See which companies are trending in noon trade.
Reddit: Loop Capital downgraded the social networking company’s stock from buy to hold, sending shares plunging more than 7% lower. The company believes that the dangers outweigh the possible benefits.
PNC Financial: Following better-than-expected second-quarter profits, the bank’s stock increased by 4%. PNC declared adjusted earnings per share of $3.30. LSEG conducted a survey of analysts, and they estimated $2.98 per share.
EPAM Systems: Following Jefferies’ upgrade of the stock to buy from hold, the software engineering services company’s shares increased by almost 4%. The company claims that while expectations for values and profitability have “troughed,” a rebound in discretionary spending and a possible increase in the demand for artificial intelligence remain undervalued.
Rio Tinto: The American-listed stock of The mining business dropped by 2%. According to Rio Tinto, the amount of iron ore produced in the Pilbara during the second quarter was 2% less than it was a year earlier. Production for the company was impeded in May by a train incident.
iShares U.S. Home Construction ETF (ITB), which tracks homebuilder companies, saw a 4% increase as investors moved into once despised market segments in anticipation of a rate cut by the Federal Reserve. Dream Finders Homes increased by 7%, while Toll Brothers had a 5% growth. Nearly 6% was gained by PulteGroup and Builders FirstSource.
Stocks of semiconductors: On Tuesday, investors sold off some of their stakes in high-flying semiconductor companies. Broadcom, Advanced Micro Devices, and Nvidia all had losses of about 2%. It was less than 1% down for the VanEck Semiconductor ETF (SMH).
Match Group: The online dating company’s stock increased by about % following pressure from activist investor Starboard Value to increase its margins and profitability or go private in a letter sent to Match Group on Monday. At the moment, Starboard Value owns about 6.5% of Match Group.
Bank of America: The bank surged 5% following the release of stronger-than-anticipated financial data. LSEG’s survey of analysts predicted 80 cents in earnings per share for the second quarter, but 83 cents was reported instead. Compared to the average expectation of $25.22 billion, revenue actually came in at $25.54 billion. Bank of America updated its forecast for increased net interest income in the fourth quarter.
Morgan Stanley: The bank’s sales and profit above Wall Street forecasts, and its shares increased by almost 2% as a result of a better-than-expected performance in banking for investments and trade. The bank said that its earnings increased to $3.08 billion, or $1.82 per share, in the wake of a 41% increase in Wall Street activity a year earlier. At $15.02 billion, revenue climbed by 12% as well.
UnitedHealth: The stock shot up more than 5% following the release of the insurance company’s better-than-expected second quarter results. LSEG polled analysts, who predicted the business would make $6.66 per share on revenue of $98.84 billion, but instead announced adjusted earnings of $6.80 per share on $98.86 billion.
Shopify’s stock increased by almost 7% following Bank of America’s upgrading from neutral to buy. The business anticipates strong profit growth in the future, citing revenue growth and prudent spending.
Source (CNBC)
