Stocks move sharply midday as chipmakers rebound and several companies report results

U.S. stocks moved in different directions in midday trading on Tuesday, with several individual names posting large gains and losses after earnings, financing updates, and company outlooks. Chipmakers Skyworks Solutions and Qorvo rose after the prior session’s selloff, while Axon Enterprise fell after announcing $1 billion in convertible senior notes. Revvity climbed to a 52week high after management discussed its fullyear outlook at a healthcare conference and pointed to a strong backlog. Other notable decliners included Dave & Buster’s Entertainment, which missed revenue and profit estimates for the second quarter, and Enova International, which withdrew regulatory applications tied to its proposed acquisition of Grasshopper Bancorp. Sysco also fell after pricing a common stock offering, while Alignment Healthcare dropped after executives highlighted business headwinds. Waystar gained after a Reuters report said the healthcare software company is exploring a possible sale. Cryptorelated stocks were weaker ahead of a Senate vote on the Clarity Act, a bill that would set a regulatory framework for the crypto market.