Stocks traded mostly lower Tuesday with President Joe Biden and congressional leaders set to meet for another round of talks on raising the U.S. debt ceiling and after
Home Depot
slashed fiscal-year guidance. U.S. retail sales, meanwhile, rose in April but less than expected.
These stocks were making moves Tuesday:
Home Depot
(HD) reported first-quarter earnings that beat analysts’ estimates but sales that came in below forecasts. The home-improvement giant also cut its fiscal-year guidance. Home Depot shares declined 1.5%. Competitor
Lowe’s
(LOW) fell 1.7%.
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 2.9%.
Horizon Therapeutics
(HZNP) was falling 156% 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
was falling 1%. 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.”
On Holding
(ONON) declined 7.8%. 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 1.8%.
American depositary receipts of
Vodafone Group
(VOD), the U.K.-based telecommunications company, declined 8.8% after saying it would cut 11,000 jobs over three years.
Etsy
(ETSY) was the leading decliner in the
S&P 500
on Tuesday, falling 5%, 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) was falling 1.8% after the maker of Sharpie and Rubbermaid products, cut its quarterly dividend by 70%.
Rumble
(RUM), the conservative social-media and video platform, was falling 5.3% after posting a wider-than-expected loss.
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