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Tesla, Micron, Alibaba, Lululemon, Lucid: Why These 5 Stocks Are Drawing Investors’ Attention Today

Major Wall Street indices closed in the red led by a rise in yields that dragged stocks. Investors and traders also weighed in comments by Federal Reserve Vice Chair for Supervision Michael Barr on the banking crisis.

Also Read:- 3 High-Yield Dividend Stocks to Buy Now

What Happened: Barr cited the failure of Silicon Valley Bank as a “textbook case of mismanagement,” and has proposed tightening of banking rules, according to Financial Times.

The Nasdaq Composite declined 0.45% while the S&P 500 ended 0.16% lower. The Dow lost 0.12%.

Meanwhile, following are the five stocks that are drawing investors’ attention:

1. Tesla Inc (NASDAQ:TSLA): Shares of the company closed 1.37% lower. U.S. auto safety regulators said on Tuesday they are initiating an investigation into 50,000 Tesla Model X vehicles following two complaints reporting front seat belt failures, reported Reuters.

Read More:- Want $1 Million in Retirement? Buy and Hold These 5 Stocks

2. Micron Technology Inc (NASDAQ:MU): Shares of the company closed 0.85% lower. Micron reported second-quarter revenue of $3.69 billion, down from $7.79 billion in the same period last year. The revenue came in below a consensus estimate of $3.72 billion, according to Benzinga Pro.

3. Alibaba Group Holding Ltd (NYSE:BABA): Shares of the company closed 14.26% higher on Tuesday following news that the company proposed revamping its operations in its most significant corporate restructuring. Alibaba is set to reorganize its businesses into six independently run entities.

Also Read- Tax Refunds Are Down by 11% From Last Year. Here’s Why That’s Great News

4. Lululemon Athletica Inc (NASDAQ:LULU): Shares of the company rose 13.12% in extended trading. Lululemon reported fourth-quarter revenue of $2.77 billion, up 30% year-over-year. The revenue total beat a Street estimate of $2.70 billion, according to data from Benzinga Pro.

5. Lucid Group Inc (NASDAQ:LCID): Shares of the company closed 7.25% lower on Tuesday following reports that it is looking to trim 18% of its workforce. The lay-off is reportedly expected to affect all levels of the organization, including executives.

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