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The Nasdaq Composite was wavering in afternoon trading, retreating from its highs earlier in the day.
A rally in shares of Alphabet and Microsoft helped support the tech-heavy gauge and limit losses in the S&P 500, even as a majority of stocks in the broad index moved lower.
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Marketwatch:
Microsoft (MSFT): Shares of Microsoft & Activision edged higher 6%
Tesla (TSLA): Shares were building on Monday's 7.3% adding 1.6%
Teva (TEVA): stock climbed more than 1.9%
Coinbase (COIN): Shares were down 1.3%
Baidu (BIDU): quarterly profit jumped 43%#stocks pic.twitter.com/b65rACTQer— The_Journalbiz (@the_journalbiz) August 22, 2023
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Microsoft (MSFT): The company submitted a new proposal for acquiring videogame maker Activision Blizzard (ATVI) to the U.K.’s competition authority. Under the plan, Activision would sell some cloud-streaming rights to France’s Ubisoft (UBI). Shares of Microsoft and Activision edged higher in morning trading. Ubisoft stock gained more than 8% in Paris.
Tesla (TSLA): Shares in the electric-car maker were building on Monday’s 7.3% surge, rising 1.6% in morning trading.
Dick’s Sporting Goods (DKS): The retailer said “inventory shrink,” or stock shortfalls due to theft and other problems, had eaten into quarterly profits, and cut its full-year earnings outlook. Shares sank 23%.
Teva (TEVA): The generic drug maker agreed to pay $225 million to settle criminal charges over price-fixing allegations. Teva’s stock climbed more than 1.9%.
Coinbase (COIN): The crypto exchange said late Monday that it took a stake in stablecoin company Circle. The companies co-founded the USD Coin—the second-largest stablecoin—in 2018. Shares of Coinbase were down 1.3%.
*Baidu (BIDU): The Chinese technology company said quarterly profit jumped 43% to $718 million, and touted the “significant market opportunity” it saw in artificial intelligence. Baidu’s American depositary receipts gained 2.5%.
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