Hot Stocks: TSLA raises prices; GDRX upgrade; GTLB rallies on earnings; EVLV drops
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With inflation remaining a key concern on Wall Street, Tesla (NASDAQ:TSLA) took the spotlight in Tuesday's midday trading. Shares of Elon Musk's electric vehicle maker climbed on news that it had decided to raise prices.
GoodRx (NASDAQ:GDRX) also got a lift in intraday action, boosted by a bullish analyst comment. At the same time, earnings news generated buying interest for GitLab (NASDAQ:GTLB).
The release of quarterly results had the opposite impact on Evolv Technology (NASDAQ:EVLV), which plunged after predicting a hefty loss for 2022.
Gainers
Tesla (TSLA) saw strength in intraday trading on news that it had raised prices to counteract the impact of higher costs. The EV maker increased its prices in the U.S. and China by 5% to 10%.
Bolstered by the news, TSLA advanced more than 4%.
Elsewhere, GitLab (GTLB) posted a midday gain of 8% following the release of its quarterly results. The DevOps software provider posted a Q4 loss that was narrower than analysts had expected. Revenue also topped expectations, rising 69% from last year.
GoodRx (GDRX) also saw intraday strength, boosted by a positive analyst comment. Robert W. Baird raised its rating on GDRX to Outperform from Neutral, sending the stock higher by more than 6%.
Decliner
Earnings news sparked a selling spree in Evolv Technology (EVLV). Shares plunged more than 41% after the company issued disappointing guidance with its Q4 report.
For fiscal 2022, the maker of security screening systems predicted an operating loss between $82M and $84M. The firm also projected an adjusted EBITDA loss of $65M to $67M.

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