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:
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.
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.