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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Latest stubborn U.S. inflation reading will bring about more 'wait and see' from the Fed

Midday movers: AutoZone, Broadcom, Lowe's and more

Investing.com
·1 min read

Investing.com -- Stocks are falling as uncertainty over a resolution to the debt ceiling weighed on sentiment. Here are the market movers for May 23.

AutoZone Inc (NYSE:AZO) shares fell 6.3% after the retailer of auto parts missed revenue and same-store sales expectations for the recent quarter as inventory rose. Broadcom Inc (NASDAQ:AVGO) shares rose 2% after the chip maker reported a multi-year agreement to make 5G radio frequency components for Apple (NASDAQ:AAPL). Shares of Apple dipped 0.8%. Lowe’s Companies Inc (NYSE:LOW) shares rose 1.6% after the home improvement retailer reported better than expected adjusted earnings per share in the first quarter but cut its fiscal year revenue outlook as households cut back on do-it-yourself projects. Hermes International (OTC:HESAF)(EPA:HRMS) shares fell 6%, while shares of LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMUY) (EPA:LVMH) dropped 5% as stocks of European luxury brands fell broadly on Tuesday. Bloomberg reported that international demand, especially in China, has taken a hit.

Yelp Inc (NYSE:YELP) shares rose 6.4% after the restaurant and retail review site caught the attention of an activist shareholder. TCS Capital said it has a 4% stake and wants the company to explore strategic options, including a sale to a strategic or private equity buyer.

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