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Midday movers: DR Horton, Kinder Morgan rise ; Domino's Pizza, Beyond Meat fall

Investing.com
·2 min read

(Updated - July 18, 2024 11:59 AM EDT)

Investing.com -- U.S. stock futures fell Thursday, with tech stocks faltering again after the previous season’s rout, as top Democrats continued to pressure Joe Biden to withdraw from the presidential race fearing he would lose to Donald Trump.

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

Taiwan Semiconductor Manufacturing (TSM) stock fell 2%, erasing a pre-open gain, despite the world’s largest contract chipmaker posting a hefty 36% rise in second-quarter net profit earlier Thursday.

Netflix (NASDAQ:NFLX) stock fell 0.6% ahead of the streaming giant’s quarterly results after the close. It has already guided for lower net subscriber additions in the second quarter than in the first three months of the year.

DR Horton (NYSE:DHI) stock rose 12% after it beat estimates for quarterly profit, and also approved a new share buyback authorization totaling $4 billion.

Domino’s Pizza (NYSE:DPZ) stock slumped 12% after the pizza chain missed estimates for quarterly same-store sales, as inflation worries discouraged U.S. consumers.

Beyond Meat (NASDAQ:BYND) stock dropped 11% following a report the plant-based meat producer has engaged with bondholders to begin discussions about restructuring its balance sheet.

Novartis (SIX:NOVN) (NOVN) ADRs fell 4% despite the Swiss pharma giant raising its profit guidance, as the Swiss drugmaker reported second-quarter profit and sales ahead of expectations.

Infosys (NS:INFY) (INFY) ADRs rose 8% after the Indian outsourcing giant reported growing profits and forecast a slight pickup in sales growth for the year.

Blackstone (NYSE:BX) stock rose 2.5% after the investment firm posted a modest rise in its second-quarter distributable earnings, with a jump in asset sales in its private equity and credit divisions offsetting a slump in its real estate arm.

Coinbase (NASDAQ:COIN) fell 4.7% as the price of Bitcoin fell below $64,000 amid concerns pro-cryptocurrency presidential candidate Donald Trump would face an uncertain road to the White House if Biden withdraws.

Kinder Morgan (NYSE:KMI) rose 3% despite reporting disappointing earnings in the second quarter, after discussing a positive long-term outlook for natural gas demand.

Abbott (ABT) fell 3.5% despite beating EPS and revenue estimates for the second quarter, after issuing lackluster guidance.


Additional reporting by Louis Juricic

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