 43 million egg-laying chickens in 2022, per Agriculture Department data. The disease has also driven up the price of other poultry products, such as turkey meat. The company said that there were no positive tests for the virus at its facilities as of Wednesday. Cal-Maine shares plummeted 15% Thursday.

AmerisourceBergen Corp.

AmerisourceBergen faces a federal lawsuit over its role in the opioid crisis. In the complaint, the Justice Department alleges the drug distribution company failed for years to report to law enforcement suspicious orders. Earlier this year, AmerisourceBergen and three other companies completed a $26 billion settlement to resolve opioid-related claims from state and local governments. Associate Attorney General Vanita Gupta said the company could face billions of dollars in civil penalties if found liable. An AmerisourceBergen spokesman said the complaint focuses on five pharmacies “cherry picked” out of the tens of thousands it supplies. AmerisourceBergen shares lost 0.8% Thursday.

Write to Francesca Fontana at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8


Tesla Inc.

Tesla is in a tailspin. The Wall Street Journal reported that the electric-vehicle maker suspended car production at its Shanghai plant on Dec. 24, extending a planned eight-day halt at its largest worldwide plant by car output. Meanwhile, Tesla has lost more than $700 billion in market valuation in 2022 amid investor concerns about production disruptions, demand worries and Chief Executive

Elon Musk

‘s focus on Twitter Inc. Tesla shares tumbled 11% Tuesday.

Southwest Airlines Co.

Flight cancellations snowballed at Southwest. The airline scrapped nearly two-thirds of its flights Tuesday, Wednesday and Thursday, after a severe winter storm threw it into disarray. The meltdown that stranded thousands of customers worsened while other airlines began to recover from the severe winter weather. Southwest canceled about 8,000 flights from Dec. 24 to Monday, according to data from FlightAware. Airline executives and labor leaders pointed to inadequate technology systems as a contributor to the problems. Southwest said it would reimburse affected travelers, and federal lawmakers signaled that they would investigate. Southwest shares lost 6% Tuesday.

AMC

Entertainment Holdings Inc.

AMC’s leader wants a pay freeze. Chief Executive

Adam Aron

on Tuesday tweeted that he asked the company’s board to withhold a raise for him in 2023 after a painful year for the movie-theater chain. Mr. Aron, who received compensation valued at $18.9 million in 2021, said he also asked more than a dozen senior officers to forgo raises to their cash salaries in the new year. AMC shares are down more than 75% this year, battered by the pandemic’s lingering impact on theater attendance and coming down from the meme-stock highs of 2021. AMC shares declined 4.7% Wednesday.

Exxon

Mobil Corp.

Russia is attempting to thwart a price cap on its oil. The Kremlin on Tuesday banned the sale of Russian oil and petroleum products to countries that put a cap on their sales price. The move comes after the U.S. and its allies agreed to bar the shipping, financing or insuring of seaborne Russian crude unless it is sold for $60 a barrel or less—a sanction imposed in response to Russia’s invasion of Ukraine. The participants in the sanction include the Group of Seven advanced democracies, the 27 members of the European Union and Australia. Shares of energy companies declined Wednesday as oil prices pulled back. Exxon shares fell 1.6% Wednesday.

Apple Inc.

IPhone production is powering back up. The Wall Street Journal reported that Covid-19 issues in China are still hampering manufacturing of Apple’s iPhone, but output is beginning to catch up to demand for the more expensive Pro models. The parts of the

Foxconn Technology Group

facility that produce iPhones have somewhat recovered and are operating at about 70% capacity, according to analysts and people involved in the supply chain. Fears that additional turmoil in China could hit Apple production and sales in the country into the new year helped push Apple stock down 3.1% in Wednesday trading. Apple shares rebounded 2.8% Thursday.

Cal-Maine Foods Inc.

Spreading bird flu didn’t crack Cal-Maine’s egg sales. The largest U.S. egg producer on Wednesday reported record sales amid rising prices, and it missed earning estimates. Cal-Maine said an avian-influenza outbreak helped push its egg prices higher. The outbreak is the deadliest in U.S. history, leading to the deaths of more than 43 million egg-laying chickens in 2022, per Agriculture Department data. The disease has also driven up the price of other poultry products, such as turkey meat. The company said that there were no positive tests for the virus at its facilities as of Wednesday. Cal-Maine shares plummeted 15% Thursday.

AmerisourceBergen Corp.

AmerisourceBergen faces a federal lawsuit over its role in the opioid crisis. In the complaint, the Justice Department alleges the drug distribution company failed for years to report to law enforcement suspicious orders. Earlier this year, AmerisourceBergen and three other companies completed a $26 billion settlement to resolve opioid-related claims from state and local governments. Associate Attorney General Vanita Gupta said the company could face billions of dollars in civil penalties if found liable. An AmerisourceBergen spokesman said the complaint focuses on five pharmacies “cherry picked” out of the tens of thousands it supplies. AmerisourceBergen shares lost 0.8% Thursday.

Write to Francesca Fontana at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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