Stocks making the biggest moves midday: Palo Alto Networks, Fervo Energy, Chevron, Apple & more
Here are some of the companies making headlines in midday trading. Housing stocks — Companies related to home building saw shares tumble as construction spending dropped 0.5% in July to its lowest level since October 2023. The iShares U.S. Home Construction ETF (ITB) lost almost 2%, while shares of Builders FirstSource slid 4% and shares of LGI Homes fell 3%. Home Depot ‘s stock tumbled 2%. Artificial intelligence infrastructure — Infrastructure plays tied to AI slid in Tuesday’s trading as investors went risk-off. The iShares A.I. Innovation and Tech Active ETF (BAI) fell more than 1%, while photonics stock Lumentum dropped more than 5%. Shares of Teradyne fell 5%, and Coherent ‘s stock shed 2%. Moderna — The biotechnology stock gained 5%, adding to its August surge of 156%. Moderna’s stock flew high last month after a cancer vaccine jointly produced with Merck showed positive initial results in its first late-stage trial. Palo Alto Networks — The stock slid more than 5% as the cybersecurity company’s earnings report loomed. Palo Alto is set to report after the bell on Tuesday, and analysts polled by FactSet see earnings of 98 cents per share on revenue of $3.35 billion. The Global X Cybersecurity ETF (BUG) also dropped 5%, while CrowdStrike ‘s stock lost more than 6% on the day. Apple — Shares jumped 3% as John Ternus took the helm at the consumer tech giant on Tuesday. Tim Cook, who had been CEO since 2011, is stepping into the role of executive chairman. Fervo Energy — The geothermal energy company saw shares surge more than 25% after announcing a 396-megawatt power purchase agreement with Google. Fervo said that this deal is the world’s largest enhanced geothermal power purchase agreement to date. Fervo’s Cape Station, a geothermal project in Utah, is expected to come online in 2028 and is slated to support Google’s potential data center development. Chipmakers — The group fell to start the new month of trading as Treasury yields rose to pressure the broader market. The VanEck Semiconductor ETF (SMH) lost more than 2%. Nvidia ‘s stock fell 1%, AMD ‘s dropped 3% and Micron ‘s was off about 2%. Energy stocks — Shares rose broadly alongside oil prices, as tensions in the Middle East persist. The State Street Energy Select Sector SPDR ETF (XLE) climbed almost 1%. Shares of EOG Resources gained almost 2%, and shares of Diamondback Energy and Chevron advanced about 1%. Novartis — Shares gained 6% on positive trial data for the company’s multiple sclerosis drug. Novartis said remibrutinib “significantly” reduced relapse rates in MS patients relative to another treatment. Duolingo — The language education app’s stock rose 5% following an upgrade by Evercore ISI to outperform from in line. Evercore analysts cited strong survey data for the company. Medtronic — Shares gained 2% after the medical equipment maker raised its fiscal 2027 outlook. Medtronic sees earnings per share between $5.94 and $6 for the fiscal year. That’s up from a prior range of $5.90 to $6. — CNBC’s Nick Wells and Darla Mercado contributed reporting.
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