Midday movers: AutoZone, Broadcom, Lowe's and more

May 23, 2023 2:23 PM EDT -- Stocks are falling as uncertainty over a resolution to the debt ceiling weighed on sentiment. Here are the market movers for May 23.

  • AutoZone Inc (NYSE: AZO) shares fell 6.3% after the retailer of auto parts missed revenue and same-store sales expectations for the recent quarter as inventory rose.

  • Broadcom Inc (NASDAQ: AVGO) shares rose 2% after the chip maker reported a multi-year agreement to make 5G radio frequency components for Apple (NASDAQ: AAPL). Shares of Apple dipped 0.8%.

  • Lowe’s Companies Inc (NYSE: LOW) shares rose 1.6% after the home improvement retailer reported better than expected adjusted earnings per share in the first quarter but cut its fiscal year revenue outlook as households cut back on do-it-yourself projects.

  • Hermes International (OTC: HESAF)(EPA: HRMS) shares fell 6%, while shares of LVMH Moet Hennessy Louis Vuitton SE (OTC: LVMUY) (EPA: LVMH) dropped 5% as stocks of European luxury brands fell broadly on Tuesday. Bloomberg reported that international demand, especially in China, has taken a hit.

  • Yelp Inc (NYSE: YELP) shares rose 6.4% after the restaurant and retail review site caught the attention of an activist shareholder. TCS Capital said it has a 4% stake and wants the company to explore strategic options, including a sale to a strategic or private equity buyer.

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