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Home Depot reported second-quarter earnings that beat analyst estimates.
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Stock futures fell on Tuesday as an increase in bond yields and growing concerns about the Chinese economy weighed on investor sentiment. Meanwhile, US retail sales in July rose 0.7%, above economists’ expectations.
These stocks were poised to make moves on Tuesday:
Home Depot
(HD) reported second-quarter earnings of $4.65 per share on revenue of $42.9 billion, beating analyst estimates in both measures. Same-store sales, a measure of revenue growth in stores open for at least a year, fell 2%, lower than analyst expectations. The company’s board of directors also approved a $15 billion buyback program.
Home Depot
decreased by 0.7%.
Warren Buffett
Berkshire Hathaway
(BRK.B) is in a new equity position
Dr. Horton
(DHI), the nation’s largest homebuilder, and smaller positions in Homebuilders
Linar
(Lynn) f
NVR
(NVR). Berkshire acquired about 6 million shares of DR Horton which are now worth more than $700 million. Berkshire reduced its stake
general motors
(GM) increased 45% to 22 million shares now worth about $750 million, according to a 13-F regulatory filing issued late Monday.
Dr. Horton
It was up 2.2%, while General Motors was down 0.9%.
nvidia
(NVDA) rose 2.4% to $447.79 after analysts at UBS raised their price target for the stock to $540 from $475 and maintained a buy rating on the graphics chip maker’s shares before earnings next week.
nvidia
It rose 7.1% on Monday.
US Steel
(X) fell 1.1% to $30.73 after ending 37% higher Monday after rejecting an unsolicited $7.3 billion offer from
Cleveland Cliffs
(CLF). Offer cash and stocks for
US Steel
valued at $35 a share. It was revealed late Monday that privately held Esmark has offered to buy US Steel for $35 a share, all for cash. Esmark is headed by James Bouchard, former vice president of European Steel Works at US.
Hawaii Electric Industries
(HE) extended its losses, down 6.3%, after falling 34% in the previous session amid accusations that outages in power lines may have caused the wildfires that devastated the town of Lahaina, in Hawaii, and claimed at least 99 lives. An investigation into the cause of the fires. While no official cause has been determined, some accuse Hawaiian Electric, the state’s largest power provider, of failing to implement safety measures. The company told Bloomberg it had no information on what caused the fires.
Find out Finance
(DFS) announced it CEO and President Roger Hoschild is stepping downEffective immediately, Board Member John Owen to lead the financial services company. Discover’s board of directors formed a special search committee to search for a permanent CEO and president. Discover shares fell 8.3%.
paysafe
(PSFE) rose 5.8% after the payment provider’s second-quarter adjusted earnings beat Wall Street expectations.
Arcelex
(ACLX) rose 7.1% after it was announced that the Food and Drug Administration lifted a clinical hold on the company’s investigational CART-ddBCMA drug for the treatment of multiple myeloma.
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(GETY) was down 16% after the stock photography company turned to a loss in the second quarter and cut its 2023 revenue forecast.
Write to Joe Woelfel at joseph.woelfel@barrons.com