Stocks on the move: Tesla cuts Model Y price, UBS downgrades Spotify

Yahoo Finance's Adam Shapiro breaks down stocks moving in Tuesday's market.

Video transcript

ADAM SHAPIRO: Want to give you a quick update on two stocks that are on the move right now, first Tesla. Shares are trading up 1.6% roughly. They cut prices on the Model Y. That's the SUV which shares a great deal of components with the Model 3. So they cut prices by $3,000. They said they'll deliver about 90,650 vehicles in the second quarter. The problem with that is they mix all of their numbers. So it's hard to tell how the Model 3, that low-cost Tesla is really doing because it also includes model Y totals.

Then there is Spotify. That stock is under pressure right now. It is trading down more than 2% after UBS downgraded the stock from a buy to a sell. Now, the analyst Eric Sheridan, he actually said that he would raise his price target to roughly $204. But one of the things he's concerned about is that, quote, "future opportunities are more than priced in for Spotify." And that stock year to date is up 67%.