Midday movers: Walmart, Discover rise; Home Depot falls

February 20, 2024 8:21 AM EST
(Updated - February 20, 2024 11:07 AM EST) -- U.S. futures fell Tuesday as investors returned to their desks after a long weekend and prepared for a deluge of quarterly corporate earnings during the week. The tech-heavy Nasdaq underperformed as semiconductor stocks traded sharply lower.

Here are some of the biggest U.S. stock movers today:

Walmart (NYSE: WMT) stock rose 3.9% after the retail giant’s fourth-quarter sales and earnings beat estimates and it raised its annual dividend by 9%, although a muted outlook limited share price gains.

Home Depot (NYSE: HD) stock rose 0.6% after the DIY retailer posted a dip in fourth quarter comparable sales, with cost-conscious consumers reining in expenditures on major property improvements, opting instead to focus on smaller and cheaper projects.

Discover Financial Services (NYSE: DFS) stock soared over 13% and Capital One (NYSE: COF) stock fell 0.3% after the pair agreed to merge in an all-stock deal worth $35.3 billion - a tie-up which would create the sixth-largest U.S. bank by assets and a major American credit card group.

Intel (NASDAQ: INTC) stock rose 1% after Bloomberg reported late last week that the Biden administration is in talks to award more than $10 billion in subsidies to the semiconductor firm.

Vizio (NYSE: VZIO) stock rose 15% after retail giant Walmart said it would buy the smart-tv maker for $2.3 billion.

Allegion (NYSE: ALLE) stock rose 2.5% after the provider of security products beat fourth-quarter profit estimates, helped by price hikes and strong demand for its security systems in commercial buildings.

Truist Financial (NYSE: TFC) stock declined 0.4% after the bank agreed to sell its insurance brokerage business to an investor group led by private equity firms Stone Point and CD&R, in a deal valued at $15.5 billion.

GlobalFoundries (NASDAQ: GFS) stock rose 2.5% after the U.S. government on Monday awarded $1.5 billion to the contract chipmaker to subsidize semiconductor production.

S&P Global (NYSE: SPGI) stock declined 0.2% after the data provider announced plans to buy financial technology provider Visible Alpha for an undisclosed sum.

Super Micro Computer (NASDAQ: SMCI) declined 12%, NVIDIA (NASDAQ: NVDA) fell 5% and AMD (NASDAQ: AMD) was lower by 5.2% amid weakness in semiconductors. NVIDIA will report its highly anticipated quarterly results on Wednesday.

Additional Reporting by Louis Juricic

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