Midday Market Movers: Southwest, Peloton, Tesla, Herbalife and More

Southwest Airlines' shares fell by more than 4% after the company announced that it had cancelled 70% of its scheduled flights. The airline warned that mass disruptions would continue for the next few days, with thousands of flights already cancelled across the United States due to severe weather conditions.

The casino stocks rose following China’s announcement that it will end quarantine for international travelers starting Jan. 8. Shares of Las Vegas Sands and Wynn Resorts have outsize exposure to the country given their operations in Macao. They added 3.8% and 5%, respectively.

After the Chinese government announced the easing of Covid restrictions, shares of Chinese companies listed on U.S. exchanges rose. Alibaba and JD.com each gained 3.3%, while Baidu added 2.6%. Pinduoduo also rose 2%.Tesla's shares fell 9% after it was announced that production at the company's Shanghai factory will be slowed in January. The factory had shut down at the end of December.

Nio's shares slid 9.8% after the company lowered its fourth-quarter delivery outlook due to supply chain disruptions in China.

Peloton announced that it will offer refurbished bikes at a discount of up to $500 compared to new bikes. The stock is currently down more than 3%.

B. Riley Financial's shares rose by more than 4% after it released its guidance for the fourth quarter. The company said it is expecting to see operating adjusted EBITDA of between $90 million and $100 million for the fourth quarter. Although this is down from the fourth quarter of last year, it is still higher than some of the company's previous quarters this year. B. Riley also said that it is expecting to end the year with more than $2 billion in cash and investments.

Herbalife shares rose 3% after the company announced that Michael Johnson would be its permanent CEO and Chair. Johnson agreed to a salary of $1 and an equity-based incentive plan, according to the company.

Coherus BioSciences' shares dropped 8.8% following news that the company had not received an action letter from the Food and Drug Administration for its nasopharyngeal carcinoma drug. The company said that the FDA's delay was due to its inability to tour a plant in China because of travel restrictions.