Daily's Pre-Market: Tesla, Paramount, Microsoft, Levi Strauss, and Intel.

Tesla shares close down 12% after automaker warns of slowdown

• Tesla shares fell on Thursday after the company reported earnings that missed expectations and warned of a slowdown in 2024.

• The electric carmaker said vehicle volume growth this year “may be notably lower” than the rate observed last year.

• Adding pressure on Tesla’s stock, various brokers reduced their price target for the company.

Paramount CEO announces layoffs as cost pressures, take-private talks build

• Paramount CEO Bob Bakish announced layoffs at the media company.

• He did not disclose how many jobs the company would cut.

• The job reductions come amid layoffs at a range of media companies, and a CNBC report that David Ellison’s Skydance Media is interested in taking Paramount private.

Microsoft lays off 1,900 workers, nearly 9% of gaming division, after Activision Blizzard acquisition

• Microsoft is laying off 1,900 workers in its Gaming unit.

• The cuts represent around 9% of the 22,000 Microsoft Gaming employees and come three months after Microsoft closed on its $69 billion acquisition of Activision Blizzard.

• Blizzard’s president, Mike Ybarra, is leaving, along with Blizzard co-founder and design leader Allen Adham.

Levi Strauss plans to cut at least 10% of its global corporate workforce in restructuring

• Levi Strauss will lay off 10% to 15% of its global corporate workforce.

• The company said the job cuts will take place in the first half of the year.

Intel stock sinks as early 2024 outlook comes up short

• Intel issued an outlook for the first quarter of 2024 that lagged analyst estimates.

• Intel shares are down slightly this year as of Thursday’s close after almost doubling in 2023.