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Midday movers: Walmart, Discover rise; Home Depot falls

Published 20/02/2024, 14:06
Updated 20/02/2024, 17:10
© Reuters. -- U.S. futures fell Tuesday as investors returned to their desks after a long weekend and prepared for a deluge of quarterly corporate earnings during the week. The tech-heavy Nasdaq underperformed as semiconductor stocks traded sharply lower.

Here are some of the biggest U.S. stock movers today:

Walmart (NYSE:WMT) stock rose 3.9% after the retail giant’s fourth-quarter sales and earnings beat estimates and it raised its annual dividend by 9%, although a muted outlook limited share price gains.

Home Depot (NYSE:HD) stock rose 0.6% after the DIY retailer posted a dip in fourth quarter comparable sales, with cost-conscious consumers reining in expenditures on major property improvements, opting instead to focus on smaller and cheaper projects.

Discover Financial Services (NYSE:DFS) stock soared over 13% and Capital One (COF) stock fell 0.3% after the pair agreed to merge in an all-stock deal worth $35.3 billion - a tie-up which would create the sixth-largest U.S. bank by assets and a major American credit card group.

Intel (NASDAQ:INTC) stock rose 1% after Bloomberg reported late last week that the Biden administration is in talks to award more than $10 billion in subsidies to the semiconductor firm.

Vizio (VZIO) stock rose 15% after retail giant Walmart said it would buy the smart-tv maker for $2.3 billion.

Allegion (NYSE:ALLE) stock rose 2.5% after the provider of security products beat fourth-quarter profit estimates, helped by price hikes and strong demand for its security systems in commercial buildings.

Truist Financial (NYSE:TFC) stock declined 0.4% after the bank agreed to sell its insurance brokerage business to an investor group led by private equity firms Stone Point and CD&R, in a deal valued at $15.5 billion.

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GlobalFoundries (NASDAQ:GFS) stock rose 2.5% after the U.S. government on Monday awarded $1.5 billion to the contract chipmaker to subsidize semiconductor production.

S&P Global (SPGI) stock declined 0.2% after the data provider announced plans to buy financial technology provider Visible Alpha for an undisclosed sum.

Super Micro Computer (NASDAQ:SMCI) declined 12%, NVIDIA (NASDAQ:NVDA) fell 5% and AMD (NASDAQ:AMD) was lower by 5.2% amid weakness in semiconductors. NVIDIA will report its highly anticipated quarterly results on Wednesday.

Additional reporting by Louis Juricic

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