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Now time for some of today's trending tickers. You can scan the QR code below to track the best and worst performing stocks of the session with Yahoo Finance's trending tickers page. And for more, this morning, we're taking a look at two members of the Magnificent Seven. We've got Tesla and Apple and big news from discount Airlines Spirit. First up, Tesla shares moving to the downside pre-market, hitting a low of $214, a level below what Commerce Secretary Howard Letnick predicted last month, and shares of the automaker would never reach again is that that was his expectation. It comes as one of Wall Street's biggest Tesla Bulls, Dan Ives, lowered his price target for the stock from 300 or from $550 to $315 a share. He cited concerns about Tesla's exposure to China, calling it President Trump's tariffs and economic Armageddon. Ives also addressed concerns about Tesla CEO Elon Musk's work in the Trump administration in our show on Friday.

This is a fork in the road for Musk when it comes to Tesla. He either leaves DOJ, takes a huge step back or this will be I think some some pretty dark times.

And so as we're taking a look at shares of Tesla here pre-market, they are still sliding by about 6.8%. Add that on to the slippage that we've seen over the course of this year, year to date, the stock right now is down, and that's by about 36, 37%.

I think the context of Dan Ives is important here too. This is one of Wall Street's biggest balls. He's an amazing guy. He's a huge optimist. He's had a buy rating on Tesla and outperform forever. And so for him to come out and slash his price target by such a striking degree is a really important kind of look at the sea change that we are seeing in this moment and the degree to which so many analysts across the street are having to rush to update their price targets, both in terms of individual names and also the major averages because we had an unintended policy shock that Wall Street's best were not anticipating. And if they did anticipate these tariffs, they anticipated getting sweeteners through tax cuts first. We didn't see that, and therefore we're seeing a lot of negativity on individual names. Tesla, the biggest laggard in the Mag 7 this morning. All right, next up, Apple also getting a price target cut from Wedbush Securities due to tariff concerns, down to 250 from 325. Dan Ives again writing, quote, "No US tech company is more negatively impacted by these tariffs than Apple." Ives anticipating iPhone prices could reach as high as $3,500 if the tech company shifted production to the US. Apple also awaiting a final ruling from the European Commission on allegations that the company had violated the EU's digital markets Act. Those shares down about 3 and a half percent. If we can pull up a longer term chart on Apple, you can see just the degree of selling that we have seen in this name since the tariffs took effect. It's down 24% year to date, and you can see the biggest drop obviously happening here in April after that April 2nd so-called Liberation Day announcement. I had sources telling me all last week that they were buyers of dips in some of the Magnificent 7 names, but none of them would touch Apple just because of the degree of exposure. And I think it's important to note that Apple has already made moves to get around tariffs from the Trump administration the first time around and that clearly is not going to be a winning strategy this time due to the degree and widespread nature of these tariffs across various countries.

Yeah, we we've seen the EU have a propensity to go after US companies and using the digital markets act as one of their reasons. And some of the largest fines that we've seen imposed to US tech companies have been uh from the European Union. And so one of the major things tracking going forward from here is to your point as how Apple is kind of navigating what some of the larger concerns on trade are, where they are able to more swiftly move some of those operations. But then in addition, it's also uh a fold of how they're going to continue to monitor some of the changes in how they are going to be facing more competitive scrutiny going forward from here, given the larger operating system duopoly that has existed in the world to this point, essentially, especially in the US, between Android and Apple operating system. And so now some of that's starting to be decentralized, is certainly going to impact the stickiness of the business overall.

Yeah.

And then largely here, we're also tracking the other airline story that we were tracking this morning. CEO of Spirit Airlines, Ted Christie, stepping down. The company confirmed the company's CFO, CEO and general counsel will be responsible for the temporary office of the CEO while the board searches for a permanent replacement. The leadership change comes weeks after Spirit Airlines exited bankruptcy protection in March. Now private, both Frontier Airline and JetBlue attempted to make deals to acquire Spirit, but those efforts were unsuccessful here. Of course, continuing to track what this means for the ultra low-cost carriers more broadly, as Spirit in itself has been embattled for years. You look at the NPS score for how the airline has been able to ultimately try and maintain um maintain consumers and continue to have more positive uh type of fanfare around them than detractors to the overall brand, and that has been unsuccessful. You looked at the deal that was set to go through. That was unsuccessful and essentially was seen as the only way forward for them to combine with another low-cost carrier and or in order to make sure that they could increase the fleet, make sure that at the same time that they're going after the same consumer that is opting for more premium experiences that they're then creating even more of those touch points, which that wasn't going to be a fast type of uh capital expenditure and investment strategy time frame. And so all these things considered, a new person at the helm of the company, perhaps a fresh take, uh we'll see exactly who gets selected for that position now.

It's a tough time to be an airline name and a consumer-facing name at that. We've seen a slew of price target downgrades on all of the airlines across the board, really, given the negative impact we're expecting to see on consumer spending due to these tariffs. And airlines, of course, are not excluded from that. It will be interesting if we see kind of a bump in any sort of discounted retailers, but we continue to hear sources saying that travel is going to be under pressure. Of course, we'll hear more heading into airline earnings in a few weeks.