\n
Check out the companies making headlines in midday trading. Chip stocks \u2014 Several large chip stocks fell after Bloomberg News reported that said the Biden Administration is considering clamping down on companies that are exporting their chipmaking equipment to China. Nvidia fell 6%, while ASML slid 11%. AMD slipped 8%. Taiwan Semiconductor Manufacturing Company tumbled about 7%. The VanEck Semiconductor ETF (SMH) was down roughly 6%. Elevance Health \u2014 The health insurer slipped 6.4% after issuing its earnings guidance for the full year. Elevance expects adjusted earnings of at least $37.20 for 2024, while analysts polled by FactSet called for $37.28 per share. Second-quarter adjusted earnings and revenue came in slightly ahead of estimates. Charles Schwab \u2014 TD Cowen downgraded shares of the financial services company to hold, pushing the stock down 9%. The firm cited Charles Schwab’s “ongoing mixed execution” and its potential balance sheet shrinkage as some catalysts behind the new rating. Qualcomm \u2014 The semiconductor stock slipped nearly 8% after HSBC\u00a0downgraded the company to hold from buy, saying Qualcomm has a “lackluster” artificial intelligence PC narrative and could possibly miss its fourth-quarter revenue targets. J.B. Hunt Transport Services \u2014 The freight company’s stock price fell 7% after its second-quarter results missed Wall Street’s estimates. Earnings came out at $1.32 per share, falling short of analysts’ expectations of $1.52 per share, per LSEG. Revenue for the period was $2.93 billion, also less than analysts’ calls for $3.04 billion. Omnicom \u2014 Shares of the corporate communications company fell 8% despite beating revenue expectations for the second quarter. Omnicom posted adjusted earnings of $1.95 per share, which came out in line with analyst forecasts polled by FactSet. The company’s revenue of $3.85 billion beat a forecast that called for $3.83 billion. GitLab , Datadog \u2014 Shares of software development tool provider GitLab jumped 7%. Reuters, citing people familiar, reported that the firm was exploring a sale after receiving acquisition interest from firms, including from cloud monitoring company\u00a0Datadog. Shares of Datadog slid 7%. Five Below \u2014 Five Below shares sank 22% and headed for their worst day in more than four years after the company cut its guidance and announced the departure of its CEO. Several Wall Street firms also downgraded the value retailer following the news. UnitedHealth Group \u2014 The health-care stock added 4% after the company posted a second-quarter earnings and revenue beat. Jefferies upgraded the stock to a buy rating from hold, applauding its cost-savings measures that could lead to a “superior ’25 setup.” Johnson & Johnson \u2014 Shares gained nearly 4% after the pharmaceutical company posted a top and bottom line beat in the second quarter. Johnson & Johnson reported adjusted earnings of $2.82 per share on $24.45 billion in revenue. Analysts polled by LSEG had forecasted $2.70 earnings per share on $22.31 billion in revenue. Meanwhile, the company lowered its full-year adjusted earnings guidance to a range of $9.97 to $10.07 per share, versus consensus estimates of $10.45 per share, according to FactSet. U.S. Bancorp \u2014 The bank rose more than 4% after a stronger-than-expected second quarter. U.S. Bancorp reported earnings of 97 cents per share, including a hit from a regulatory assessment. Analysts surveyed by FactSet were expecting 94 cents per share. Net interest income ticked up compared to the first quarter. V.F. Corporation \u2014 The apparel, footwear and accessories company advanced 7% after eyewear group EssilorLuxottica announced an agreement to acquire its Supreme brand for $1.5 billion in cash. Sweetgreen \u2014 Shares of the salad chain restaurant fell 5%. The decline came even after UBS initiating coverage of the stock with a buy rating under the belief that Sweetgreen could generate revenue growth of 15% or more. \u2014 CNBC’s Jesse Pound, Hakyung Kim, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.<\/span><\/span><\/span><\/span><\/p>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Check out the companies making headlines in midday trading. Chip stocks \u2014 Several large chip stocks fell after Bloomberg News reported that said the Biden Administration is considering clamping down on companies that are exporting their chipmaking equipment to China. Nvidia fell 6%, while ASML slid 11%. AMD slipped 8%. Taiwan Semiconductor Manufacturing Company tumbled…<\/p>\n","protected":false},"author":1,"featured_media":83518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-83517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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