Stocks made several big moves: FLUT, HPE, GM
Check out the companies making the headlines in midday trading. Flutter Entertainment – The sports betting stock rose more than 6% after the parent of FanDuel announced a stock buyback plan worth up to $5 billion. The company also predicts revenue growth of $21 billion by 2027. Hewlett Packard Enterprise – The tech stock jumped more than 5% after Barclays upgraded the company to overweight from equal weight. The Wall Street firm said rising demand for artificial intelligence servers will give HPE a boost, while it is recovering from the Juniper Networks deal. HPE agreed to buy Juniper Networks for about $14 billion in a deal expected to close by the end of the year. General Motors , Ford — Shares of both companies fell on Morgan Stanley’s downgrade, which pointed to deteriorating U.S. consumer credit and an increase in China’s auto production capacity as taking away the automaker’s market share. Shares of General Motors fell 5.7% after analyst Adam Jonas downgraded the stock to underweight, while Ford fell 4.3% after he lowered his rating to equal weight from overweight. Bilibili — US-listed shares in China’s internet stock fell 2.6%, giving up some gains after Tuesday’s 17% rally. JPMorgan named the stock a top pick among China-based digital entertainment stocks on Tuesday. Bank of America – Shares lost about 1% after Warren Buffett’s Berkshire Hathaway sold another half of his shares in the bank. These moves bring his total sales to $9 billion as of mid-July and his share to 10.5%. KB Home – The homebuilder fell nearly 5% after posting weaker-than-expected third-quarter earnings. KB Home reported earnings of $2.04 per share, or 2 cents short of consensus estimates, according to analysts polled by LSEG. KB Home’s year-over-year total home sales decreased. Progress Software – Shares rose 13% after the software company posted third-quarter adjusted earnings of $1.26 per share on revenue of $178.7 million. Analysts had expected $1.14 per share on revenue of $176.2 million, according to FactSet. Cintas —Shares rose 2%. Cintas has raised its guidance for the 2025 financial year. It expects earnings to range from $4.17 to $4.25 per share for the year, up from its previous guidance of $4.06 to $4.19. The workwear company sees revenue of $10.22 billion to $10.32 billion for fiscal 2025, compared to its previous guidance of $10.16 billion to $10.31 billion. Trump Media & Technology Group – Shares rose more than 7% on Wednesday following the after-hours sell-off earlier in the week. — CNBC’s Sean Conlon, Yun Li, Alex Harring, Hakyung Kim, Lisa Han, Pia Singh contributed reporting
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