Stocks making the biggest moves midday: Palo Alto Networks, Boeing, Lowe’s, Bank of America and more
Check out the companies making headlines in midday trading: Bank of America — The bank stock slid 2% after a regulatory filing revealed Warren Buffett’s Berkshire Hathaway is not done downsizing its stake. The conglomerate sold 13.9 million more shares of the bank for $550.7 million over the past three trading days, bringing its stake to 11.9%. Berkshire had a 12-day selling streak starting mid-July. XPeng — The U.S.-listed shares of the Chinese electric vehicle maker dropped about 7% after it issued third-quarter revenue guidance that fell short of expectations. The company forecasts revenue in the range of CNY 9.1 billion and CNY 9.8 billion, lower than the FactSet consensus estimate of CNY 10.40 billion. Palo Alto Networks — Shares jumped 8% after the cybersecurity company topped Wall Street’s fiscal fourth-quarter estimates, putting the stock on track for its best day in nearly a year and making it the S & P 500’s best performer on Tuesday. Palo Alto Networks also gave strong guidance for the fiscal first quarter and year. Lowe’s — The home improvement stock fell 1% after revenue was softer than expected during the second quarter. Lowe’s reported $23.59 billion, while analysts surveyed by LESG had penciled in $23.91 billion. Lowe’s also cut its full-year forecast for earnings per share and sales. Boeing — Shares of the aerospace company dropped roughly 4.8%. Boeing grounded its 777X test fleet after discovering key structure damage. Paramount Global — Shares slipped nearly 2% following reports that media executive Edgar Bronfman Jr. made a rival bid to acquire National Amusements, the company that has a controlling stake in Paramount Global. Skydance Media and its partners reached a deal to buy Paramount last month, which included a 45-day “go-shop period.” Eli Lilly — Shares of the drugmaker jumped about 3% after the company said its weight loss drug minimized the risk of diabetes in a late-stage trial. Amer Sports — The Finland-based global sports and outdoor company rallied 12.5% on the back of an earnings and revenue beat. Amer Sports also boosted its full-year guidance. Hawaiian Holdings , Alaska Air — Shares of Hawaiian popped 11.6%, while Alaska Airlines edged 0.7% lower, after the U.S. Department of Justice cleared the merger of the two companies . The airlines now need to secure approval from the U.S. Department of Transportation before the deal, which is worth $1.9 billion, can close. Fabrinet — Fabrinet shares popped more than 16% after the electronic manufacturing company reported better-than-expected quarterly earnings and revenue. Fabrinet reported fourth-quarter adjusted earnings of $2.41 per share on revenue of $753 million, while analysts polled by LSEG had expected earnings per share of $2.25 on revenue of $733 million. — CNBC’s Samantha Subin, Yun Li, Jesse Pound and Michelle Fox contributed reporting.
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