Here’s a look at companies in the spotlight in midday trading. Crypto Stocks — Several bitcoin-related stocks took a hit after the cryptocurrency dropped below $50,000 for the first time since February. Robinhood plunged more than 8% and MicroStrategy more than 9%. Others, including Coinbase and Marathon Digital, fell more than 7% and 1%, respectively. Keranova — The snack food company’s shares rose more than 16%, hitting a new 52-week high during the session, after reports that candy maker Mars is considering buying the company. Nvidia, Supermicro Computer — Nvidia and Supermicro Computer fell more than 6% and 2%, respectively, as investors pulled out of 2024 artificial intelligence heavyweights amid a global stock selloff on fears of a U.S. recession. Semiconductor stocks also sold off, with the VanEck Semiconductor ETF dropping more than 2%. Micron Technology and Arm Holdings each fell more than 2%, while Taiwan Semiconductor Manufacturing fell more than 1%. Apple: Tech stocks fell nearly 5% on market-wide selling pressure after reports that Warren Buffett’s Berkshire Hathaway had sold half its stake in the iPhone maker. Berkshire disclosed in its earnings report that Apple was valued at $84.2 billion at the end of the second quarter, indicating that the Oracle of Omaha had sold just over 49% of its tech holdings. Apple remained Berkshire’s largest holding by far after the sale. Palantir: Software shares fell more than 2% ahead of the company’s quarterly earnings report. Analysts surveyed by LSEG expect Palantir to post second-quarter sales of $652 million, in line with the company’s forecast of $649 million to $653 million. Analysts also expect earnings per share of 8 cents. Tech Stocks — Major tech stocks fell during Monday’s offerings. Amazon fell more than 4%, Microsoft fell more than 3% and Tesla fell more than 4%. Meta, the parent company of Facebook and Instagram, fell more than 2%. Intel — The chipmaker’s shares fell more than 6%, continuing a steep decline since last week after the company reported earnings. Intel’s second-quarter results missed market expectations for sales and profits, and the company announced plans to cut 15% of its workforce. Shares plunged 26% on Friday, Intel’s biggest drop in the past 50 years. Tyson Foods — Shares rose about 2%, well ahead of a market down day following a strong earnings report. Tyson Foods reported third-quarter adjusted earnings of 87 cents a share, beating analysts surveyed by FactSet’s estimate of 67 cents a share. Revenue of $13.35 billion beat the consensus estimate of $13.21 billion. GameStop — Shares fell about 2%, extending losses from the previous day. Game Information said in a post on social media platform X on Friday that its parent company, GameStop, was closing its doors after 33 years in business. Game Information also confirmed in a separate post that the entire staff had been laid off.Lucid – The electric car maker’s shares fell nearly 4% ahead of the company’s second-quarter earnings report. Analysts were expecting a loss of 26 cents per share and revenue of $192 million, LSEG said. – CNBC’s Samantha Subin, Yun Lee, Sarah Min and Darla Mercado contributed reporting.
