Aug 13, 2019

Markets | Stocks making the biggest moves midday: Apple, Nike, Micron, & more

Yun Li

RT: Traders NYSE 190812 2
Traders work on the floor at the New York Stock Exchange.
Eduardo Munoz | Reuters
Check out the companies making headlines midday on Tuesday:
Apple — Shares of iPhone and Macbook maker Apple rose more than 4% after the United States Trade Representative office said tariffs on cellphones and laptops will be delayed until December. The duties had been set to go into effect on Sept. 1.
Retailers— Shares of retailers were lifted by news from the USTR that tariffs on certain clothing and shoes products would also be delayed until December. Trump said Tuesday his decision to delay tariffs ahead of the Christmas season was to avoid an impact on holiday shopping. Shares of Nike rose 1.7%, Kohl’s rose 2.5%, Target was 3% higher and Nordstrom rose 2.4%. — Shares of surged more than 13% after the China-based e-commerce reported better-than-expected second-quarter earnings. JD was the most actively traded ahead of the open Tuesday, with volume topping 1.3 million shares.
Chipmakers — Semiconductor and semiconductor equipment companies Micron, Lam Research and Applied Materials all rose more than 3% on Tuesday after the Trump administration announced that certain tariffs on Chinese imports would be delayed or canceled. Such companies have in recent earnings reports underscored the U.S.-China trade dispute as a leading business headwind.
World Wrestling Entertainment — Shares of World Wrestling Entertainment rose 5% after the Guggenheim named the stock its best idea into the remainder of 2019 citing several events in the media company’s pipeline that can spur growth. The firm reiterated its buy rating and $100 price target, a 55% upside for the stock.
D.R. Horton, KB Home, and PulteGroup – Shares of home builders D.R. Horton, KB Home and PulteGroup are up more than 2% after Suntrust initiated coverage on them with buy ratings. Suntrust said environment is positive for the builders as lower interest rates should re-accelerate new home sale.
General Electric — GE shares rose more than 3% Tuesday after news that CEO Larry Culp bought $3 million worth of GE stock in the second quarter. GE had seen heavy declines a day earlier after J.P. Morgan analyst Stephen Tusa said he was still underweight, even after the company’s strong earnings last quarter.
— CNBC’s Maggie Fitzgerald, Thomas Franck and Kate Rooney contributed reporting.

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