Stocks were down slightly Tuesday and bond yields rose after a report on U.S. retail sales in September was stronger than expected. Meanwhile, President Joe Biden is scheduled to visit Israel Wednesday amid rising concerns of an escalation of the Israel-Hamas war, and third-quarter earnings season has picked up momentum.
These stocks were making moves Tuesday:
Nvidia
(NVDA) was down 4.7% after the Biden administration said it would be tightening its restrictions on exports of artificial intelligence chips to China. A spokesperson at the chip maker told Barron’s that given the worldwide demand for
Nvidia
‘s products, the company doesn’t expect a meaningful impact on its near-term financial results.
VMware
(VMW) declined 6.3% on concerns that intensifying trade tensions between the U.S. and China could spur regulators in Beijing to block
Broadcom
‘s (AVGO) pending acquisition of the infrastructure software company.
VF Corp.
(VFC) was up 14% and the stock was the top performer in the
S&P 500
following a report from The Wall Street Journal that said investment firm Engaged Capital has “built a big stake” in the parent company of The North Face and Vans and has cost-cutting plans in mind.
Bank of America
(BAC) reported third-quarter earnings of 90 cents a share, topping Wall Street forecasts of 83 cents. Net interest income rose 4% to $14.4 billion because of higher interest rates and loan growth. The stock was rising 3%.
Lockheed Martin
(LMT), the defense contractor, reported third-quarter earnings of $6.73 a share on sales of $16.9 billion. Wall Street was looking for profit of $6.67 a share on sales of $16.7 billion. Lockheed was down 0.9%.
Johnson & Johnson
(JNJ) reported third-quarter adjusted earnings of $2.66 a share, beating analysts’ estimates of $2.52. Sales of $21.4 billion also topped estimates of $21 billion and the healthcare giant lifted full-year guidance. The report marked the company’s first that doesn’t include the results of its consumer health division that separated from J&J over the summer. The stock was down 0.9%.
Third-quarter profit of $5.47 a share at investment bank
Goldman Sachs
(GS) beat expectations of $5.42. Third-quarter revenue of $11.82 billion declined from almost $12 billion a year earlier. The stock fell 1.3%.
Lucid
(LCID) was down 4.6% after the electric-vehicle maker produced 1,550 vehicles in the third quarter, down 32.1% from a year earlier.
U.S.-listed shares of
Ericsson
(ERIC) fell 2.8% after the Sweden-based maker of telecommunications equipment withdrew margin guidance for 2024, saying it expects current macroeconomic uncertainty to “prevail” into next year.
Choice Hotels International
(CHH) launched a hostile bid for
Wyndham Hotels & Resorts
(WH) of $90 a share in cash and stock. Wyndham’s board rejected the unsolicited proposal. Wyndham shares jumped 9% to $75.24. Choice shares fell 5.6%.
NetScout Systems
(NTCT) was falling 17% after the cybersecurity company said it was reducing guidance for fiscal 2024 “to reflect a recent slowing in order conversion.”
Dollar Tree
(DLTR) was upgraded to Buy from Neutral at
Goldman Sachs
and the stock rose 4.5%.
Write to Joe Woelfel at [email protected]
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