A look at companies in the spotlight in midday trading: Bank of America — The bank’s shares fell 2% after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway has not yet finished reducing its stake. The conglomerate has sold 13.9 million shares of the bank for $550.7 million over the past three trading days, bringing its stake to 11.9%. Berkshire has been selling for 12 consecutive days since mid-July. Xiaopeng — The Chinese electric vehicle maker’s U.S.-listed shares fell about 7% after it provided weaker-than-expected third-quarter revenue guidance. The company expects revenue of 9.1 billion to 9.8 billion yuan, below the FactSet consensus estimate of 10.4 billion yuan. Palo Alto Networks — The cybersecurity company’s shares rose 8% after it beat Wall Street’s fourth-quarter earnings estimates, putting the stock on track to hit a nearly one-year high and making it the best-performing stock in the S&P 500 index on Tuesday. Palo Alto Networks also gave strong guidance for the first quarter and full year. Lowe’s — Home improvement company shares fell 1% after second-quarter revenue fell short of expectations. Lowe’s reported $23.59 billion in earnings, while analysts surveyed by LESG expected $23.91 billion. Lowe’s also lowered its full-year earnings per share and sales forecasts. Boeing — The aerospace company’s shares fell about 4.8%. Boeing grounded its 777X test fleet after discovering major structural damage. Paramount Global — Shares fell nearly 2% after reports that media executive Edgar Bronfman Jr. had challenged a bid by National Amusements, which owns a controlling stake in Paramount Global. Skydance Media and partners agreed to buy Paramount last month, which included a 45-day “go-shop period.” Eli Lilly – The pharmaceutical company’s shares rose about 3% after it said its weight loss drug minimized the risk of diabetes in late-stage clinical trials. Amer Sports – The Finland-based global sports and outdoor company’s shares rose 12.5% on the back of better-than-expected profits and revenue. Amer Sports also raised its full-year guidance. Hawaiian Holdings, Alaska Airlines – Hawaiian shares rose 11.6% and Alaska Airlines fell 0.7% after the U.S. Department of Justice approved the merger of the two companies. The two airlines need approval from the U.S. Department of Transportation to complete the deal, which is valued at $1.9 billion. Fabrinet – Electronics manufacturer Fabrinet’s shares rose more than 16% after it reported better-than-expected quarterly profits and revenue. Fabrinet reported fourth-quarter adjusted earnings of $2.41 per share on revenue of $753 million, while analysts surveyed by LSEG had expected $2.25 per share on revenue of $733 million. — CNBC’s Samantha Sabin, Yun Lee, Jesse Pound and Michelle Fox contributed reporting.
Biggest movers at midday: PANW, BA, LOW, BAC
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