Stocks fell Tuesday as a deal to raise the U.S. debt ceiling remained elusive.
These stocks were making moves Tuesday:
Broadcom
(ticker: AVGO) stock was rising after it signed a new multiyear, multibillion-dollar agreement with
Apple
(AAPL) to make 5G radio frequency components and wireless chips for the tech giant.
Broadcom
shares rose 1.2%, while
Apple
fell 1.5%.
The Wall Street Journal reported that activist investor TCS Capital Management has built a stake in
Yelp
(YELP), the provider of local-market restaurant and business recommendations and is calling on the company to explore strategic alternatives including a sale. TCS Capital owns more than 4% of
Yelp
‘s outstanding common shares, making it one of the company’s five biggest shareholders, people familiar with the matter told the Journal. Yelp shares jumped 5.7%.
Zoom Video Communications
(ZM) was down 8.1%. The videoconferencing company reported fiscal first-quarter adjusted earnings and revenue that topped Wall Street expectations. Zoom Video also issued an upbeat forecast, saying it expects fiscal-year adjusted earnings of $4.25 to $4.31 a share on revenue of $4.47 billion to $4.49 billion, above analysts’ forecasts that called for profit of $4.21 a share on revenue of $4.45 billion.
Integra LifeSciences
(IART) slid 20% after the regenerative tissue technologies company issued disappointing earnings guidance, announced a product recall, and received a downgrade to Sell from Neutral by analysts at Citi.
PacWest Bancorp
(PACW) was up 7.7%, extending sharp gains from Monday after the regional lender said it would sell a portfolio of 74 real estate construction loans with a total balance of about $2.6 billion outstanding to
Kennedy-Wilson Holdings
(KW).
Tesla
(TSLA) shares fell 1.6%. Shares of the electric-vehicle company rose 4.9% on Monday, a move that followed
Ford
‘s (F) investor day, in which the auto maker committed to building its roster of electric vehicles.
Myriad Genetics
(MYGN) climbed 13% after receiving a double upgrade from analysts at Goldman Sachs, who commended the genetics testing company for successfully improving its business.
BJ’s Wholesale Club
(BJ) shed 7.3% after the retailer posted first-quarter revenue below consensus.
AutoZone
(AZO) fell 5.9% after the automotive replacement parts maker beat earnings estimates in its fiscal third quarter but net sales and domestic same-store sales missed consensus. It was the worst performer in the
S&P 500.
Moderna
(MRNA) was the index’s top performer, rising 8.7%.
Lowe’s
(LOW) reported first-quarter adjusted earnings of $3.67 a share, beating analysts’ estimates of $3.45, and the stock was up 1.7% after the home-improvement retailer cut its profit and sales outlook for the fiscal year.
Chevron
(CVX) gained 2.9% to $157.05 after receiving an upgrade to Buy from Hold by analysts at HSBC and a price target raise to $198 from $192 by analysts at Morgan Stanley—a day after the company announced it will acquire
PDC Energy
(PDCE) in an all-stock transaction valued at $6.3 billion.
Steel producers
Steel Dynamics
(STLD) and
Nucor
(NUE) each were initiated with Underweight ratings by analysts at J.P. Morgan, and shares fell 1.4% and 2.1%, respectively.
Write to Joe Woelfel at [email protected]
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