Take a look at the companies making headlines in midday trading: Bank of America — Shares of the bank fell 2% after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway isn’t done paring down its stake. The conglomerate sold 13.9 million more shares of the bank for $550.7 million over the past three trading days, bringing its stake to 11.9%. Berkshire had a 12-day selling streak starting in mid-July. XPeng — The Chinese electric vehicle maker’s US-listed shares fell about 7% after it issued third-quarter revenue guidance that missed expectations. The company forecast revenue in the range of CNY9.1 billion and CNY9.8 billion, lower than the FactSet consensus estimate of CNY10.4 billion. Palo Alto Networks — Shares rose 8% after the cybersecurity company beat Wall Street’s fiscal fourth-quarter estimates, putting the stock on track for its best day in nearly a year and making it the S&P 500’s top performer on Tuesday. Palo Alto Networks also provided strong guidance for the first quarter and fiscal year. Lowe’s — The home improvement stock fell 1% after revenue came in weaker than expected during the second quarter. Lowe’s reported $23.59 billion, while analysts polled by LESG had forecast $23.91 billion. Lowe’s also lowered its full-year forecast for earnings per share and sales. Boeing — Shares of the aerospace company fell about 4.8%. Boeing grounded its 777X test fleet after discovering damage to the key structure. Paramount Global — Shares fell nearly 2% after reports that media executive Edgar Bronfman Jr. made a rival bid to acquire National Amusements, the company that has a controlling stake in Paramount Global. Skydance Media and its partners reached a deal to buy Paramount last month, which included a 45-day “shopping period.” Eli Lilly — Shares of the drugmaker rose about 3% after the company said its weight-loss drug minimized the risk of diabetes in a late-stage trial. Amer Sports — The Finland-based global sports and outdoor company rose 12.5% on better-than-expected earnings and revenue. Amer Sports also raised its full-year outlook. Hawaiian Holdings, Alaska Air — Hawaiian shares rose 11.6%, while Alaska Airlines fell 0.7%, after the U.S. Justice Department cleared the merger of the two companies. The airlines now need to get approval from the U.S. Department of Transportation before the deal, which is worth $1.9 billion, can close. Fabrinet — Fabrinet shares rose more than 16% after the electronics manufacturing company reported better-than-expected quarterly earnings and revenue. Fabrinet reported fourth-quarter adjusted earnings of $2.41 per share on revenue of $753 million, while analysts polled by LSEG were expecting earnings per share of $2.25 on revenue of $733 million. — CNBC’s Samantha Subin, Yun Li, Jesse Pound and Michelle Fox contributed to this report.
