Take a look at the companies making headlines in midday trading. Charles Schwab – Shares of Charles Schwab fell more than 10% after the financial services giant reported second-quarter results. The company reported adjusted earnings of 73 cents per share on revenue of $4.69 billion. Those were just above expectations, with analysts polled by London Stock Exchange Group (LSEG) expecting earnings of 72 cents a share on revenue of $4.68 billion. The company also reported a net interest margin miss, according to FactSet. Match Group – The online dating stock rose about 7.5% after activist investor Starboard Value pressured Match Group in a letter on Monday to either improve profits and profitability or go private. Starboard Value currently holds about 6.5% of Match Group shares. Bank of America – Shares of Bank of America rose more than 5% after the bank reported better-than-expected financial results. Second-quarter earnings per share were 83 cents, higher than the 80 cents expected by analysts polled by LSEG. Revenue was $25.54 billion, compared with the consensus estimate of $25.22 billion. Bank of America also gave new guidance for fourth-quarter net interest income growth. Morgan Stanley – Shares of Morgan Stanley rose nearly 1% after the bank’s profit and revenue beat Wall Street forecasts on stronger-than-expected performance in its trading and investment banking businesses. The bank said profits surged 41% compared with the same period last year, lifting it to $3.08 billion, or $1.82 a share, as Wall Street activity rebounded. Revenue also grew 12% to $15.02 billion. UnitedHealth — Shares of UnitedHealth rose 6.5% after the health insurance giant reported better-than-expected second-quarter results. The company reported adjusted earnings of $6.80 per share on revenue of $98.86 billion, while analysts polled by LSEG expected earnings of $6.66 per share on revenue of $98.84 billion. Shopify – Shares rose about 8.5% after Bank of America upgraded the stock to buy from neutral. Given revenue growth and disciplined expenses, the company expects healthy margin growth going forward. Reddit – Shares of the social media company fell about 3.5% after Loop Capital downgraded the stock to hold from buy. The company believes risks outweigh any potential upside. PNC Financial – Shares of PNC Financial rose 4.7% after stronger-than-expected second-quarter profit. PNC reported adjusted earnings of $3.30 per share. Analysts polled by LSEG expected earnings of $2.98 per share. PNC said its net interest margin increased from the first quarter. EPAM Systems – Shares of the software engineering services company rose about 4.8% after Jefferies upgraded the stock to buy from hold. The company said expected valuations and profits have “bottomed” and that a recovery in discretionary spending and potential growth in demand for artificial intelligence are underestimated. Rio Tinto – Shares of the U.S.-listed mining company fell nearly 2%. Rio Tinto said Pilbara iron ore production fell 2% year-on-year in the second quarter. A train crash in May hampered the company’s production. Homebuilder stocks, the iShares US Home Construction ETF (ITB), rose about 6% as investors bet the Fed will lower interest rates, turning to a previously unpopular corner of the market. Dream Finders Homes rose 8.6% and Toll Brothers gained 7.2%. PulteGroup and Builders FirstSource gained more than 7% and 8%, respectively. SEMICONDUCTOR STOCKS — Investors reduced holdings of select semiconductor stocks on Tuesday. Nvidia fell more than 1%, as did Advanced Micro Devices and Broadcom. The VanEck Semiconductor ETF ( SMH ) was slightly lower. State Street – Shares of the financial company surged about 7.5% after reporting better-than-expected second-quarter profit. The company reported earnings of $2.15 per share on revenue of $3.19 billion. Analysts polled by FactSet expected earnings of $2.03 per share and revenue of $3.15 billion. —CNBC’s Sarah Min, Lisa Kailai Han, Pia Singh, Jesse Pound, Michelle Fox and Darla Mercado contributed reporting.
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