By Jamie Chisholm and Ciara Linnane
AMD heads S&P 500 gainers, while Etsy leads decliners after a bearish Morgan Stanley note
Here are some of the stocks on the move on Tuesday.
Capital One Financial Corp.(COF) shares were up 2.4% after filings showed Warren Buffett's Berkshire Hathaway Inc. (BRKA) had taken a near $1 billion bet on the credit-card and banking group, buying a 2.6% stake in the first quarter.
Shares of Western Alliance Bancorp.(WAL) rose 2.9% as regional banks continued to find support from news that he Federal Deposit Insurance Corp. plans to replenish its coffers with an assessment that falls mainly on the very largest banks.
Google parent Alphabet Inc.'s(GOOGL)(GOOGL) stock rose 3% after it proved a favorite pick among investment funds during the first quarter, suggesting that notable managers weren't sweating the threat of artificial-intelligence competition that dogged the name at various points during the period.
Advanced Micro Devices Inc.'s(AMD) stock rose 5% to lead S&P 500 gainers after a securities filing showed Daniel Loeb's Third Point LLC took out a new position in the company in the latest quarter.
Shares of meal-kit provider Blue Apron Holdings Inc.(APRN) soared 17% after the company announced plans to shift to an asset-light model by transferring infrastructure technology to FreshRealm, a provider of fresh meals to retailers across the U.S. Blue Apron will receive up to $50 million and FreshRealm will get warrants equal to 19.9% of the company's stock.
The stock of microcap Singing Machine Company Co.(MICS) soared 51% after the maker of karaoke products said it has ended its at-the-market equity-issuance program after meeting its capital-raising needs.
Tesla Inc.'s stock (TSLA) was up 1.2% ahead of the EV maker's shareholder meeting later in the day. The meeting starts at 4 p.m. Eastern and will be webcast
Home Depot Inc.(HD) got the week's retail results off to a bad start, with its shares falling 1.8% after providing poorly received earnings and cutting its 2023 sales outlook. Shares in Lowe's (LOW) dropped 2% in sympathy.
Etsy Inc.'s(ETSY) stock slid 6% to lead S&P 500 decliners after Morgan Stanley said a new model shows the company's economics have degraded by about 30% since 2018. "This likely makes it difficult for [Etsy] to materially grow GMS and expand margin simultaneously, which consensus expects," said analysts led by Lauren Schenk.
Horizon Therapeutics(HZNP) shares slumped 15% after the Federal Trade Commission filed a lawsuit to block Amgen Inc.'s (AMGN) $27.8 billion acquisition of the group that develops treatments for rare autoimmune and inflammatory illnesses. Amgen was down 1.3%.
Bank of New York Mellon Corp.'s(BK) stock slid 2.2% after regulatory filings showed that Berkshire Hathaway sold off its 25.1 million-share stake in the bank.
Newell Brands Inc.(NWL), parent of the Sharpie and Paper Mate brands, tumbled 3.6% after the company slashed its dividend by 70% as part of a "refresh" of its corporate strategy.
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(END) Dow Jones Newswires
May 16, 2023 13:35 ET (17:35 GMT)
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