Tesla's stock slide drags down other carmakers; IBM, D.R. Horton shares rise, and more big movers

By Jamie Chisholm and Tomi Kilgore

AT&T's stock falls after free cash flow misses, D.R. Horton shares gain after results beat expectations

Here are some of the biggest movers on Thursday,with a slide in Tesla stock rattling the broader market.

Stock gainers:

D.R. Horton Inc. shares (DHI) climbed 6% in morning trading after the homebuilder reported big fiscal second-quarter profit and revenue beats as demand improved during the quarter despite higher mortgage rates.

Las Vegas Sands Corp. shares (LVS) rose nearly 4% trading after the casino operator late Wednesday reported first-quarter gambling revenue of $1.54 billion, up from $627 million a year earlier and said a "robust" recovery in travel and tourism spending was underway in both Macau and Singapore.

International Business Machines Corp.'s stock (IBM) gained about 2% after the tech giant posted first-quarter revenue about in line with Wall Street estimates, while profits slightly topped expectations. 'Big Blue' provided a solid full-year outlook, while acknowledging some softness in its consulting business due to a weaker economy.

Stock decliners:

Tesla Inc. shares (TSLA) slumped about 7% in morning amid a flurry of analyst price target cuts after CEO Elon Musk suggested he would prioritize market share over margins.

The stocks of both Ford Motor Co.(F) and General Motors Co. (GM) lost more than 4% as investors worried that the EV sector would suffer an extended period of price cuts. The stocks of China-based EV makers also fell, with Nio Inc.'s (NIO) down 3.8%, Xpeng Inc.'s (XPEV) lower by 3.5% and Li Auto Inc.'s (LI) off by 4.4%.

The U.S.-listed shares of Nokia Corp. (NOKIA.HE) sank about 9% after the telecommunications equipment maker missed first-quarter profit expectations and lowered its sales outlook.

ManpowerGroup Inc. shares (MAN) gave up more than 6% after the staffing services company reported first-quarter profit that missed expectations, citing a "challenging operating environment in the U.S. and Europe."

AT&T Inc.'s stock (T) shed 7% after the telecommunications giant reported first-quarter beat profit expectations but fell short on free cash flow.

F5 Inc.'s stock (FFIV) slid 3% after the software services provider and developer said it would cut its workforce by 9% amid a softer demand environment.

-Jamie Chisholm

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04-20-23 1003ET

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