Tesla, Meta, NVIDIA And Other Big Losers From Tuesday

U.S. stocks closed sharply lower with the Nasdaq Composite dipping more than 5% on Tuesday. Here is the list of some big stocks moving lower in the previous session.

• AMTD Digital Inc. HKD dropped 21.1% to close at $46.00.
• Braze, Inc. BRZE fell 19.3% to close at $35.18 after the company reported Q2 earnings results and issued Q3 2023 adjusted EPS guidance below estimates.
• Relay Therapeutics, Inc. RLAY shares dropped 16.6% to close at $24.03. Relay Therapeutics priced 11.32 million share public offering of common stock at $26.50 per share.
• Syneos Health, Inc. SYNH fell 13.7% to settle at $54.72.
• The Children's Place, Inc. PLCE declined 13.4% to settle at $35.17.
• Unity Software Inc. U dropped 13.4% to close at $36.66 after Applovin announced it does not intend to submit another proposal to combine with the company and has withdrawn its Aug. 9 proposal.
• Carvana Co. CVNA dropped 12.9% to close at $36.81.
• MicroStrategy Incorporated MSTR dropped 12.1% to close at $231.25 after August CPI data showed greater-than-expected US inflation.
• Fate Therapeutics, Inc. FATE declined 12.1% to close at $25.59.
• Asana, Inc. ASAN fell 11.5% to close at $25.42.
• Eastman Chemical Company EMN declined 11.3% to close at $84.11 after the company issued Q3 guidance below estimates.
• Wayfair Inc. W dropped 11.1% to close at $49.76.
• Upstart Holdings, Inc. UPST fell 10.9% to close at $24.97.
• Peloton Interactive, Inc. PTON fell 10.3% to close at $9.91 after the company announced Executive Chair John Foley will step down, effective Sept. 12. Karen Boone has been elected Chairperson of the Board.
• Crocs, Inc. CROX dropped 9.8% to settle at $75.39 amid overall market weakness as August CPI readings showed inflation came in greater than expected.
• CarGurus, Inc. CARG fell 9.6% to close at $17.31.
• NVIDIA Corporation NVDA dropped 9.5% to close at $131.31. Shares of semiconductor stocks at large traded lower after August CPI data showed greater-than-expected US inflation, which has caused economic concerns and raised expectations for aggressive Fed policy. Fed rate hikes could drive a slowdown in the economy, which could pressure demand in semiconductor and chip end markets.
• Meta Platforms, Inc. META fell 9.4% to close at $153.13. Shares of social media companies traded lower amid risk-off sentiment following August CPI figures.
• Western Digital Corporation WDC fell 9.1% to close at $39.32. Exane BNP Paribas initiated coverage on Western Digital with an Underperform rating and announced a price target of $30.
• Advanced Micro Devices, Inc. AMD declined 9% to close at $77.03. Shares of semiconductor stocks at large traded lower after August CPI data showed greater-than-expected US inflation, which has caused economic concerns and raised expectations for aggressive Fed policy.
• Coinbase Global, Inc. COIN dropped 8.8% to settle at $75.25 as cryptocurrencies fell following worse-than-expected US inflation data.
• Amazon.com, Inc. AMZN dipped 7.1% to close at $126.82 after August CPI data showed greater-than-expected US inflation.
• AppLovin Corporation APP dropped 6.4% to close at $26.68. Applovin announced it does not intend to submit another proposal to combine with Unity Software and has withdrawn its Aug. 9 proposal.
• Apple Inc. AAPL declined 5.9% to close at $153.84 amid overall market weakness after August CPI readings showed inflation came in greater than expected.
• Microsoft Corporation MSFT dropped 5.5% to settle at $251.99 after August CPI data showed greater-than-expected US inflation.
• Tesla, Inc. TSLA fell 4% to close at $292.13 in sympathy with the broader market after August CPI readings showed inflation came in greater than expected. This has caused economic concerns and has raised expectations for more aggressive Fed policy.