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MARKETS LIVE BLOG:

STOCKS EXTEND GAINS AS RESULTS SEASON KICKS INTO HIGH GEAR

Tech-focused investors prepare for fresh wave of earnings highlighted by struggling Tesla

Midday movers: Home Depot, Capital One Financial, Tesla and more

Investing.com
·1 min read

Investing.com -- Stocks were mixed at midday Tuesday as investors waited for clarity on the direction of negotiations over raising the debt ceiling, with a June 1 deadline just weeks away. Here are the market movers for May 16.

Home Depot Inc (NYSE:HD) shares fell 1.4% after the home improvement retailer reported weaker-than-expected sales for the first quarter and lowered its outlook for the year as shoppers cut down on spending. Same-store sales fell 4.5%. Capital One Financial Corporation (NYSE:COF) shares rose 2.4% after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) disclosed it had taken on a new 9.9 million share position in the card company as of the end of the first quarter. Tesla Inc (NASDAQ:TSLA) shares were up 1.3% in anticipation of the electric vehicle maker's annual shareholder meeting this afternoon. Earlier, billionaire George Soros' fund disclosed it no longer had a stake in the company. Horizon Therapeutics PLC (NASDAQ:HZNP) shares were falling 15% after the Federal Trade Commission sued to block its $28 billion acquisition by pharma company Amgen Inc (NASDAQ:AMGN).

Newell Brands Inc (NASDAQ:NWL) shares fell 3.6% after the maker of Rubbermaid and other household products cut its dividend by 70%. Last month, Newell disappointed with a wider-than-expected loss in the first quarter and a below-forecast second-quarter profit projection.

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