Stocks closed lower Tuesday as investors took in
Home Depot
‘s cut in sales guidance and debt ceiling discussions in Washington.
These stocks made moves Tuesday:
Home Depot
(ticker: HD) reported first-quarter earnings that beat analysts’ estimates but sales that came in below forecasts. The home-improvement chain also cut its fiscal-year guidance. Home Depot shares declined 2.2%. Competitor
Lowe’s
(LOW) fell 1.1%.
Berkshire Hathaway
(BRK.A) eliminated its investments in
Bank of New York Mellon
(BK),
U.S. Bancorp
(USB),
Taiwan Semiconductor
(TSM), and
RH
(RH) during the first quarter, according to a filing late Monday, and initiated a position in
Capital One Financial
(COF), buying a stake in the bank of 9.9 million shares worth about $900 million. Capital One stock rose 2.1%.
Horizon Therapeutics
(HZNP) fell 14% after the Federal Trade Commission filed a lawsuit to block
Amgen
‘s (AMGN) roughly $28 billion acquisition of Horizon, which develops treatments for rare autoimmune and inflammatory illnesses.
Amgen
fell 2.4%. In a statement, the FTC said the deal “would allow Amgen to leverage its portfolio of blockbuster drugs to entrench the monopoly positions of Horizon medications used to treat two serious conditions, thyroid eye disease and chronic refractory gout.”
Tesla
(TSLA) gained 0.1% ahead of the electric-vehicle maker’s annual meeting, which begins at 4 p.m. Eastern time. Investors will be listening for developments on products and production. Al Root of Barron’s wrote that succession planning could be a surprise at the meeting.
On Holding
(ONON) declined 9.7%. First-quarter revenue at the running shoe company set another quarterly record and it raised its fiscal-year sales outlook. The company, however, said it was maintaining its outlook for gross profit margins despite the higher revenue guidance.
Baidu
(BIDU), the Chinese search-engine giant, reported first-quarter earnings that beat analysts’ estimates as revenue rose 10%. American depositary receipts of Baidu were up 4%.
American depositary receipts of
Vodafone Group
(VOD), the U.K.-based telecommunications company, declined 8.7% after saying it would cut 11,000 jobs over three years.
Western Alliance Bancorp.
(WAL) rose 2.7% after analysts at Bank of America resumed coverage on shares of the regional lender with a Buy recommendation.
Etsy
(ETSY) fell 5.3% to $92.65, after analysts at Morgan Stanley reduced their price target on the stock to $74 from $79. They maintained their Equal Weight rating on the shares.
Newell Brands
(NWL) fell 5.7% after the maker of Sharpie and Rubbermaid products cut its quarterly dividend by 70%.
Write to Joe Woelfel at [email protected]
Read the full article here
