Here are the companies that are making waves in midday trading:
1. Best Buy: Shares of Best Buy surged by almost 6% after the retailer reported better-than-expected earnings for its fiscal second quarter. The company’s adjusted earnings per share came in at $1.22, beating the analysts’ consensus estimate of $1.06. Additionally, Best Buy’s revenue of $9.58 billion exceeded the expected $9.52 billion. However, the company did lower its revenue outlook for the year.
2. Big Lots: The discount retailer saw a surge of 26.7% in its stock after reporting earnings that surpassed analysts’ expectations. Big Lots reported a loss of $3.24 per share on an adjusted basis, which was lower than the forecasted loss of $4.11. The company’s revenue also exceeded expectations, coming in at $1.14 billion compared to the anticipated $1.1 billion.
3. Coinbase, Marathon Digital, Riot Platforms: Stocks related to the cryptocurrency industry experienced significant gains after a court ruling favored spot bitcoin exchange-traded funds in a lawsuit against the U.S. Securities and Exchange Commission. Shares of Coinbase, which is mentioned as a custodial partner in various proposed bitcoin ETFs, jumped 13%. Bitcoin mining stocks also rose, with Marathon Digital surging 24% and Riot Platforms climbing 15%.
4. 3M: The shares of 3M gained 2.6% as the company agreed to settle lawsuits concerning potentially defective U.S. military earplugs for a whopping $6.01 billion. This settlement has become the largest mass tort litigation in U.S. history.
5. Heico: The engine and aircraft parts maker experienced a 3.1% decline in its stock despite surpassing revenue expectations for the quarter. The company reported that its operating margin fell when compared to the same quarter of the previous year.
6. Nio and Tesla: Chinese electric vehicle maker Nio saw a 5.8% slide in its stock after reporting a wider quarterly loss than anticipated. Meanwhile, industry giant Tesla climbed over 5.4%.
7. Nvidia: The artificial intelligence stock rallied 4% alongside other technology stocks during Tuesday’s session. Morgan Stanley reiterated its overweight rating on the stock, highlighting its strong earnings report from the previous week as a positive signal for the AI supply chain.
8. PDD Holdings: Shares of PDD Holdings jumped 17.8% after the Chinese e-commerce company beat Wall Street expectations for second-quarter earnings. The company noted a positive shift in consumer sentiment during the quarter.
9. Oracle: The software giant Oracle climbed 2.9% following an upgrade from UBS to a buy rating from neutral. UBS believes the stock has significant upside due to tailwinds associated with artificial intelligence.
10. AT&T and Verizon: The telecommunications giants both saw a 2.3% increase in their stock prices after receiving an upgrade to a buy rating from Citi. Citi cited stabilization in the wireless environment and suggested that the stocks’ valuations may have discounted potential costs related to mitigating lead-covered cables.
11. Alphabet and General Motors: Google Cloud and General Motors announced a partnership to explore AI opportunities within the automaker’s business. Following the news, shares of Alphabet, the parent company of Google Cloud, rose 3.5%, while General Motors saw a 0.6% increase during midday trading.
12. Catalent: The biotech company’s stock rose over 5% after issuing a solid revenue outlook and entering into a deal with activist investor Elliott Investment Management. Catalent forecasted revenue for fiscal 2024 in the range of $4.30 billion to $4.50 billion, surpassing analysts’ expectations. The company also agreed to appoint four new independent directors to its board, two of whom will be nominated by Elliott, and undergo a review of its business and strategy.
13. Ginkgo Bioworks: The biotechnology company’s stock surged over 18% following the announcement of a five-year cloud and AI partnership with Google Cloud. The partnership aims to create new large language models for biology and biosecurity applications. Alphabet shares also increased over 3% as a result.
14. Rockwell Automation: The industrial stock gained nearly 2% after receiving an upgrade from Wells Fargo to an equal weight rating from underweight. Wells Fargo expressed optimism about Rockwell’s earnings growth potential.
15. Airbnb: The vacation booking platform climbed 4.8% in response to Bernstein reiterating its outperform rating and recommending investors to buy the stock after a recent pullback in share prices.
16. Palantir Technologies: The software stock surged over 5% after Bank of America reiterated its buy rating, emphasizing the company’s role as a key player in implementing secure AI despite the recent share pullback.
17. Splunk: Shares of the software company increased by 1.8% after Jefferies named it a top pick in a Tuesday note. Jefferies believes that Splunk is now positioned to deliver mid-teens increases in annual revenue following a management overhaul that began 18 months ago.
18. Futu Holdings: The Asian wealth management stock jumped 10% following a double-upgrade to a buy rating from underperform by Bank of America. The bank expects further growth in overseas markets for Futu Holdings.
19. NextEra Energy Partners: The energy stock advanced 3.7% after receiving an upgrade from Raymond James to an outperform rating from market perform. Raymond James advised investors to take advantage of the stock’s dip.
These updates were contributed by CNBC’s Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh, and Jesse Pound.
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