2023-05-23 13:15:08 ET
Major marked averages edged lower during Tuesday's intraday session as another round of debt ceiling talks concluded without an outcome.
Tracking individual stocks, Lowe's ( NYSE: LOW ) gained on upbeat Q1 earnings while AutoZone ( NYSE: AZO ) and Zoom Video Communications ( NASDAQ: ZM ) shares slipped after their quarterly results.
Meanwhile, Broadcom ( NASDAQ: AVGO ) stock rose on a multibillion-dollar Apple ( AAPL ) component contract.
Elsewhere, American International Group ( NYSE: AIG ) stock rose following the sale of Validus Re to RenaissanceRe ( RNR ) for $3B.
Gainers
Lowe's ( LOW ) stock climbed 2% after posting better-than-expected Q1 earnings despite a reduction in FY2023 expectations. During the earnings call, the business predicted that Q2 revenues would be towards the upper end of full-year forecasts, with adjusted operating margins marginally higher than in the prior year.
Broadcom ( AVGO ) stock rose more than 2% after Apple ( AAPL ) announced a multibillion-dollar contract with the chipmaker for U.S.-made components. Broadcom ( AVGO ) will develop 5G radio frequency components and wireless connection components as part of the multiyear agreement.
American International Group ( AIG ) stock rose nearly 5% after the company announced the sale of its treaty reinsurance subsidiary Validus Re to RenaissanceRe ( RNR ) for about $3B. According to Citi analyst Michael Ward, the transaction is another step towards simplicity and capital efficiency.
Decliners
The shares of AutoZone ( AZO ) fell more than 6% after the company's top line failed to meet expectations in the third quarter. The company reported revenue of $4.1B, compared to the consensus of $4.12B.
Despite upbeat Q1 earnings and a favorable outlook, Zoom Video Communications ( ZM ) shares slumped more than 7% as the number of enterprise customers of ~215,900 fell short of expectations of 217,853.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .
More on debt ceiling
- Debt ceiling crisis is already changing market dynamics - what could come next?
- Debt Ceiling Deadline Looms
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Hot Stocks: LOW rises on earnings; AZO and ZM fall on earnings; AVGO, AIG gain