Lowe's, Horizon Therapeutics, AMD: Stocks moving ahead of the close

The Yahoo Finance Live team discusses stocks to watch at the closing bell, including Lowe's, Horizon Therapeutics, AMD, and Nvidia.

Video transcript

AKIKO FUJITO: Well, investors are certainly not liking Home Depot's earnings report today, as we see the closing bell today. The stock closing down after the retailer reported a decline in revenue and cut its full-year EPS and revenue growth projections, citing demand weakness in Q1 and expectations that the weakness will continue. Doesn't look good as we look ahead to Lowe's earnings next week.

DIANE KING HALL: No, definitely. That was definitely one of the drags on the market today, Home Depot. You had also the backdrop of the weaker-than-expected retail sales numbers. You're looking at Home Depot down 2%. That knocked on Lowe's as well as investors taking-- that stock taking a hit as well, down about a percent. You also had the debt-ceiling backdrop hitting the market as well today with those talks going on. So certainly just seeing pressure across the board. Initially the NASDAQ was the outlier. But again, all three indexes falling at the close.

And Home Depot just giving a cautious outlook, although their earnings were-- excuse me, revenue fell. Earnings were better than expected, but revenue missed expectations broadly. So again, just not boding well for Lowe's ahead of-- for Home Depot, biggest revenue miss in more than 20 years. Lowering its forecast for the year.

You know, another stock that we're watching today, Horizon Therapeutics, that stock taking a big hit. It sinking double digits, down 14% after the FTC sued to block Amgen's acquisition of the biotech. The government says the deal would stifle competition, arguing it would deepen Horizon's monopoly on treatments for thyroid eye disease and chronic refractory gout. Now, this marks a big stake in the ground by the FTC because, Akiko, it is the first time the government has sued to stop a pharma deal since 2009.

AKIKO FUJITO: Yeah, and that was a bit of the surprise there. I mean, look, if you look at FTC chair Linda Kahn, we know that she has been very clear about any kind of sort of anticompetitive behavior. They've been very cautious on any type of merger deals there.

But so much of the focus has been on the big tech deals. At least we've been focused a lot on that as well. But when you look at what happened today, Horizon Therapeutics getting hit in a big way on the back of that report, down well over 10%.

We should note a federal judge still needs to approve the injunction. So this is not a done deal by any means, but now that deal potentially in danger, and Horizon Therapeutics down more than 14% today on the news.

Well, chip stock AMD is trading higher today, closing up. The stock boosted after Daniel Loeb's Third Point reported a stake of 1 million shares in the chipmaker. AMD, of course, not the only chip stock on the move today.

And Nvidia also trending today on Yahoo Finance on news that it now has a larger market cap than Berkshire Hathaway. And you see the stock up about-- you know, almost 81% there, trading at $299-- $292 a share.

DIANE KING HALL: But AMD had that bigger move up, 4%, and you also had some interesting comment from an analyst at Bernstein. Analyst about AMD talking about, yes, the PC market is still bad but less bad now, and then you really have to kind of compare the PC market to prepandemic. You can't use the pandemic as a frame of reference now and that things are normalizing with regard to PC shipments, so hence helping give a lift to AMD as well. So you're seeing that play out as well within that stock.