U.S. Movers: Bank of America, China ADRs, KB Home, Progress Software, SAP
- Scott Peters
- U.S.A. New York City
-
KB Home reported weaker-than-expected quarterly results. Progress Software's revenue and adjusted earnings were ahead of market expectations in its latest quarter. Berkshire Hathaway lowered its stake in Bank of America.
SAP SE declined 2.5% to $225.27 after the German software company's chief financial officer confirmed in an interview with CNBC that the company is being investigated by the U.S. Department of Justice for alleged price-fixing practices.
KB Home declined 3.9% to $83.99 after the home builder reported weaker-than-expected results in its latest quarter.
Progress Software surged 12% to $64.01 after the insurance company reported better-than-expected adjusted earnings and revenue in the fiscal third quarter.
Bank of America Corp. declined 0.5% to $39.27, and Warren Buffett-controlled Berkshire Hathaway continued to reduce its holding in the bank.
Berkshire Hathaway has now sold $9 billion of Bank of America's stock and lowered its holding to 10.5%.
China-linked ADRs were in focus for the second day in a row after the People's Bank of China announced additional measures to support economic expansion.
The central bank lowered its one-year loan prime rate, used for loans to financial institutions, by 30 basis points to 2.0%.
JD.com decreased 3.5% to $32.70, Tencent Holdings dropped 1.6% to $52.60, and Alibaba Group declined 2.2% to $95.05.
Artificial intelligence-linked stocks advanced amid growing speculation that the demand is running ahead of the supply.
Nvidia increased 2.2% to $123.41, Qualcomm edged up 0.1% to $167.30, AMD added 0.8% to $159.56, and Micron Technology edged higher 0.9% to $94.84.
Annual Returns
| Company | Ticker | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Bank of America Corporation | BAC | 1% | 30% | 3% |
| SAP SE | SAP | -2% | 61% | 43% |
| Progress Software Corporation | PRGS | -1% | 20% | 4% |
| Berkshire Hathaway Inc.B | BRK-B | -1% | 27% | 19% |
| NVIDIA Corporation | NVDA | 4% | 172% | -72% |
| Alibaba Group Holding Limited | BABA | 1% | 9% | -13% |
| KB Home | KBH | -1% | 5% | 97% |