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Stocks making the biggest moves midday: Nvidia, Berkshire Hathaway, Yum China and more

Garry Wills by Garry Wills
November 4, 2024
in Business Finance
Stocks making the biggest moves midday: Nvidia, Berkshire Hathaway, Yum China and more
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Check out the companies making headlines in midday trading: Nvidia , Sherwin-Williams — The stocks rose more than 1% and roughly 3%, respectively, on the heels of the announcement that both are going to join the Dow Jones Industrial Average , effective Friday. Nvidia is slated to replace rival chipmaker Intel , while paint manufacturer Sherwin-Williams will replace Dow Inc . Intel shares slid more than 4%, and Dow Inc. fell 2.7%. Berkshire Hathaway — Shares dropped nearly 3% after Warren Buffett’s conglomerate revealed that operating earnings totaled $10.1 billion in the third quarter , about 6% lower than a year ago. This was also slightly below what analysts polled by FactSet had forecast. Talen Energy — The independent power producer pulled back around 3% after the Federal Energy Regulatory Commission rejected a request to increase the amount of power the Susquehanna nuclear plant can dispatch to an Amazon data center. Talen owns the nuclear plant and sold the data center campus to Amazon in March in a first-of-its-kind deal. Constellation Energy and Vistra’s stocks fell around 11% and 3%, respectively, in tandem. Constellation and Vistra were expected by investors to announce similar deals with tech companies at some point. Marriott International — Shares of the hospitality company dropped nearly 2% on disappointing third-quarter earnings and forward guidance. Marriott reported adjusted earnings of $2.26 per share on $6.26 billion in revenue. Analysts had estimated earnings of $2.31 per share on revenue of $6.27 billion, per FactSet. Fourth-quarter guidance came in below the Street’s estimates. Peloton — The exercise equipment company’s stock jumped 4% after being upgraded to buy from underperform at Bank of America. The bank thinks Peloton can grow earnings before interest, taxes, depreciation and amortization over the next few years under its new CEO Peter Stern . Yum China Holdings — The Shanghai-based fast-food company rallied 8% after posting a top- and bottom-line beat in the third quarter. Yum China reported revenue grew 5% year over year to $3.07 billion, an all-time quarterly high. Fox Corp. — Shares rose nearly 4% after the media company surpassed Wall Street’s fiscal first-quarter estimates. Fox Corp. posted adjusted earnings of $1.45 per share on $3.56 billion in revenue. That surpassed the earnings per share of $1.13 and $3.38 billion in revenue expected by analysts polled by FactSet. Chewy — The pet retailer rose 8% after the S & P Dow Jones Indices said on Friday that Chewy would replace Stericycle in the S & P MidCap 400, effective Wednesday . The New York Times — The media company’s shares fell 6% after The New York Times added fewer-than-expected digital subscribers in the third quarter, even as its digital advertising sales saw its strongest growth in more than two years. The New York Times Tech Guild also announced Monday morning that it is officially on an unfair labor practice strike . — CNBC’s Michelle Fox, Lisa Kailai Han, Pia Singh, Sean Conlon and Samantha Subin contributed reporting.



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