Hot Stocks: LOW rises on earnings; AZO and ZM fall on earnings; AVGO, AIG gain
Spencer Platt
Major market 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.
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