Nvidia, Goldman, Lockheed and more

Check out the companies making headlines in midday trading. Lockheed Martin — The defense company gained about 0.6% after it reported third-quarter results that beat expectations. The company posted $6.73 in earnings per share on $16.88 billion in revenue. Analysts surveyed by LSEG, formerly known as Refinitiv, had forecast $6.67 in earnings per share on $16.74 billion in revenue. Shares of defense peers also gained on the news, with Circor International jumping 5.5%. Nvidia — The chip stock dropped more than 3% after the U.S. Department of Commerce said Tuesday it plans to ban the export of more artificial intelligence chips to China. Other chipmakers also moved lower on the news, including Marvell Technology, Advanced Micro Devices and Broadcom. Dollar Tree — The discount retailer jumped 4.1% after getting an upgrade from Goldman Sachs to buy from neutral. The investment bank sees strong earnings growth potential and likes DLTR’s compelling valuation. Ollie’s Bargain Outlet , which was also upgraded to buy at Goldman, added 3.8%. Johnson & Johnson — The pharmaceutical giant fell slightly despite posting better-than-expected earnings and sales for the third quarter. J & J posted adjusted earnings per share of $2.66 on $21.35 billion in revenue. Analysts polled by LSEG forecast an adjusted $2.52 in earnings per share and $21.04 billion in revenue. The company said pharmaceutical sales growth was partially offset by a decline in sales of its prostate cancer drug Zytiga and blood cancer drug Imbruvica, as well as its Covid vaccine. Tripadvisor — Tripadvisor rose more than 1.5% after Goldman Sachs initiated the stock as a buy and said it sees upside to estimates for the travel website company “on the back of faster revenue growth at [tourism company] Viator/Experiences [and] scale/operating efficiencies leading to better profitability.” Goldman Sachs — The financial company’s shares fell slightly following the bank’s third-quarter report. Goldman Sachs earned $5.47 per share on revenue of $11.82 billion, exceeding LSEG estimates. Those figures represent 33% and 1% year-over-year drops on the bottom and top line, respectively. Lucid Group — The electric vehicle maker shed 4% after its vehicle production fell 32% year over year in the third quarter, coming in at 1,550 vehicles. Meanwhile, the company’s vehicle deliveries rose 4.2% from the prior year to 1,457 vehicles. Bank of America — Shares added 2.7% after the bank’s third-quarter results topped Wall Street expectations. Bank of America reported 90 cents in earnings per share on $25.32 billion of revenue. Analysts surveyed by LSEG had estimated 82 cents in earnings on $25.14 billion of revenue. Bank of New York Mellon — The bank stock rose 3% following a strong earnings report. The company earned $1.22 per share on $4.37 billion in revenue for the third quarter. Analysts surveyed by LSEG forecast $1.15 in earnings per share and revenue of $4.33 billion. Wyndham Hotels & Resorts — The hotel operator jumped 7.9% after competitor Choice Hotels offered to buy Wyndham for $90 per share , valuing Wyndham at roughly $7.8 billion. Shares of Choice Hotels fell more than 5%. CyberArk — Shares of the information security firm added 2.5% following an upgrade to overweight from JPMorgan . Analyst Brian Essex cited an attractive setup and favorable competitive landscape as catalysts for the change. VF Corporation — The apparel and footwear company jumped more than 11% after The Wall Street Journal reported activist investor Engaged Capital has built a stake in the company. The exact size of the stake is unknown, the report said. Viasat — Shares of the satellite broadband services company climbed 6.7% following an upgrade to overweight from neutral by JPMorgan. The bank cited “increased cost discipline” that should “encourage investors” for the upgrade. Hannon Armstrong Sustainable Infrastructure Capital — Shares rose 4% after Morgan Stanley upgraded the climate investment firm to overweight from equal weight. The bank said the stock’s sell-off has been “overdone.” Fortrea — Fortrea shares gained 3% after activist investor Starboard Value disclosed an 8.7% stake in the drug trial contract research company. The firm’s Jeff Smith said Fortrea is trading at a discount to peers. Array Technologies — The solar energy tech company gained 3% after Morgan Stanley upgraded shares to equal weight from underweight. The investment bank cited its attractive valuation following a sell-off in clean energy stocks and growth forecasts in the utility-scale solar market. NetScout Systems — The cybersecurity company dropped 16%, reaching a new 52-week low, after its preliminary fiscal second-quarter revenue and 2024 fiscal-year guidance came in below expectations. NetScout’s management mentioned macro headwinds negatively affecting service provider demand. — CNBC’s Samantha Subin, Alex Harring, Lisa Kailai Han, Pia Singh, Sarah Min and Tanaya Macheel contributed reporting.