Stocks making the biggest moves midday: Robinhood, Nvidia, Intel and more

Here are the companies making waves during midday trade:

Crypto stocks — As bitcoin slid below $50,000 for the first time since February, several related stocks were affected. For instance, Robinhood saw a dip of over 10%, and MicroStrategy fell by over 8%. Additionally, companies like Coinbase and Marathon Digital both declined about 5%.

Kellanova — On news that Mars may potentially acquire the company, the snack food company’s shares surged 13%, reaching a new 52-week high during the trading session.

Nvidia, Super Micro Computer — Nvidia and Super Micro Computer stocks fell over 6% each amid increasing fears of a U.S. recession, triggering a global market sell-off. Investors bailed out of 2024’s top artificial intelligence performers. The downturn impacted semiconductor stocks as well, evidenced by the VanEck Semiconductor ETF’s 3% fall. Tech giants like Micron Technology and Taiwan Semiconductor Manufacturing lost more than 5%, while Arm Holdings fell 7%.

Apple — News that Berkshire Hathaway, led by Warren Buffett, sold half of its stake in Apple caused the tech stock to drop over 5% amidst a broad market sell-off. Despite the sale, Apple remains Berkshire Hathaway’s largest equity hold.

Palantir — In anticipation of its quarterly results, the software stock decreased over 4%. LSEG surveys indicate that Palantir is expected to report Q2 earnings consistent with its own prediction of between $649 million and $653 million, with an estimated earnings per share of 8 cents.

Tech stocks — The market sell-off on Monday saw leading tech names taking a hit. Amazon shares dropped over 3%, while Microsoft and Tesla each fell over 2%. Meta, parent company of Facebook and Instagram, also saw its shares decrease by over 1.5%.

Intel — Intel’s shares continued their sharp decline from last week, dropping nearly 8% following a disappointing Q2 performance that missed Wall Street’s expectations. After announcing plans to reduce its workforce by 15%, Intel’s shares plummeted 26% on Friday, marking the company’s worst drop in five decades.

Tyson Foods — Contrary to the downward trend in the market, Tyson Foods shares rose 2% following a successful earnings report. The company reported Q3 adjusted earnings of 87 cents per share, surpassing analyst expectations.

GameStop — GameStop shares dropped over 5% following further losses from the previous trading session. This was after Game Informer, the company’s subsidiary, announced its closure on social media, confirming that all staff had been let go.

Lucid — The electric vehicle manufacturer’s shares fell over 2% in anticipation of their Q2 results. Analysts predict a loss of 26 cents per share on revenue of $192 million, according to LSEG.