Discover, Capital One, Walmart, Vizio, Home Depot, Nvidia, and More Stock Market Movers


Stocks traded lower Tuesday after the


S&P 500

declined last week, putting an end to a five-week winning streak, following two reports on inflation that were hotter than expected.

Discover Financial

was rising 11% to $122.06 after it reached a deal to be acquired by

Capital One Financial

for more than $35 billion. Under terms of the all-stock deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of about 27% to Discover’s closing price on Friday of $110.49. The transaction will create the largest U.S. credit card company by loan volume. Capital One shares fell 3.6%.

Walmart
,

the world’s largest retailer, reported fourth-quarter adjusted earnings of $1.80 a share, beating expectations of $1.64. Sales rose to $173.4 billion, which topped projections of $170.9 billion. The company agreed to buy

Vizio Holding

in a deal valued at $2.3 billion. Walmart shares rose 5.4%.

Vizio

jumped 15%.

Shares of

Home Depot

were down 1.3% after the home-improvement retailer reported fourth-quarter U.S. same-store sales fell 4%, wider than analysts’ expectations for a decline of 3.6%.

Home Depot

said it expects fiscal-year sales to rise 1% and same-store sales to fall 1%, missing esitmates on both counts.

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JetBlue Airways

was up 1.5% after activist investor Carl Icahn won two seats on the carrier’s board.

Icahn

early last week disclosed a nearly 10% stake in JetBlue.

GlobalFoundries

rose 1.4% after the company received $1.5 billion in grants from the U.S. government to expand plants in New York and Vermont.

U.S.-listed shares of

Barclays

were rising 11% after the British lender said it plans to return at least £10 billion ($12.6 billion) to shareholders between 2024 and 2026 through dividends and stock buybacks and would undergo a three-year reorganization.

Nvidia

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‘s highly anticipated fourth-quarter earnings report is scheduled for after the close of trading on Wednesday. Sales are expected to more than triple from the prior year to greater than $20 billion, getting a boost from Nvidia’s dominance in supplying the chips used to train artificial-intelligence systems. The stock was down 4.7%.

Write to Joe Woelfel at joseph.woelfel@barrons.com



Read More:Discover, Capital One, Walmart, Vizio, Home Depot, Nvidia, and More Stock Market Movers

2024-02-20 15:24:59

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