Abbvie Inc
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Health Care : Biotechnology | Large Cap Value
Company profile

AbbVie Inc. is a research-based biopharmaceutical company, which is engaged in research and development, manufacturing, commercialization and sale of medicines and therapies. It offers products in various therapeutic categories, including immunology products, which include Humira, Skyrizi and Rinvoq; oncology products, which include Imbruvica and Venclexta; aesthetics products that include Botox Cosmetic, Juvederm Collection and others; neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; eye care products consists of Lumigan, Alphagan and Restasis; women's health products include Lo Loestrin, Orilissa and others; and other products, which includes Mavyret, Creon, Lupron, Linzess and Synthroid. Its products are sold to wholesalers, government agencies, health care facilities and independent retailers. It also discovers and develop antibody medicines that target difficult-to-drug disease-causing proteins, such as G protein-coupled receptors (GPCRs).

Closing Price
$146.28
Day's Change
-1.12 (-0.76%)
Bid
--
Ask
--
B/A Size
--
Day's High
147.68
Day's Low
146.02
Volume
(Light)
Volume:
4,591,481

10-day average volume:
6,392,098
4,591,481

Tesla stock wipes out three-day bounce, falls to lowest price in more than 2 years

7:52 am ET January 4, 2023 (MarketWatch)
Print

By Tomi Kilgore

EV maker sinks to 15th on the list of most valuable S&P 500 companies

It has taken just one day for Tesla Inc.'s stock to erase the entire bounce it enjoyed over the last three days trading sessions of 2022, as disappointing deliveries data helped trigger the biggest selloff in more than two years.

The stock's (TSLA) Tuesday drop knocked the electric vehicle maker's market capitalization to 15th on the list of most valuation S&P 500 index companies.

On Tuesday, Tesla's market cap fell below that of consumer products company Procter & Gamble Co. (PG), with a current market cap of $359.18 billion, and was just below Nvidia Corp. (NVDA) at $352.15 billion, according to FactSet data. Tesla sat just above Chevron Corp. (CVX), which was at $336.43 billion. (See list of S&P 500's 20 most valuable companies as of Tuesday's closing prices below.)

Tesla's stock took a $15.08, or 12.2% dive, to $108.10 on Tuesday, to lead the S&P 500's decliners, after the company reported over the weekend that fourth-quarter deliveries that came up short of expectations for the third quarter in a row. It suffered the biggest one-day decline since it plummeted 21.1% on Sept. 8, 2020, and closed at the lowest price since Aug. 13, 2020.

Don't miss: Tesla delivery-target miss shows 'demand cracks clearly happening' that mean 'numbers could be materially reset' for coming years, analysts write.

With about 3.16 billion shares outstanding as of Oct. 18, the stock's decline shaved about $47.62 billion off Tesla's market cap, to bring it down to $341.35 billion. That's a far cry from the peak market cap of $1.24 trillion reached exactly one-year ago.

After the stock hit the deepest oversold reading in its history based on the widely followed Relative Strength Index momentum indicator on Dec. 27, following the longest losing streak in more than four years, it ran up $14.08, or 12.9%, over the past three days.

If there's a bright side to Tuesday's stock selloff, it's that even though the price fell below the Dec. 27 closing price, the RSI ended the day at 24.86, which is up from the Dec. 27 record low of 16.56.

That could be a preliminary sign of what chart watchers call "bullish technical divergence," which is when prices make lower lows while the RSI makes a higher low. It's still rather early to make that determination, however, as the stock needs to start bouncing again to see if RSI bottoms above the previous low.

Market caps of the Top 20 most valuable S&P 500 companies:

-Tomi Kilgore

	

(END) Dow Jones Newswires

January 04, 2023 07:52 ET (12:52 GMT)

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