Investing.com -- Stocks gave up earlier gains and turned negative after reports talks over raising the debt ceiling were put on hold, killing optimism that a deal could get done this weekend. Here are the market movers for May 19.
Foot Locker Inc (NYSE:FL) shares tumbled 26% after the athletic apparel retailer reported disappointing first-quarter results and cut its outlook for the full year, citing a challenging economic backdrop. Deere&Company (NYSE:DE) shares fell 2.3% despite beating expectations and raising its profit forecast for the year. After a strong quarter of tractor and precision agriculture machinery sales, the company continues to see a strong order book. Morgan Stanley (NYSE:MS) shares fell 2.3% after the investment banking and wealth management giant said James Gorman has indicated plans to step down as CEO in the next year. Applied Materials Inc (NASDAQ:AMAT) shares fell 2.3% after the maker of equipment for chip manufacturing reported quarterly sales rose 6%, more than expected, and its forecast for net sales and earnings per share in the current quarter are higher than expectations.
Farfetch Ltd (NYSE:FTCH) shares jumped 21% after the luxury fashion e-commerce company reported better-than-expected first-quarter earnings as gross merchandise value rose beyond forecasts.