Stocks making the biggest moves midday: Nvidia, Walmart, Discover Financial and more

Published Tue, Feb 20 20241:00 PM ESTUpdated Tue, Feb 20 20244:02 PM EST

Check out the companies making headlines in midday trading. Semiconductor stocks — Popular semiconductor stocks declined, with Nvidia dropping more than 4% ahead of its Wednesday print. Super Micro Computer shed nearly 2% even after Rosenblatt issued a price target at a Street high . Advanced Micro Devices sank about 4.7%, and Marvell Technology lost nearly 2%. Walmart — Shares climbed more than 3% and notched a new all-time high on Tuesday following the retailer's earnings report . Walmart beat expectations for its holiday quarter and announced its purchase of TV maker Vizio . Vizio shares surged about 16%. Discover Financial — Shares of the credit card issuer soared 12.6% after it agreed to be acquired by Capital One Financial in a $35.3 billion all-stock deal. Capital One shares were little changed. The company expects the merger to help expand its credit card offerings and its deposit base. Caterpillar — Shares dropped more than 2% after Evercore ISI downgraded the industrial machinery giant to in line from outperform. The Wall Street firm said investors should take some profits after the stock rallied more than 25% over the past year. Home Depot — Shares last inched lower by less than 1% after the home improvement retailer reported fiscal fourth-quarter earnings . Home Depot said its quarterly sales declined nearly 3% year over year, but it still surpassed Wall Street's earnings and revenue expectations. Meanwhile, the company expects sales will rise 1% in fiscal 2024. Barclays — U.S.-traded shares of the British bank surged 12% after the bank announced a major operational restructuring, including cost-cutting efforts. Barclays also declared a 1 billion pound share buyback plan. The bank reported a yearly decline in net attributable profit in 2023, as well as a lower-than-expected forecast. Airline stocks — Alaska Air added 3.7% and Southwest Airlines were flat after Deutsche Bank upgraded their shares to buy from hold. The firm cited an "improving domestic supply backdrop." Southwest also got an upgrade from Bernstein to market perform. Medtronic — Shares advanced 1.7% after the medical device company surpassed Wall Street estimates for both top and bottom lines in its fiscal third quarter. Medtronic also issued higher-than-expected earnings guidance for the full year, which it now estimates to be in the range of $5.19 to $5.21 per share. Analysts polled by FactSet forecast $5.16 per share. US Foods — Shares of the food distributor rose less than 1% following an upgrade to overweight from neutral by Piper Sandler. The investment firm said US Foods' stock has a "relatively clear path" to rise given the continued strength of the U.S. economy. Arm Holdings — The British chip designer sank 5%, pulling back from its 2024 rally. Arm shares have been on a roller-coaster ride since earnings earlier this month, due to a convergence of factors. — CNBC's Yun Li, Alex Harring, Jesse Pound, Tanaya Macheel, Hakyung Kim and Brian Evans contributed reporting.