Here are some of the stocks posting the biggest moves in Friday’s noon trading: Mohawk Industry, Builder First Sauce – After Federal Reserve Chair Jerome Powell suggests that rate cuts could be round the corner, he hopes home construction will jump and lower borrowing costs. Builder’s first sauce jumped 8%, while flooring company Mohawk Industries added 7%. Both Homebuilder Lennar and iShares US Home Construction ETF (ITB) have added over 5%. Semiconductor Stocks – The sector’s name jumped alongside a wider market next month, indicating that the Fed could cut interest rates. Vaneck Semiconductor (SMH) rose nearly 3%. Microchip technology has increased by about 6%, while semiconductors have jumped over 5%. Nvidia popped about 2%, while Broadcom added 3%. Caterpillar – Construction equipment manufacturers have collected about 4%, leading Dow Industrials to a new record. This is optimistic that the Federal Reserve will cut interest rates from September and boost commercial and industrial activities. Industrial stocks in the S&P 500 (+2%) surpassed the rest of the market (+1.6%) at noon. American Express’ Goldman Sachs – Financial Services sector rose 1.7% to low interest rate requests. Goldman Sachs and American Express jumped 3.7% and 4% respectively. Regional banks also support the SPDR S&P Regional Bank ETF (KRE) has jumped by more than 4%. Intuit – Shares have been pulled back over 4%. Financial Technology Company’s fourth quarter results exceeded expectations, but revenue growth in the first quarter was weaker than expected. The company led to 15% growth in that quarter from 14% year-on-year. It’s below 15.9%, where analysts voted by FactSet, who handed out pencils. The adjusted operating margin for the third quarter is expected to be 28%, slightly below the 28.1% StreetAccount consensus estimate. Workday warned of challenges in the government and education business. Zoom Communication – Shares in Communication Technology Company won over 10% after the second quarter results reached Wall Street expectations. Zoom Communications posted adjusted earnings of $1.53 per share on revenue of $1.22 billion, while LSEG analyst consensus expected earnings of $1.37 per share against revenue of $1.2 billion. RLX Technology – The stock of the China-based e-Vapor company jumped over 7% after its second quarter top-line and bottom-line results broke analyst expectations, according to FactSet. Additionally, quarterly revenues increased 40.3% from the same period last year. Cenovus Energy – Canadian oil and gas producers rose 4% after saying they would acquire $7.9 billion in cash and inventory transactions, including debt, as noted in Canadian currency. The deal is expected to end early in the fourth quarter of this year. -CNBC’s Alex Hurling, Michelle Fox Theobaldo, Sean Conlon, Fred Imbard and Scott Schnipper contributed the report.
Stocks that make the biggest move at noon: MCHP, BLDR, ZM
