Charles Schwab and Bank of America stocks rally, Prologis and Masimo shares slump and other stocks on the move

By MarketWatch

Charles Schwab's stock leads the S&P 500's gainers, Morgan Stanley is 2nd and Bank of America is 4th best, all after earnings reported

Here are some of the bigger and more-active movers on Tuesday:

Stock gainers:

Charles Schwab Corp.'s stock (SCHW) shot up 12.3% in midday trading, enough to pace the S&P 500 index's gainers, after the discount broker beat profit and revenue expectations, and said the daily outflow of client funds suffered over the last year has begun to slow.

The S&P 500's second-best performer was Morgan Stanley's stock (MS), which ran up 6.7% after the bank reported second-quarter profit that fell from a year ago but beat expectations, as strength in its wealth management business helped offset weakness in its institutional securities business.

Shares of Bank of America Corp. (BAC) hiked up 4.7% toward a four-month high, and were the S&P 500's fourth-best performer, after the bank's second-quarter profit and revenue rose above expectations, helped by a "healthy U.S. economy" that was growing at a slower pace.

Nvidia Corp.'s stock (NVDA) tacked on 1.3% toward a record high after Melius Research analyst Ben Reitzes started coverage of the artificial-intelligence semiconductor maker with a buy rating and $625 stock price target, making him the second-most bullish of the 50 analysts surveyed by FactSet who cover the company.

Verizon Communications Inc. shares (VZ) surged 3.5%, putting them on track to snap an eight-session losing streak.

Shares of Pinterest Inc. (PINS) were gaining 4% after an Evercore ISI analyst moved to a bullish stance, cheering better advertising-market conditions and improvements made by Chief Executive Bill Ready, who is about a year into his stint.

Singing Machine Co.'s stock (MICS) rocketed 28% after the maker of karaoke machines announced a new product line that is available at about 866 Walmart Inc. (WMT) stores.

Transocean Ltd. shares (RIGN.EB) hiked up 8.9% toward a four-year high, after the oil drilling services company said it was awarded a $518 million contract by an independent operator in the Gulf of Mexico.

Cracker Barrel Old Country Store Inc.'s stock (CBRL) climbed nearly 5% after the Tennessee-based family restaurant chain's announcement that its chief executive officer, Sandra Cochran, was stepping down after 12 years in the role.

U.S. ADRs of Novartis AG(NOVN.EB) climbed more than 4% as the Swiss drugmaker raised its sales guidance for the year

Telephone & Data Systems Inc. stock (TDS) rose 8%, after skidding 8% on Monday when it was downgraded on concerns over legacy lead cables

Stock decliners:

Prologis Inc.'s stock (PLD) reversed an early rally to sink 5.0%, enough to lead the S&P 500's losers, after the logistics real estate giant beat second-quarter profit and revenue expectations, but reported a decline in occupancy.

Shares of Masimo Corp. (MASI)tumbled 21% after the hospital-equipment maker forecast second-quarter sales that were far below estimates and tempered sales expectations for the full year.

Shopify Inc. shares (SHOP.T) shed more than 2% after Evercore ISI cut its rating on the e-commerce company to in-line from outperform.

Freyr Battery's stock (FREY) dropped more than 7%, and was the New York Stock Exchange's (NYSE) biggest decliner, after the battery cell maker disclosed it received a comment letter from the U.S. Securities and Exchange Commission, which urged the company to expand disclosures regarding costs to build battery-manufacturing facilities and to explain what the financial line item "Luxembourg reorganization" represents.

-MarketWatch

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07-18-23 1303ET

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