IBM CEO Arvind Krishna appears at a panel session at the World Economic Forum in Davos, Switzerland, on May 24, 2022.
Hollie Adams | Bloomberg | Getty Images
Check out the companies making headlines in midday trading Tuesday.
IBM – Shares of IBM slipped 5.25% after the tech company warned of a potential $3.5 billion hit from a strong U.S. dollar. That warning overshadowed better-than-expected earnings and revenue for the previous quarter.
Boeing – Shares of the aerospace giant rose 5.69%, continuing an upward trend for the stock, after Boeing announced several deals for plane orders. The deals include an order for five 787 Dreamliners from AerCap and orders for 737 Max jets from Aviation Capital Group and 777 Partners. Shares of Boeing are up more than 10% in July.
Chipmakers – Semiconductor stocks jumped ahead of a key Senate vote on the CHIPS act, which could come as early as Tuesday. The legislation would give domestic chip makers $52 billion in government subsidies. Marvell Technology rose 7.12%, ASML Holding gained 5.24%, Applied Materials gained 5.24% and Advanced Micro Devices increased 5.46%. Intel, Qualcomm and Nvidia jumped 3.9%, 4.01% and 5.53%, respectively.
Goldman Sachs — Goldman Sachs shares rose 5.57% to lead the Dow Jones Industrial Average higher, building on the bank’s post-earnings gains. Other bank stocks traded higher alongside Goldman. Bank of America advanced 3.38%, while JPMorgan Chase climbed 2.48%.
Travel stocks – Cruise line and airline stocks surged as investors continue to debate consumer health and the potential for a recession — while travel demand remains strong. Royal Caribbean, Carnival and Norwegian Cruise Line gained 5.76%, 7.36% and 3.6% respectively. United, Delta and American all traded more than 3% higher, while Southwest advanced 3.71%.
Hasbro –Shares of Hasbro rose 0.71% after the company reported earnings per share that beat Wall Street’s forecast. The toymaker’s revenue was slightly less than analysts expected. Hasbro’s bottom line was driven in part by strong demand for tabletop games and higher prices.
Halliburton – Halliburton shares rose more than 2.11% on the back of better-than-expected quarterly earnings and revenue. The oil services company posted earnings per share of 49 cents on revenue of $5.07 billion. Analysts polled by Refinitiv expected a profit of 45 cents per share on revenue of $4.71 billion.
Ford –Shares of Ford jumped 5.27% on Tuesday. A day earlier, the company unveiled the F-150 Raptor, its latest pickup truck. The truck is the most powerful, with 700 horsepower, and the most expensive, starting at $109,000.
Exxon Mobil – Exxon Mobil rose 2.52% after Piper Sandler upgraded the company to overweight from neutral and said the stock has room to gain another 25%. The firm anticipates strong second-quarter results from the company.
— CNBC’s Samantha Subin and Jesse Pound contributed reporting