Stocks making the biggest moves midday: Microchip Technology, Builders FirstSource, Zoom Communications and more
Here are some of the stocks posting the biggest moves in midday trading Friday
Here are some of the stocks posting the biggest moves in midday trading Friday. Mohawk Industries , Builders FirstSource – Home construction plays jumped after Federal Reserve Chair Jerome Powell hinted that rate cuts could be around the corner, sparking hopes for lower borrowing costs. Builders FirstSource jumped 8%, while flooring company Mohawk Industries added 7%. Homebuilder Lennar and the iShares U.S. Home Construction ETF (ITB) both added more than 5%. Semiconductor stocks — Names in the sector jumped alongside the broader market on indication that the Fed could start lowering interest rates next month. The VanEck Semiconductor (SMH) climbed nearly 3%. Microchip Technology rallied about 6%, and On Semiconductor jumped more than 5%. Nvidia popped about 2%, while Broadcom added 3%. Caterpillar — The construction equipment maker rallied about 4%, helping to drive the Dow Industrials to a new record, on optimism that the Federal Reserve will lower interest rates starting in September, boosting commercial and industrial activity. S & P 500 industrial stocks (+2%) were outperforming the rest of the market (+1.6%) at midday. Goldman Sachs , American Express – The financial services sector jumped 1.7% on hopes for lower interest rates. Goldman Sachs and American Express jumped 3.7% and 4%, respectively. Regional banks also saw a boost, with the SPDR S & P Regional Banking ETF (KRE) jumping more than 4%. Intuit — The stock pulled back more than 4%. While the financial technology company's fourth-quarter results surpassed expectations, its revenue growth for the first quarter came in weaker than expected. The company guided growth of between 14% and 15% year over year for that quarter, below the 15.9% that analysts polled by FactSet had penciled in. Workday — The human resources software company shed 3% after it issued third-quarter subscription revenue guidance of $2.24 billion, in line with analysts' expectations, per StreetAccount. It expects third-quarter adjusted operating margin to be 28%, just slightly below the 28.1% StreetAccount consensus estimate. Workday warned of challenges in its government and education businesses. Zoom Communications — Shares of the communications technology company popped more than 10% after its second-quarter results beat Wall Street's expectations. Zoom Communications posted adjusted earnings of $1.53 per share on revenue of $1.22 billion, while the LSEG analyst consensus had anticipated earnings of $1.37 per share on revenue of $1.2 billion. RLX Technology — Shares of the China-based e-vapor company jumped more than 7% after its second-quarter top and bottom line results topped analysts' expectations, per FactSet. Its revenue for the quarter also saw a 40.3% increase from the same period a year ago. Cenovus Energy — The Canadian oil and gas producer rose 4% after it said it will acquire MEG Energy in a cash-and-stock deal valued at $7.9 billion, or $5.68 billion, including debt, as noted in Canadian currency. The deal is expected to close in the early fourth quarter this year. — CNBC's Alex Harring, Michelle Fox Theobald, Sean Conlon, Fred Imbert and Scott Schnipper contributed reporting.This story originally appeared on: CNBC - Author:Darla Mercado, CFP®
Student loan borrowers who've fallen behind on their payments could soon see the U.S
In a CNBC interview, the policymaker did not share the market's enthusiasm for a cut
Fed Chair Jerome Powell hinted at potential interest rate cuts on Friday
Here are some of the stocks posting the biggest moves in midday trading Friday
Powell on Friday gave a tepid indication of possible cuts ahead as he noted a high level of uncertainty
