Market Insider

Stocks making the biggest moves midday: McDonald's, Charles Schwab, TD Ameritrade & more

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Check out the companies making headlines midday Tuesday:

McDonald's — Shares of McDonald's dropped 2.7% after J.P. Morgan slashed its estimates for the fast-food chain's same-store sales growth, a key metric for restaurants, to 5% from 6%. The bank cited softer-than-expected third-quarter earnings, based on conversations with McDonald's management and company checks.

Honeywell, 3M, Eaton — Shares of the manufacturers dropped after new data showed the U.S. manufacturing sector contracted to its lowest level in 10 years. Honeywell and Eaton dropped more than 2% each while 3M slid 3.7%.

McCormick — The condiments and spices maker rose more than 6% after reporting third-quarter earnings that topped analyst expectations. McCormick posted a profit of $1.46 per share while analysts polled by Refinitiv expected $1.29 earnings per share. CEO Lawrence Kurizus said McCormick's sales in the Americas and Asia-Pacific regions drove growth for the company's consumer segment.

TD Ameritrade, Charles Schwab, E-Trade — Shares of brokerage firm Charles Schwab tanked more than 9% after announcing its ending commissions for online trading in U.S. stock, ETFs and options. Starting Oct. 7, Schwab will be slashing its trading commission cost from $4.95 to zero. Rival brokerage firm TD Ameritrade plummeted more than 25% and E-Trade shares cratered more than 16%.

Ulta Beauty — Shares of Ulta Beauty rose 6.1% after director Charles Heilbronn disclosed a purchase of more than 200,000 shares, bringing his total ownership to over 2 million shares. The stock is coming off its worst quarter in more than a decade after Q2 earnings missed analyst estimates on profit, revenue, and same-store sales.

U.S. Steel — U.S. Steel shares rose more than 3% after the company announced it will acquire 49.9% of Arkansas-based Big River Steel for about $700 million in cash. U.S. Steel also has an option to buy the rest of Big River Steel within the next four years.

nVent Electric — Shares of the heating systems builder dropped 9% after the company announced CFO Stacy McMahan will step down effective Nov. 1.

—CNBC's Yun Li, Maggie Fitzgerald and Pippa Stevens contributed to this report.