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Investing.com — Stocks are falling as uncertainty over a resolution to the debt ceiling weighed on sentiment. Here are the market movers for May 23.
- AutoZone Inc (NYSE:) shares fell 6.3% after the retailer of auto parts missed revenue and same-store sales expectations for the recent quarter as inventory rose.
- Broadcom Inc (NASDAQ:) shares rose 2% after the chip maker reported a multi-year agreement to make 5G radio frequency components for Apple (NASDAQ:). Shares of Apple dipped 0.8%.
- Lowe’s Companies Inc (NYSE:) shares rose 1.6% after the home improvement retailer reported better than expected adjusted earnings per share in the but cut its fiscal year revenue outlook as households cut back on do-it-yourself projects.
- Hermes International (OTC:)(EPA:) shares fell 6%, while shares of LVMH Moet Hennessy Louis Vuitton SE (OTC:) (EPA:) dropped 5% as stocks of European luxury brands fell broadly on Tuesday. Bloomberg reported that international demand, especially in China, has taken a hit.
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Yelp Inc (NYSE:) shares rose 6.4% after the restaurant and retail review site caught the attention of an activist shareholder. TCS Capital said it has a 4% stake and wants the company to explore strategic options, including a sale to a strategic or private equity buyer.
