US stocks on the move: Bumble, Cardinal Infrastructure, Qualcomm and Grail
SPY•SPY•SPY•SPY•The S&P 500 and Nasdaq edged lower as chip stocks faced selling pressure and investors assessed quarterly results. Bumble shares neared a one-year high on a $1.3 billion go-private deal, Cardinal Infrastructure fell after agreeing to buy Hughes Brothers, and Qualcomm and Grail shares rose.
The S&P 500 fell 0.12% and the Nasdaq Composite slipped 0.21% on Tuesday, while the Dow Jones Industrial Average was down 0.39%. Chip stocks came under selling pressure as investors parsed a mixed set of quarterly results, including results from major U.S. banks.
Bumble shares were near a one-year high on a $1.3 billion go-private deal. Cardinal Infrastructure shares fell after a deal to buy Hughes Brothers, while Qualcomm shares gained on partnerships for a high-speed 5G module and an AI-powered Wi-Fi gateway. Grail shares rose as TD Cowen more than doubled its price target, citing optimism about the FDA and Medicare.
