Midday movers: H&R Block, Maravai LifeSciences rise; Applied Materials falls

(Updated - August 16, 2024 12:00 PM EDT)

Investing.com -- U.S. stock futures were unchanged Friday, consolidating recent gains after healthy economic data eased concerns of an imminent recession.

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

• Ford (NYSE:F) stock fell 0.6% after the National Highway Traffic Safety Administration stated that the auto giant is recalling about 85,000 Explorer SUVs equipped with the Police Interceptor Utility package over concerns of an engine fire.

• Applied Materials (NASDAQ:AMAT) stock fell 2.8%, handing back some of the chip-making equipment firm’s strong gains ahead of its results, despite forecasting fourth-quarter revenue slightly above estimates.

• Texas Instruments (NASDAQ:TXN) stock fell 1.7% despite the semiconductor company signing a non-binding preliminary memorandum of terms with the U.S. Department of Commerce, potentially received up to $1.6 billion in direct funding.

• Kroger (NYSE:KR) stock rose 0.1% after the supermarket chain announced plans to lower grocery prices by $1 billion after the completion of its proposed $25 billion merger with smaller rival Albertsons (NYSE:ACI).

• Nvidia (NASDAQ:NVDA) stock rose 0.5% after analysts said the chipmaker is likely to continue delivering earnings beats in the coming quarters, “albeit smaller ones.”

• H&R Block (NYSE:HRB) stock soared 16% after the tax preparation services company announced a 17% dividend increase and a $1.5 billion share buyback.

• Autodesk (NASDAQ:ADSK) stock fell 1.2% after Bloomberg reported that executives at the design technology provider continued utilizing a controversial sales strategy despite saying it would stop, and ignored risks related to the practice.

• Coherent (NYSE:COHR) (COHR) stock rose 5% after the manufacturer of optical materials and semiconductors reported a jump in fourth-quarter revenue, primarily driven by ongoing AI-related strength in its Datacom transceiver business.

• Maravai LifeSciences (MRVI) rose 16% after Reuters reported that Repligen (NASDAQ:RGEN) approached it with a takeover offer. Repligen shares were down 8%.

• Palo Alto Networks (NASDAQ:PANW) fell 2.8% ahead of its earnings report after the bell on Monday.

Additional reporting by Louis Juricic