Nvidia climbs, D.R. Horton gets a Buffett boost, and other stocks on the move

By MarketWatch

Fresh disclosures from big-name money managers like Warren Buffett are moving stocks

Stocks on the move Tuesday:

Stock gainers:

Nvidia Corp.'s(NVDA) stock rose 2% after a pair of analysts at UBS and Morgan Stanley boosted their bullish views of the hot chip stock.

Tiziana Life Sciences Ltd.'s(TLSA) stock soared 28% after the microcap biotech said it has received clearance from the Food and Drug Administration for its investigational new drug application for intranasal foralumab, a treatment for Alzheimer's disease.

D.R. Horton's(DHI) and Lennar Corp.'s(LEN) stocks rose 2.2% and 1.4%, respectively, after Warren Buffett's Berkshire Hathaway Inc. (BRKA)(BRKA) took new stakes in the home builders, according to quarterly disclosures

General Motors Co.'s(GM) stock slid 2.1%, after Buffett offloaded a big chunk of his stock in the carmaker.

AMC Entertainment Holdings Inc.'s(AMC) stock rose 3% as it bounced back from heavy losses Monday after a revised stock-conversion plan was approved by the Delaware Chancery Court

Stock decliners:

Bank of New York Mellon Corp.'s (BK) stock slid 1.5% after Berkshire also disclosed it had dumped its entire stake in the regional bank

Discover Financial Services'(DFS) stock fell 10% as the worst performer in the S&P 500 after it said its chief executive, Roger C. Hochschild, had resigned.

Share of Rumble Inc.(RUM), a social-media and video-sharing platform, fell 10% after it reported a bigger-than-expected loss.

Galecto Inc.'s(GLTO) stock tumbled 70% after the biotech company said it would drop an investigational treatment for idiopathic pulmonary fibrosis, a chronic lung disease.

Design Therapeutics Inc.'s (DSGN) stock slid 68% after the biopharma company reported mixed results from an early-stage trial of a treatment for Friedreich ataxia, a genetic neuromuscular disease.

Sector weakness:

Banks were hit Tuesday after Federal Deposit Insurance Corp. Chair Martin Gruenberg said large regional banks should face new rules and tougher oversight.

Fitch analyst Chris Wolfe said the debt-rating agency may be forced to downgrade many U.S. banks after it posted a ratings watch in June. If Fitch downgrades the industry by one notch to AA- from A+, it would have to re-evaluate ratings on more than 70 U.S. banks it covers, Wolfe said in an interview with CNBC-TV.

KeyCorp. (KEY) was down 3.5%, Comerica Inc. (CMA) was down 4%, Citizens Financial Group (CFG) was down 3.9% and Capital One Financial Corp. (COF)was down 2.2%.

-MarketWatch

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-15-23 1248ET

Copyright (c) 2023 Dow Jones & Company, Inc.