HOOD, NVDA, INTC and more
Check out the companies making headlines in midday trading: Crypto stocks — Several bitcoin-related names were hit following the cryptocurrency’s drop below $50,000 for the first time since February. Robinhood plummeted more than 10%, and MicroStrategy plunged more than 8%. Others such as Coinbase and Marathon Digital each fell around 5%. Kellanova — Shares of the snack food company jumped 13%, hitting a new 52-week high during the session, following reports that candy maker Mars is exploring a takeover of the company. Nvidia , Super Micro Computer — Nvidia and Super Micro Computer sank more than 6% each as U.S. recession fears sparked a global market sell-off and investors rotated out of 2024’s winning artificial intelligence names. Semiconductor stocks sold off as well, with the VanEck Semiconductor ETF dropping 3%. Micron Technology and Taiwan Semiconductor Manufacturing lost more than 5%, while Arm Holdings declined 7%. Apple — The tech stock dropped more than 5% in the broad market sell-off after news that Warren Buffett’s Berkshire Hathaway dumped half its stake in the iPhone maker. Berkshire disclosed in its earnings filing that its Apple holding was valued at $84.2 billion at the end of the second quarter, indicating that the Oracle of Omaha dumped a little more than 49% of the tech stake. Apple was still Berkshire’s biggest equity holding by far after the sale. Palantir — The software stock fell more than 4% ahead of the company’s s quarterly results. Analysts surveyed by LSEG estimate Palantir will report second-quarter revenue of $652 million, which is in line with the company’s forecast of between $649 million and $653 million. Analysts also estimate earnings of 8 cents per share. Tech stocks — Major tech names dropped during Monday’s sell-off. Amazon fell more than 3%, while Microsoft and Tesla both slid more than 2%. Shares of the Facebook and Instagram parent, Meta , fell more than 1.5%. Intel — Shares of the chipmaker dropped nearly 8%, continuing a sharp postearnings slide from last week. Intel’s fiscal second-quarter results missed the Street’s expectations on the top and bottom lines, and the company announced plans to cut 15% of its workforce. Shares tumbled 26% Friday, marking Intel’s biggest plunge in 50 years . Tyson Foods — Shares gained 2%, notably outperforming in a down day for markets following a strong earnings report . Tyson Foods posted fiscal third-quarter adjusted earnings of 87 cents, more than the earnings of 67 cents per share anticipated by analysts polled by FactSet. Revenue of $13.35 billion exceeded the $13.21 billion consensus estimate. GameStop — The stock moved more than 5% lower, extending losses from the previous session. On Friday, Game Informer said in a post on social media platform X that it was shut down by GameStop, its parent company, after 33 years. Game Informer also confirmed in a separate post that all employees had been laid off. Lucid — Shares of the electric-vehicle maker fell more than 2% ahead of the company’s second-quarter results. According to LSEG, analysts are expecting a loss of 26 cents per share on revenue of $192 million. — CNBC’s Samantha Subin, Yun Li, Sarah Min and Darla Mercado contributed reporting.
- Finance
