See the companies making headlines in midday trading: Bank of America — The bank’s stock fell 2.5% after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway Inc. had not finished reducing its stake. The conglomerate sold an additional 13.9 million shares in the bank for $550.7 million over the past three trading days, bringing its stake to 11.9%. Berkshire has been on a 12-day selling streak since mid-July. XPeng — Shares of the U.S.-listed Chinese electric vehicle maker fell about 6% after it issued third-quarter revenue guidance that missed expectations. The company expects revenue in the range of 9.1 billion yuan to 9.8 billion yuan, below the FactSet consensus estimate of 10.40 billion yuan. Palo Alto Networks — Shares jumped 7.2% after the cybersecurity company beat Wall Street estimates for its fiscal fourth quarter, putting the stock on track for its best day in nearly a year and making it the best performer in the S&P 500 on Tuesday. Palo Alto Networks also gave strong guidance for the fiscal first quarter and the year. Lowes — The home improvement stock fell 1.2% after revenue was weaker than expected in the second quarter. Lowes reported $23.59 billion, compared with $23.91 billion expected by analysts polled by LESG. Lowes also cut its full-year earnings per share and sales forecasts. Boeing — Shares of the aerospace company fell about 4.2%. Boeing grounded its 777X test fleet after discovering damage to the main structure. Paramount Global — Shares fell 1.2% after reports that media mogul Edgar Bronfman Jr. has made a competing offer to acquire National Amusements, the company that owns a controlling stake in Paramount Global. Skydance Media and its partners reached an agreement to buy Paramount last month, which included a 45-day “shopping period.” Eli Lilly — Shares of the drugmaker jumped more than 3% after the company said its weight-loss drug reduced the risk of diabetes in a late-stage trial. Amer Sports — The Finland-based global sports and outdoors company rose 10.4% on earnings and revenue beats. Amer Sports also boosted its full-year guidance. Hawaiian Holdings Inc., Alaska Air — Shares of Hawaiian rose 11.3%, while Alaska Airlines shares rose above the flat line, after the U.S. Department of Justice approved the merger of the two companies. The airlines now need to secure approval from the U.S. Department of Transportation before the $1.9 billion deal can close. Fabrynet — Shares of Fabrynet rose 15.7% after the electronics manufacturer reported better-than-expected quarterly earnings and revenue. Fabrynet reported fourth-quarter adjusted earnings of $2.41 per share on revenue of $753 million, compared with analysts polled by LSEG expecting earnings of $2.25 per share on revenue of $733 million. — CNBC’s Samantha Sobin, Yoon Lee, Hakyung Kim, Jesse Pound and Michelle Fox contributed to the report.
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Stocks that made the biggest moves midday: PANW, BA, LOW, BAC
