Stock futures traded higher on Tuesday, indicating that Wall Street will recoup some losses from Monday’s sell-off as investors turned their attention to a slew of earnings reports.
Here are some of the top moves during Tuesday’s premarket trading:
1. Nvidia – up 0.68%
Nvidia (NVDA) – Get Report rose higher as the chipmaker’s shares are expected to begin trading on a split-adjusted basis following a spring decision to make them more accessible to individual investors and company employees.
The stock is up nearly 80% in the past year, giving it a market value of approximately $453 billion.
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2. Ardelyx – 73% lower
Ardelyx (ARDX) – Get Report shares tumbled, adding to Monday’s losses after the Food and Drug Administration said it identified “deficiencies” in the company’s filing for Tenapanor, a drug that regulates serum phosphorus, a condition caused by chronic kidney disease in dialysis patients. .
3. International Business Machines – Up 3.6%
Shares of International Business Machines (IBM) – Get Report rose after the computing giant posted stronger-than-expected second-quarter revenue as cloud revenue and operating margins improved.
Earnings came in at $2.33 per share, up 6.9% from the same period last year and just above the consensus forecast of $2.29.
4. PPG Industries – Down 5.3%
PPG Industries (PPG) – Get Report Shares fell after the paints, coatings and specialty materials company failed to meet Wall Street’s second-quarter earnings estimates.
The company said that “the ubiquitous disruptions to the raw material supply drove the year-over-year cost inflation of a medium to high teenage rate.”
5. Halliburton – Up 2.7%
Shares of Halliburton (THING) – Get Report rose after the energy company beat Wall Street’s second-quarter earnings estimates.
Halliburton reported net income of $227 million, or 26 cents per share, up from $170 million, or 19 cents per share, a year ago. Revenue was $3,707 billion, an increase of $3,451 billion.