In midday trading, several companies experienced significant stock movements.
Microsoft shares increased nearly 4% after Bill Ackman of Pershing Square disclosed that he has been accumulating stock since its price fell following the second-quarter earnings report, citing the valuation as 'highly compelling.' ServiceNow's stock rose nearly 5% due to a new multiyear partnership with Experian aimed at developing autonomous AI agents.
Conversely, Ford's shares dropped about 7% after a recent surge of over 20%, as analysts suggested that the excitement surrounding its battery storage ambitions was not supported by immediate fundamentals, with RBC estimating the unit's potential value between $1 billion and $5 billion.
Applied Materials saw a 2% decline despite reporting better-than-expected fiscal second-quarter results, earning $2.86 per share on revenue of $7.91 billion, surpassing analyst expectations.
The semiconductor sector faced a downturn, with the iShares Semiconductor ETF poised to end a six-week winning streak; notable declines included Marvell Technology down 3%, Intel down nearly 7%, and Advanced Micro Devices down 4%. Cerebras Systems fell 5% after a remarkable 68% surge on its Nasdaq debut.
Starbucks shares rose slightly after announcing layoffs of about 300 corporate employees, marking the third round of cuts under CEO Brian Niccol. Figma's stock surged nearly 9% following a strong earnings report, posting 10 cents per share on revenues of $333 million, exceeding analyst expectations.
Magnum Ice Cream's shares jumped over 17% amid reports of potential bids from Blackstone and CD&R, while DexCom's stock rose almost 8% after agreeing with Elliott Investment Management to appoint two new independent directors. Papa John's International saw its stock increase more than 4% following news that its largest franchisee is exploring a buyout.
The Winklevoss-owned Gemini Space Station surged 10% after announcing a $100 million investment from Winklevoss Capital Fund and reporting better-than-expected revenue. In contrast, Freeport McMoRan's shares fell nearly 5% as precious and industrial metals experienced a sell-off, with gold and silver prices dropping around 3% and 9%, respectively, and copper tumbling nearly 5%