HomeLatest NewsWalmart and Discover Stocks Increase; Home Improvement Retailer Declines

Walmart and Discover Stocks Increase; Home Improvement Retailer Declines

U.S. Futures Fall as Investors Return to Work

Investors Prepare for a Week of Quarterly Earnings

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.

Walmart Stock Rises After Strong Fourth-Quarter Sales

Walmart (NYSE:) 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.

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Home Depot Posts Modest Gain Despite Dip in Sales

Home Depot (NYSE:) 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 and Capital One Stocks React to Merger Agreement

Discover Financial Services (NYSE:) stock soared over 13% and Capital One (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 Stock Rises Amid Talks of Subsidies

Intel (NASDAQ:) 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.

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Vizio Stock Surges After Acquisition Announcement

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

Allegion Beats Fourth-Quarter Profit Estimates

Allegion (NYSE:) 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 Agrees to Sell Insurance Brokerage Business

Truist Financial (NYSE:) 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 Receives Subsidy for Semiconductor Production

GlobalFoundries (NASDAQ:) 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 Announces Acquisition Plans

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

Semiconductor Stocks Experience Decline

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

(Updated – February 20, 2024 11:07 AM EST)

Additional reporting by Louis Juricic

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