Nvidia, VF Corp., Bank of America, Lockheed, Lucid, Wyndham, and More Movers

Nvidia
(NVDA) was down 3.7% after the Biden administration said it would be tightening its restrictions on exports of artificial intelligence chips to China. A spokesperson at the chip maker told Barron’s that given the worldwide demand for Nvidia’s products, the company doesn’t expect a meaningful impact on its near-term financial results. 

VF Corp.
(VFC) was up 14% and the stock was the top performer in the S&P 500 following a report from The Wall Street Journal that said investment firm Engaged Capital has “built a big stake” in the parent company of The North Face and Vans and has cost-cutting plans in mind.

Bank of America
(BAC) reported third-quarter earnings of 90 cents a share, topping Wall Street forecasts of 83 cents. Net interest income rose 4% to $14.4 billion because of higher interest rates and loan growth. The stock was rising 2.5%.

Lockheed Martin
(LMT), the defense contractor, reported third-quarter earnings of $6.73 a share on sales of $16.9 billion. Wall Street was looking for profit of $6.67 a share on sales of $16.7 billion.
Lockheed
was up 2.4%.

Johnson & Johnson
(JNJ) reported third-quarter adjusted earnings of $2.66 a share, beating analysts’ estimates of $2.52. Sales of $21.4 billion also topped estimates of $21 billion and the healthcare giant lifted full-year guidance. The report marked the company’s first that doesn’t include the results of its consumer health division that separated from J&J over the summer. The stock was down 0.5%.

Third-quarter profit of $5.47 a share at investment bank
Goldman Sachs
(GS) beat expectations of $5.42. Third-quarter revenue of $11.82 billion declined from almost $12 billion a year earlier. The stock fell 0.5%.

Lucid
(LCID) was down 3.6% after the electric-vehicle maker produced 1,550 vehicles in the third quarter, down 32.1% from a year earlier.

U.S.-listed shares of
Ericsson
(ERIC) fell 2.9% after the Sweden-based maker of telecommunications equipment withdrew margin guidance for 2024, saying it expects current macroeconomic uncertainty to “prevail” into next year.

Choice Hotels International
(CHH) launched a hostile bid for
Wyndham Hotels & Resorts
(WH) of $90 a share in cash and stock. Wyndham shares jumped 10% to $76.28. Choice shares fell 6.3%.

NetScout Systems
(NTCT) was falling 16% after the cybersecurity company said it was reducing guidance for fiscal 2024 “to reflect a recent slowing in order conversion.”

Dollar Tree
(DLTR) was upgraded to Buy from Neutral at
Goldman Sachs
and the stock rose 3.8%.

Write to Joe Woelfel at [email protected]