Ford's and Tesla's stocks gain, American Airlines, Netflix and Nio shares fall, and other stocks on the move

By MarketWatch

The EU's probe into government subsidies received by China-based EV makers hurt Nio's stock but helped support Tesla's shares

Here are some of the Wednesday's more-active and bigger stock movers:

Stock gainers

Ford Motor Co. shares (F) rose 2% after UBS lifted its rating on the automaker to buy from sell as part of new coverage of U.S. auto stocks. Shares of General Motors Co. (GM), also rated buy, rose less than 1%. The buy calls come a day before the United Auto Workers' labor contract with the automakers expires, which could lead to a strike if no deal is reached by 11:59 p.m. Eastern on Sept. 14.

Shares of electric vehicle giant Tesla Inc. (TSLA) rallied nearly 2%, as investors cheered news that the European Union was investigating subsidies paid by China that have kept prices of EV's made by China-based companies artificially low.

Citigroup Inc. shares (C) tacked on 2% after the announcement of an organizational restructuring in which the banking giant looks to speed up decision making by eliminating some management layers.

Hain Celestial Group Inc.'s stock (HAIN) climbed more than 8% after the snacks and beverage company outlined an overhaul of its business on Wednesday that aims to boost growth and generate annualized savings of $130 million to $150 million by fiscal 2027.

Rocket Pharmaceuticals Inc. shares (RCKT) surged 37% after the biotechnology company it's reached an agreement with the Food and Drug Administration on a Phase 2 trial design for a Danon disease drug as it's pricing the sale of 7.8 million shares at $16.

Stock decliners

Nio Inc.'s stock dropped more than 4%, after the European Union said it's probing Chinese government subsidies to electric vehicle makers. Among other China-based EV makers, shares of Li Auto Inc. (LI) eased 0.1% and XPeng Inc. shares (XPEV) lost 2%.

Netflix Inc. shares (NFLX) took a 4.6% hit, after the company said at a Bank of America conference that it's move to crack down on password sharing has acted as "a little bit of a drag" on average revenue per member (ARM) as there has some moves out of premium memberships.

Shares of American Airlines Group Inc. (AAL) tanked more than 6% after the air carrier cut its profit outlook, citing higher fuel prices and costs associated with a new labor agreement. Frontier Group Holdings Inc., the parent of Frontier Airlines, also raised its fuel-cost estimate and provided a downbeat adjusted pretax margin outlook, sending the discount air carrier's stock (ULCC) down more than 9%.

Apple Inc. shares (AAPL) slipped 0.8%. A Chinese government spokesperson denied there's a ban in place on foreign phones but noted "security incidents" with the iPhone.

Unity Software Inc.'s stock (U) slumped nearly 5% after the app-monetization and game-engine company introduced new fees based on how often a developer's game is downloaded.

Evolution Petroleum Corp. shares (EPM) fell 15% as the shale oil and gas company missed analyst earnings expectations and said it had extended downtime and maintenance across multiple fields.

-MarketWatch

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09-13-23 1459ET

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