Check out the companies making headlines in midday trading. Charles Schwab – The financial services giant slid more than 10% following its second quarter results. The firm reported adjusted earnings of 73 cents per share and revenue of $4.69 billion. These just barely beat estimates, as analysts polled by LSEG were expecting 72 cents earnings per share on $4.68 billion in revenue. The firm also reported a miss on net interest margin, per FactSet. Match Group – The online dating stock added about 7.5% after activist investor Starboard Value put pressure on Match Group in a Monday letter to either improve its margins and profitability or go private. Starboard Value currently has a roughly 6.5% stake in Match Group. Bank of America – The bank popped more than 5% after reporting better-than-expected financial results . Earnings for the second quarter were 83 cents a share, topping the 80 cents expected from analysts polled by LSEG. Revenue came in at $25.54 billion, versus the $25.22 billion consensus estimate. Bank of America also gave new guidance on net interest income rising in the fourth quarter. Morgan Stanley – Shares rose nearly 1% after the bank’s profit and revenue topped Wall Street expectations due to a stronger-than-expected performance in trading and investment banking. According to the bank, profit surged 41% compared to a year earlier, with a rebound in Wall Street activity helping it rise to $3.08 billion, or $1.82 per share. Revenue also increased 12% to $15.02 billion. UnitedHealth – The stock popped 6.5% after the health insurance giant posted second quarter results that came in better than expected. The company reported adjusted earnings of $6.80 per share on revenue of $98.86 billion, while analysts polled by LSEG were expecting earnings of $6.66 per share on revenue of $98.84 billion. Shopify – Shares advanced around 8.5% after Bank of America upgraded the stock to buy from neutral. Citing revenue growth and disciplined spending, the firm expects healthy margin expansion ahead. Reddit – Shares of the social media company tumbled about 3.5% after Loop Capital downgraded the stock to hold from buy. The firm thinks that risks override any potential upside. PNC Financial – The bank stock jumped 4.7% after stronger-than-expected earnings for the second quarter. PNC reported $3.30 in adjusted earnings per share. Analysts surveyed by LSEG had penciled in $2.98 per share. PNC said its net interest margin increased from the first quarter. EPAM Systems – Shares of the software engineering services company gained around 4.8% after Jefferies upgraded the stock to buy from hold. Expecting valuations and earnings have “troughed,” the firm says a recovery in discretionary spend and a potential boost in artificial intelligence demand are underappreciated. Rio Tinto – The U.S. listed shares of the mining company fell nearly 2%. Rio Tinto said that its Pilbara iron ore production in the second quarter came in 2% lower compared to the year-ago period. A train collision in May hampered production for the company. Homebuilder stocks – The iShares U.S. Home Construction ETF (ITB) jumped about 6%, as investors rotated into previously unloved corners of the market, on a bet that the Federal Reserve will lower interest rates. Dream Finders Homes added 8.6%, and Toll Brothers gained 7.2%. PulteGroup and Builders FirstSource advanced more than 7% and 8%, respectively. Semiconductor stocks – Investors trimmed their holdings of select semiconductor high-flyers on Tuesday. Nvidia slid more than 1%, as did Advanced Micro Devices and Broadcom . The VanEck Semiconductor ETF (SMH) moved marginally lower. State Street – Shares of the financial firm spiked about 7.5% after reporting an earnings beat for the second quarter. The firm posted earnings of $2.15 per share on revenue of $3.19 billion. Analysts polled by FactSet were expecting $2.03 per share on revenue of $3.15 billion. — CNBC’s Sarah Min, Lisa Kailai Han, Pia Singh, Jesse Pound, Michelle Fox and Darla Mercado contributed reporting.
Stocks making the biggest moves midday: Charles Schwab, Match Group, Bank of America and more
Jul 17, 2024
