Charles Schwab and Bank of America stocks rally, Prologis and Masimo shares slump and other stocks on the move

Charles Schwab and Bank of America stocks rally, Prologis and Masimo shares slump and other stocks on the move

Charles Schwab’s stock leads the S&P 500’s gainers, Morgan Stanley is 2nd and Bank of America is 4th best, all after earnings reported

Here are some of the bigger and more-active movers on Tuesday:

Stock gainers:

Charles Schwab Corp.’s stock SCHW, +12.57% shot up 12.3% in midday trading, enough to pace the S&P 500 index’s SPX, +0.71% gainers, after the discount broker beat profit and revenue expectations, and said the daily outflow of client funds suffered over the last year has begun to slow.

The S&P 500’s second-best performer was Morgan Stanley‘s stock MS, +6.45%, which ran up 6.7% after the bank reported second-quarter profit that fell from a year ago but beat expectations, as strength in its wealth management business helped offset weakness in its institutional securities business.

Shares of Bank of America Corp. BAC, +4.42% hiked up 4.7% toward a four-month high, and were the S&P 500’s fourth-best performer, after the bank’s second-quarter profit and revenue rose above expectations, helped by a “healthy U.S. economy” that was growing at a slower pace.

Nvidia Corp.’s stock NVDA, +2.22% tacked on 1.3% toward a record high after Melius Research analyst Ben Reitzes started coverage of the artificial-intelligence semiconductor maker with a buy rating and $625 stock price target, making him the second-most bullish of the 50 analysts surveyed by FactSet who cover the company.

Verizon Communications Inc. shares VZ, +2.57% surged 3.5%, putting them on track to snap an eight-session losing streak.

Shares of Pinterest Inc. PINS, +3.98% were gaining 4% after an Evercore ISI analyst moved to a bullish stance, cheering better advertising-market conditions and improvements made by Chief Executive Bill Ready, who is about a year into his stint.

Singing Machine Co.’s stock MICS, +28.95% rocketed 28% after the maker of karaoke machines announced a new product line that is available at about 866 Walmart Inc. WMT, -0.18% stores.

Transocean Ltd. shares RIG, +6.81% hiked up 8.9% toward a four-year high, after the oil drilling services company said it was awarded a $518 million contract by an independent operator in the Gulf of Mexico.

Cracker Barrel Old Country Store Inc.’s stock CBRL, +5.15% climbed nearly 5% after the Tennessee-based family restaurant chain’s announcement that its chief executive officer, Sandra Cochran, was stepping down after 12 years in the role.

U.S. ADRs of Novartis AG NVS, +4.57% climbed more than 4% as the Swiss drugmaker raised its sales guidance for the year.

Telephone & Data Systems Inc. stock TDS, +9.57% rose 8%, after skidding 8% on Monday when it was downgraded on concerns over legacy lead cables.

Stock decliners:

Prologis Inc.’s stock PLD, -3.11% reversed an early rally to sink 5.0%, enough to lead the S&P 500’s losers, after the logistics real estate giant beat second-quarter profit and revenue expectations, but reported a decline in occupancy.

Shares of Masimo Corp. MASI, -20.00% tumbled 21% after the hospital-equipment maker forecast second-quarter sales that were far below estimates and tempered sales expectations for the full year.

Shopify Inc. shares SHOP, -2.07% shed more than 2% after Evercore ISI cut its rating on the e-commerce company to in-line from outperform.

Freyr Battery‘s stock FREY, -7.49% dropped more than 7%, and was the New York Stock Exchange’s (NYSE) biggest decliner, after the battery cell maker disclosed it received a comment letter from the U.S. Securities and Exchange Commission, which urged the company to expand disclosures regarding costs to build battery-manufacturing facilities and to explain what the financial line item “Luxembourg reorganization” represents.

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