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Midday movers: Bank of America, Match rise; Charles Schwab falls

Investing.com
·2 min read

(Updated - July 16, 2024 11:28 AM EDT)

Investing.com -- U.S. stock futures were mixed Tuesday, with the Dow and S&P 500 gaining, while Nasdaq treaded water as investors shied away from megacap tech stocks.

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

Bank of America (BAC) stock rose 5% after the lender reported second-quarter revenue and profit topping expectations on rising investment banking and asset management fees.

Morgan Stanley (MS) stock rose 2.6% after the investment bank reported its profit rose in the second quarter with investment banking activity rebounding, as some of its peers had outperformed.

Charles Schwab (NYSE:SCHW) (SCHW) stock fell 7.3% after the financial services company reported results largely in line with expectations, failing to beat guidance like many of its peers.

Tesla (NASDAQ:TSLA) stock rose 0.1% after a report CEO Elon Musk planned to commit around $45 million a month to a new pro-Trump super political action committee.

Match (MTCH) stock rose 8% following a report activist investor Starboard has a stake of more than 6.5% in the Tinder owner and was pushing for a possible sale if a turnaround wasn't successful.

Trump Media&Technology (DJT) stock fell 9.1%, pulling back after closing up 31% a day earlier amid a broader rally in the so-called Trump trade across markets.

UnitedHealth (NYSE:UNH) stock rose 6% despite the health insurer raising its estimates for a hit to earnings this year from a February hack at its tech unit, as it rolls out loans to healthcare providers and records higher expenses from notifying affected customers.

Palantir Technologies (NYSE:PLTR) stock fell 1% after analysts downgraded its investment stance on the big data analytics software maker to ‘underperform’ from ‘neutral’, saying its rich valuation is becoming “hard to justify.”

Shopify (NYSE:SHOP) stock rose 7.6% after analysts upgraded its stance on the e-commerce platform to ‘buy’ from ‘neutral’, saying the “company has turned a corner on balanced growth and margin, under new CFO Jeff Hoffmeister.”

Starbucks (NASDAQ:SBUX) stock rose 1% despite analysts downgrading the coffee chain to ‘in line’ from ‘outperform’, saying soft trends are continuing.

NVIDIA (NASDAQ:NVDA) and AMD (NASDAQ:AMD) were down 1.6% and 2.4%, respectively, as investors sold high-flying, megacap tech stocks in favor of small caps names, with iShares Russell 2000 ETF (IWM) rising 2.3%.


Additional reporting by Louis Juricic

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