Midday movers: AMD, Carvana rise; MasterCard, Intuit fall

(Updated - July 10, 2024 11:36 AM EDT)

Investing.com -- U.S. stock futures largely edged higher Wednesday, with the second round of comments from Fed chief Jerome Powell to Congress underway.

Here are some of the biggest U.S. stock movers today:

• Microsoft (NASDAQ:MSFT) stock rose 0.3% following a report that the software giant was ready to give up an observation seat on the board of OpenAI amid regulatory scrutiny into generative artificial intelligence in both the U.S. and Europe.

• Tesla (NASDAQ:TSLA) stock fell 0.3%, paring recent gains, despite news that Goldman Sachs raised its estimates and price target for the EV manufacturer following stronger-than-expected Q2 deliveries.

• 3M Company (NYSE:MMM) stock fell 0.1% after the manufacturing company announced that CFO Monish Patolawala would leave the firm at the end of the month to pursue another opportunity.

• Honeywell (NASDAQ:HON) stock rose 1% after the Wall Street Journal reported that the industrial giant is set to buy the liquefied natural-gas process technology and equipment business from Air Products (NYSE:APD), up 2.1%, for $1.8 billion.

• Goodyear (GT) stock rose 3% after a report that Japan's Yokohama Rubber was in talks to buy its off-road tire business for at least $1 billion.

• Taiwan Semiconductor Manufacturing (TSM) stock rose 2.4% after the world's largest chipmaker reported 32% year-on-year growth in second-quarter revenue.

• LegalZoom (LZ) stock slumped 27% after the online legal firm cut its full-year revenue guidance, while also announcing that CEO Dan Wernikoff had resigned from his post, effective immediately.

• Smart Global (SGH) stock rose 18% after the global leader in specialty memory solutions reported a third-quarter profit as lower operating expenses helped offset a double-digit drop in revenue.

• Deckers Brands (DECK) fell 8% amid concerns about HUKA and UGG growth rates in June.

• AMD (NASDAQ:AMD) rose 3% after it announced the signing of a definitive agreement to acquire Silo AI, the largest private AI lab in Europe, in an all-cash transaction valued at approximately $665 million.

• MasterCard (MA) fell 2.9% after analysts at BofA downgraded the stock to 'neutral' from 'buy'.

• Carvana (CVNA) rose 3% after analysts at Needham upgraded the stock to 'buy', citing growth potential.

• Intuit (NASDAQ:INTU) fell 4% after it announced plans to cut 1,800 global employees, or 10% of its workforce.

Additional reporting by Louis Juricic