Investors were paying close attention to midday trading, as several notable companies experienced significant share movement. News Corp's shares rose nearly 4%, boosted by a fiscal fourth quarter earnings beat of 14 cents per share against an estimated 8 cents per share per analysts polled by Refinitiv. Unfortunately, revenue of $2.43 billion fell short of the $2.49 billion forecast. UBS stocks increased 5% following news that Credit Suisse had fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank and the end of a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse.
Semiconductor stocks dropped more than 2%, with the VanEck Semiconductor ETF (SMH) decreasing by 2.2%, and individual chip stocks including NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor all suffering losses greater than 3%. Maxeon Solar Technologies fell 32% after posting second quarter revenue of $348.4 million which fell short of the expected $374.3 million.
In addition, Chinese companies' U.S.-traded stocks tumbled following Country Garden's profit warning and weakening demand in the market. JD.com and Alibaba dropped 6% and 4%, respectively, while Nio declined 2.7%. Wynn Resorts' shares declined 4%, mirroring a 3% rise on the previous day due to the release of their earnings announcement. Further, Krispy Kreme's stock increased 3% after JPMorgan reiterated its overweight rating, seeing the stock's current price as attractive. Coinbase's stock experienced a 2% dip following a Mizuho underperform rating on the stock. Tapestry gained 1%, partly recovering a 16% loss from the day before, following the announcement of an $8.5 billion merger with Capri Holdings. Kura Oncology's stock rose 4% after Bank of America initiated coverage with a buy rating and DigitalOcean Holdings gained 2.8% on a Morgan Stanley upgrade to equal weight from underweight.
— CNBC's Alex Harring and Yun Li contributed to this report.
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