On this episode of Stock Movers:
- Home Depot (HD) shares are lower after sales metric disappointed in the latest quarter, a sign that consumers are staying away from big purchases as interest rates remain high and inflation uncertainties linger. CFO Richard McPhail said consumers are increasingly taking on small projects, but larger projects remain on hold as rates remain elevated and economic uncertainty persists.
- Intel (INTC) is higher after it was reported by Bloomberg that the Trump administration is in discussions to take a stake of about 10% in Intel Corp. by converting grants made under the US Chips and Science Act into equity. The US government and SoftBank Group Corp. see potential for a turnaround at Intel, with the government valuing the company's manufacturing prowess and SoftBank valuing its chip design operations.
- Nexstar Media (NXST) shares are moving on deal news. Nexstar will acquire all outstanding shares of Tegna for $22 per share in a cash deal valued at $6.2 billion. The purchase price represents a 31% premium to TEGNA’s average 30-day average stock price ending Aug. 8
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