These are some of the stocks making the biggest moves during midday trading: Viking Therapeutics — Shares tumbled 42% after phase 2 trial results showed Viking’s experimental oral obesity drug had more side effects than expected. About 20% of the patients in the trial quit using the drug due to symptoms such as nausea and vomiting. On average, patients lost 12% of their starting weight after 13 weeks. Target Hospitality — The temporary workforce housing play jumped 6.8%. On Monday, Stifel upgraded Target Hospitality to buy from hold, dubbing it a “back door data center play” and lifting its target price to $11 from $7.50. The new target price suggests about 37% upside from Monday’s close. Nvidia , Advanced Micro Devices and Palantir Technologies — Investors took profits in some of this year’s high-flying tech stocks. Nvidia shares dropped 3.5%, while AMD fell 5%. Palantir lost more than 9%. Strategy , Robinhood and Mara Holdings — Crypto-linked stocks dipped on Tuesday as bitcoin pulled back more than 2%. Bitcoin proxy Strategy and trading app maker Robinhood fell 7.4% and 6.5%, respectively. Bitcoin miners Mara Holdings and Riot Platforms lost more than 5% and nearly 3%, respectively. UnitedHealth — The health insurance giant slid more than 1% following back-to-back winning days. The stock had seen a recent resurgence after Warren Buffett revealed a stake of five million shares in UnitedHealth, valued at about $1.6 billion. On Friday, the stock posted a nearly 12% advance for its best day since 2020. Intel — Shares of the chipmaker jumped almost 7% after it was announced that SoftBank will make a roughly $2 billion investment in the company, paying $23 per share for Intel’s common stock. This comes as the U.S. government reportedly has been considering taking a stake in Intel. Palo Alto Networks — The cybersecurity stock gained 3% after the company’s fiscal fourth-quarter results topped Wall Street’s expectations. Palo Alto also posted better-than-expected guidance for the first quarter and full year and announced that its founder and chief technology officer, Nir Zuk, is retiring. Fabrinet — The electronic manufacturing services company dropped 12.8%. Fiscal fourth-quarter adjusted earnings of $2.65 per share just barely beat the $2.64 per share that analysts polled by FactSet were expecting. Revenue of $909.7 million topped the consensus estimate of $883.1 million. Additionally, the company announced upbeat earnings and revenue guidance for the first quarter. Viking Holdings — Shares fell nearly 2% after the cruise operator posted its quarterly results. Viking’s second-quarter adjusted earnings of 99 cents per share came in line with analysts’ expectations, according to FactSet, while its revenue for the quarter of $1.88 billion beat the $1.85 billion that was anticipated. The company also said it plans to take delivery of six river vessels during the rest of this year. Best Buy — The consumer electronics retailer rose 3% following the launch of its third-party marketplace , which will expand its product offerings to shoppers. Xpeng — U.S. shares of the Chinese electric car startup popped 4% on the heels of the company posting a smaller-than-expected loss for the second quarter, per FactSet. Its revenue for the period also topped analysts’ estimates. Tegna — Shares climbed 4%. Television broadcaster Nexstar Media and Tegna announced Tuesday that Nexstar has agreed to acquire Tegna for $3.54 billion . The deal is expected to close by the second half of next year. Home Depot — Shares of the home improvement retailer added 3.2%. Despite the company missing on both lines for the first time since 2014, it maintained its full-year outlook. — CNBC’s Alex Harring, Michelle Fox Theobald, Sean Conlon and Christina Cheddar Berk contributed reporting.
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Our finance blog is your go-to resource for expert financial advice, covering everything from personal budgeting and saving strategies to smart investing and market analysis. Stay updated with the latest trends, tips, and insights to help you make informed decisions and achieve financial success.
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