Stocks making the biggest moves midday: Discover, D.R. Horton, Nvidia, Cleveland-Cliffs, and more

Finance

A man wearing a mask walks past a Nvidia logo in Taipei, Taiwan.
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Check out the companies making headlines in midday trading.

Banks — Major Wall Street banks slid during midday trading after CNBC reported Tuesday that Fitch Ratings may once again downgrade the health of the banking sector. Shares of Bank of America and JPMorgan Chase slid 2%, while Citigroup and Morgan Stanley each fell more than 1%. Regional banks also slid, with Citizens Financial Group falling more than 3%.

Cleveland-Cliffs — Shares of the steel company shed 2.7% as investors weighed the latest developments in potential consolidation in the industry. Cleveland-Cliffs’ stock jumped more than 8% on Monday after U.S. Steel announced that it was rejecting a takeover offer from its rival. Industrial conglomerate Esmark announced its own offer for U.S. Steel on Monday.

Discover Financial Services — Shares of the credit card issuer dropped 9% after the company announced late Monday that president and CEO Roger Hochschild will step down and John Owen will take over in the interim. The changes take effect immediately.

Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong Sustainable Infrastructure Capital rose 2.3% after Bank of America upgraded the renewable energy investment firm to buy. The Wall Street firm said Hannon Armstrong will likely get a boost from the Inflation Reduction Act.

Paramount Global — Paramount Global shares climbed 2% in midday trading. The Alliance of Motion Pictures & Television Producers, which represents companies including Paramount Global, reportedly offered screenwriters on strike a new deal that includes crediting humans as screenwriters, rather than artificial intelligence, according to a Bloomberg report citing people familiar with the discussions.

Homebuilders — A slew of homebuilding stocks gained Tuesday after regulatory filings revealed fresh positions from Warren Buffett’s Berkshire Hathaway during the second quarter. That included D.R. Horton and Lennar, last up about 2% and 1.5%, respectively. NVR shares added about 0.5%.

Nvidia — The artificial intelligence stock advanced 1.7% after UBS, Wells Fargo and Baird all raised their estimates for where they believe share prices will go in the next year. The stock climbed 7.1% Monday, regaining ground after dropping 8.6% last week.

Turnstone Biologics — The biotechnology stock added 1.96% in midday trading. Investment firm Piper Sandler initiated coverage of the stock earlier Tuesday with an overweight rating, while Bank of America began coverage of Turnstone, also on Tuesday, with a buy rating.

— CNBC’s Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh and Samantha Subin contributed reporting

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