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Home Depot reported second-quarter earnings that beat analysts’ estimates.
Justin Sullivan/Getty Images
Stock futures pointed lower Tuesday as an increase in bond yields and growing worries about the Chinese economy pressured investor sentiment. Wall Street closed the previous session with gains, led by the best day in two weeks for tech stocks.
These stocks were poised to make moves Tuesday:
Home Depot
(HD) reported second-quarter profit of $4.65 a share on revenue of $42.9 billion, beating analysts’ estimates on both metrics. Same-store sales, a measure of revenue growth in stores open for at least a year, fell 2%, narrower than analysts’ forecasts. The company’s board also approved a buyback program of $15 billion.
Home Depot
was down 0.3% in premarket trading.
Warren Buffett’s
Berkshire Hathaway
(BRK.B) took a new equity position in
D.R. Horton
(DHI), the country’s largest home builder, and smaller positions in home builders
Lennar
(LEN) and
NVR
(NVR). Berkshire took a stake of about 6 million shares in D.R. Horton that’s now worth more than $700 million. Berkshire reduced its stake in
General Motors
(GM) by 45% to 22 million shares now worth about $750 million, according to a 13-F regulatory filing released late Monday.
D.R. Horton
was rising 2.2% in premarket trading. GM was down 0.8%.
Nvidia
(NVDA) gained 1.7% to $444.95 in premarket trading after analysts at UBS raised their price target on the stock to $540 from $475 and kept a Buy rating on shares of the graphics chip maker ahead of earnings next week.
Nvidia
rose 7.1% on Monday.
U.S. Steel
(X) fell 0.7% to $30.87 in premarket trading after finishing 37% higher on Monday after rejecting a $7.3 billion unsolicited offer from
Cleveland-Cliffs
(CLF). The cash-and-stock offer for
U.S. Steel
was valued at $35 a share. It was revealed late Monday that privately held Esmark offered to buy U.S. Steel for $35 a share, all in cash. Esmark is headed by James Bouchard, a former vice president for U.S. Steel’s European business.
Hawaiian Electric Industries
(HE) extended losses premarket trading, falling 2.8%, after tumbling 34% in the previous session amid accusations that downed power lines may have caused the wildfires that destroyed the town of Lahaina, Hawaii, and killed at least 99. Hawaii’s state attorney general has announced an investigation into the cause of the fires. While no official cause has been determined, some are accusing Hawaiian Electric, the state’s largest power provider, of failing to implement safety measures. The company has told has told Bloomberg that it doesn’t have information on what caused the fires.
Discover Financial
(DFS) announced that CEO and President Roger Hochschild would be stepping down, effective immediately, and appointed board member John Owen to lead the financial services company. Discover’s board has formed a special search committee to look for a permanent chief executive and president. Shares of Discover fell 6.6%.
Arcellx
(ACLX) rose 7.6% after announcing that the Food and Drug Administration lifted a clinical hold on the company’s CART-ddBCMA investigational drug to treat multiple myeloma.
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(GETY) was declining 13% in premarket trading after the stock-photo company swung to a loss in the second quarter and cut its revenue outlook for 2023.
Write to Joe Woelfel at joseph.woelfel@barrons.com