Here’s a look at the companies making headlines in midday trading: Crypto Stocks – Several Bitcoin-related stocks took a hit as the cryptocurrency fell below $50,000 for the first time since February. Robinhood plunged more than 8% and MicroStrategy plunged more than 9%. Others such as Coinbase and Marathon Digital fell more than 7% and 1% respectively. Kellanova — Shares of the snack food company rose more than 16% to hit a new 52-week high on reports that candy maker Mars is considering acquiring the company. Nvidia, Super Micro Computer — Nvidia and Super Micro Computer stock prices as U.S. recession fears trigger a global market selloff and investors pull out of winning AI companies in 2024 fell by more than 6% and 2% respectively. Semiconductor stocks also sold off, with the VanEck Semiconductor ETF down more than 2%. Micron Technology and Arm Holdings fell more than 2% each, while TSMC fell more than 1%. Apple — The technology stock fell nearly 5% in a broader sell-off following news that Warren Buffett’s Berkshire Hathaway was selling off half of its stake in the iPhone maker. Berkshire Hathaway disclosed in the financial report that its holdings of Apple were valued at US$84.2 billion at the end of the second quarter, indicating that Oracle of Omaha sold off slightly more than 49% of its technology shares. After the sale, Apple remains Berkshire Hathaway’s largest equity holder by far. Palantir — The software company’s stock fell more than 2% ahead of the company’s quarterly results. Analysts polled by LSEG estimate Palantir’s second-quarter revenue will be $652 million, in line with the company’s forecast of $649 million to $653 million. Analysts also expected earnings of 8 cents per share. TECHNOLOGY – Major technology stocks fell amid Monday’s sell-off. Amazon fell more than 4%, Microsoft fell more than 3%, and Tesla fell more than 4%. Shares of Meta, the parent company of Facebook and Instagram, fell more than 2%. Intel – The chipmaker’s shares fell more than 6%, extending a sharp decline following last week’s earnings report. Intel’s second-quarter results fell short of Wall Street’s revenue and profit expectations, and the company announced plans to lay off 15% of its workforce. On Friday, Intel’s stock price plummeted 26%, the largest drop in 50 years. Tyson Foods — Shares rose about 2% after a strong earnings report and performed particularly well amid the market decline. Tyson Foods reported third-quarter adjusted earnings of 87 cents, above the 67 cents per share expected by analysts polled by FactSet. Revenue of $13.35 billion beat consensus estimates of $13.21 billion. GameStop — The stock fell about 2%, extending losses from the previous session. Game Informer posted on social media platform X on Friday that the company was shut down by its parent company GameStop after 33 years of operation. Game Informer also confirmed in a separate post that all employees have been laid off. Lucid — The electric car maker’s shares fell nearly 4% ahead of the company’s second-quarter results. Analysts expected a loss of 26 cents per share on revenue of $192 million, according to LSEG. —CNBC’s Samantha Subin, Yun Li, Sarah Min and Darla Mercado contributed reporting.
