Here’s a look at the companies making headlines in midday trading: Bank of America — Warren Buffett’s Berkshire Hathaway has not completed reducing its stake after a regulatory filing showed The bank’s shares fell 2%. The group sold a further 13.9 million shares in the bank over the past three trading days for $550.7 million, taking its stake to 11.9%. Beginning in mid-July, Berkshire Hathaway sold shares for 12 consecutive days. Xpeng Motors — Shares of the U.S.-listed Chinese electric vehicle maker fell about 7% after the company issued third-quarter revenue guidance that fell short of expectations. The company forecast revenue of between 9.1 billion yuan and 9.8 billion yuan, below the FactSet consensus of 10.4 billion yuan. Palo Alto Networks – The cybersecurity company’s fourth-quarter earnings beat Wall Street expectations and the company’s shares rose 8%. The company is expected to have its best day in nearly a year and become the S&P 500’s top performer on Tuesday. stock. Palo Alto Networks also gave strong guidance for the first quarter and fiscal year. Lowe’s — The home improvement stock fell 1% as second-quarter revenue fell short of expectations. Lowe’s reported revenue of $23.59 billion, while analysts surveyed by LESG forecast $23.91 billion. Lowe’s also lowered its full-year earnings per share and sales forecasts. Boeing — Shares of the aerospace company fell about 4.8%. Boeing grounded its 777X test fleet after discovering critical structural damage. Paramount Global — Reports suggest media executive Edgar Bronfman Jr. is bidding to acquire National Amusements, which owns a controlling stake in Paramount Global. , causing the company’s stock price to fall nearly 2%. Skydance Media and its partners reached an agreement to acquire Paramount last month, which included a 45-day “trial period.” Eli Lilly — Shares of Eli Lilly rose about 3% after the drugmaker said its weight-loss drug minimized the risk of diabetes in a late-stage trial. Amer Sports — The Finland-based global sports and outdoor company’s shares rose 12.5% on earnings and revenue growth. Amer Sports also raised its full-year guidance. Hawaiian Holdings, Alaska Airlines — Hawaiian Airlines shares rose 11.6%, while Alaska Airlines edged down 0.7% after the U.S. Department of Justice approved a merger between the two companies. The two airlines now need approval from the U.S. Department of Transportation to complete the $1.9 billion deal. Fabrinet — Fabrinet shares rose more than 16% after the electronics manufacturing company reported better-than-expected quarterly profit and revenue. Fabrinet reported fourth-quarter adjusted earnings of $2.41 per share on revenue of $753 million, while analysts polled by LSEG expected earnings of $2.25 per share on revenue of $733 million. —CNBC’s Samantha Subin, Yun Li, Jesse Pound and Michelle Fox contributed reporting.
