12:15 PM EDT, 08/13/2024 (MT Newswires) -- All three major US stock indexes were up after midday trading Tuesday driven by the producer price index that came in under expectations and further solidified belief among investors of looming rate cuts by the Federal Reserve.

In company news, Home Depot ( HD ) reported fiscal Q2 adjusted earnings Tuesday of $4.67 per diluted share, down from $4.68 a year earlier but above the Capital IQ consensus analyst estimate of $4.55. Second-quarter revenue was $43.18 billion, up from $42.92 billion in the year-ago period and above the Capital IQ consensus of $42.71 billion. The company said it now expects fiscal 2024 adjusted diluted earnings per share to decline between 1% and 3% and sales to increase between 2.5% and 3.5%, compared to previous guidance for EPS and sales growth of about 1% each. Shares of Home Depot ( HD ) were up 1.3% after midday.

Starbucks ( SBUX ) said Tuesday that Brian Niccol has been named chair and chief executive officer, effective Sept. 9. Laxman Narasimhan has stepped down as CEO and a board member, the company said. Chief Financial Officer Rachel Ruggeri will serve as interim chief executive until Niccol, who currently serves as Chipotle Mexican Grill's ( CMG ) chair and CEO, takes over, Starbucks ( SBUX ) said. Meanwhile, Chipotle said Tuesday its board has appointed Chief Operating Officer Scott Boatwright as interim CEO, effective Aug. 31. Shares of Starbucks ( SBUX ) were up past 20%, while those of Chipotle were down 8.9%.

Baxter International ( BAX ) said Tuesday it has sold its kidney care segment to Carlyle Group ( CG ) for $3.8 billion. Under the terms of the deal, Baxter will receive about $3.5 billion in cash, with net after-tax proceeds estimated at about $3 billion. Baxter shares were down 6.1%, while those of Carlyle were up 1.6%.

The United Auto Workers union said Tuesday it has filed federal labor charges against Donald Trump and Tesla (TSLA) Chief Executive Elon Musk for allegedly attempting to threaten and intimidate workers. The action came following the discussion between Trump and Musk Monday evening on X. Shares of Tesla were up 3.7%.

BHP Group ( BHP ) workers at the world's biggest copper operation located in Chile went on strike Tuesday after failing to reach a wage agreement with the company, Bloomberg reported. The union's 2,400 members at the Escondida mine stopped working at 8 a.m. Chilean time after rejecting BHP's proposal for a new three-year labor contract, Bloomberg reported, citing a statement from the union. BHP shares were down 0.3%.

Ford Motor ( F ) on Tuesday issued a do-not-drive advisory for owners of certain vehicles equipped with Takata non-desiccated airbags who have not yet had their vehicles repaired. Roughly 765,600 airbag inflators in Ford and Lincoln vehicles are impacted globally, including 374,300 in the US, Ford said. The age of the affected vehicles makes it increasingly possible that a part inside the airbag will explode and expel sharp metal fragments during a crash, Ford said, adding that 95% of US customers have completed their Takata recalls. Ford shares were up 1.3%.

General Motors ( GM ) is recalling certain Cadillac LYRIQ vehicle models from 2023 to 2024 due to an issue with the braking system, the National Highway Traffic Safety Administration said Tuesday. The vehicle's anti-lock brake system "may activate unexpectedly and release brake pressure in the vehicle's service brake system," the NHTSA said. About 21,469 vehicles are estimated to be impacted by the issue, according to the NHTSA, which added that the electronic brake control module software of recalled vehicles will be updated by a dealer or through an over-the-air update. GM shares were down 0.5%.

Walt Disney ( DIS ) and Reliance have offered to sell some channels to expedite the antitrust approval process for their $8.5 billion India media assets merger, Reuters reported Tuesday, citing two sources familiar with the matter. After the Competition Commission of India privately asked the companies around 100 questions about the merger, Disney ( DIS ) and Reliance told the regulator they were willing to sell fewer than 10 TV channels to assuage its concerns. However, the companies are resisting changes to cricket broadcast rights they own, Reuters reported, citing the people. Disney ( DIS ) shares were down 0.4%.

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