These Stocks Are Moving the Most Today: Carvana, SoFi, Alibaba, Tesla, and More

Stocks were falling Monday as investors traded cautiously ahead of the Federal Reserve’s decision on interest rates this week and earnings from some of the world’s largest technology companies.

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These stocks were making moves Monday:

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Carvana CVNA +25.84%  (CVNA) stock surged 36% Monday after jumping nearly 20% on Friday. A report from Bloomberg said the volume of call contracts Monday on Carvana was above volume of the past 20 days. Shares sank last year on profitability concerns at the used-car retailer.

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Shares of SoFi Technologies (SOFI) were rising 16% after the digital financial services company posted a narrower-than-expected fourth-quarter loss and said that continued strong growth positioned it for “reaching GAAP net income profitability in the fourth quarter” of 2023.

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Lucid (LCID) was falling 6.3% after the stock closed Friday with a gain of 43% amid unconfirmed rumors that the company could be acquired. Lucid declined to comment after stock news aggregation site The Fly on the Wall attributed the share spike to takeover speculation by stock research blog Betaville that the Saudi Arabia Public Investment Fund, which has invested in Lucid, would acquire the electric-vehicle company.  

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American depositary receipts of Alibaba (BABA) were down 5% amid reports the Chinese e-commerce giant was moving its headquarters to Singapore. The company denied the speculation and said that the new campus in Singapore will house regional operations with partners in Southeast Asia.

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Royal Philips (PHG) said it would cut 6,000 jobs by 2025, adding to the 4,000 job cuts the company announced in October, in a plan the Dutch maker of medical equipment said was to “drive progressive value creation.” American depositary receipts of Philips gained 6.2%.

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GE HealthCare (GEHC) climbed 3.9% after reporting fourth-quarter adjusted earnings of $1.31 a share vs. a year-earlier $1.36. It’s the company’s first earnings report as a publicly traded company.

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General Motors (GM) declined 2.5% after an analyst at Berenberg reduced the stock’s rating to Hold from Buy. The same analyst upgraded shares of Tesla TSLA –3.45%  (TSLA) to Buy from Hold. Tesla stock declined 2.9% Monday after surging about 33% last week.

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Colgate-Palmolive (CL) rose 2.8% after the stock was upgraded to Overweight from Equal Weight at Morgan Stanley.

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