A man wearing a mask passes by a Nvidia logo in Taipei, Taiwan. Sopa Images | Lightrocket | Getty Images
Check out the companies making headlines in midday trading.
Banks – Major Wall Street banks experienced a decline in midday trading following a report from CNBC stating that Fitch Ratings may downgrade the health of the banking sector. Bank of America and JPMorgan Chase both fell by 2%, while Citigroup and Morgan Stanley each fell by over 1%. Regional banks also experienced a slide, with Citizens Financial Group falling by more than 3%.
Cleveland-Cliffs – The steel company’s shares dropped by 2.7% as investors considered the latest developments in potential industry consolidation. Cleveland-Cliffs’ stock saw a jump of over 8% on Monday after U.S. Steel rejected a takeover offer from its rival. Industrial conglomerate Esmark also announced its own offer for U.S. Steel on Monday.
Discover Financial Services – The credit card issuer saw a 9% drop in shares after announcing that president and CEO Roger Hochschild will step down, and John Owen will take over in the interim.
Hannon Armstrong Sustainable Infrastructure Capital – The renewable energy investment firm saw a 2.3% rise in shares after receiving an upgrade from Bank of America to a buy rating. The Wall Street firm believes Hannon Armstrong will benefit from the Inflation Reduction Act.
Paramount Global – Shares of Paramount Global climbed by 2% in midday trading. The Alliance of Motion Pictures & Television Producers, representing companies including Paramount Global, offered screenwriters on strike a new deal that includes crediting humans as screenwriters instead of artificial intelligence, according to a Bloomberg report citing insiders.
Homebuilders – Several homebuilding stocks experienced gains on Tuesday after Warren Buffett’s Berkshire Hathaway revealed new positions in regulatory filings during the second quarter. This included D.R. Horton and Lennar, which saw increases of approximately 2% and 1.5% respectively. NVR shares also rose by around 0.5%.
Nvidia – The artificial intelligence stock saw a 1.7% increase after UBS, Wells Fargo, and Baird all raised their estimates for future share prices. The stock had climbed by 7.1% on Monday, recovering from an 8.6% drop the previous week.
Turnstone Biologics – The biotechnology stock experienced a 1.96% increase in midday trading. Investment firms Piper Sandler and Bank of America both initiated coverage of the stock on Tuesday, with overweight and buy ratings respectively.
Note: CNBC’s Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh, and Samantha Subin contributed to this report.
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