12:17 PM EDT, 08/20/2024 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Tuesday, marking a breather after eight consecutive positive sessions by the Nasdaq Composite and S&P 500.

In company news, Lowe's (LOW) reported fiscal Q2 earnings Tuesday of $4.17 per diluted share, down from $4.56 a year earlier but above the Capital IQ consensus analyst estimate of $4.00. Second-quarter revenue was $23.59 billion, down from $24.96 billion in the year-ago period and below the Capital IQ consensus estimate of $23.96 billion. The company now expects fiscal 2024 adjusted earnings to be in a range of $11.70 to $11.90 per diluted share, down from previous guidance of $12 to $12.30. Analysts polled by Capital IQ expect $12.16. Moreover, Lowe's said it now expects full-year revenue of $82.7 billion to $83.2 billion, down from previous guidance of $84 billion to $85 billion. Analysts surveyed by Capital IQ expect $84.24 billion. Shares of Lowe's were down 0.6% near noon.

Johnson & Johnson ( JNJ ) agreed to buy heart technology company V-Wave for up to $1.7 billion, according to a joint statement released Tuesday. Johnson & Johnson ( JNJ ) will pay $600 million upfront to buy V-Wave, with the potential for milestone payments of up to $1.1 billion, the companies said, adding that the transaction is expected to close before the end of 2024, pending regulatory approvals. Johnson & Johnson ( JNJ ) expects the deal to dilute adjusted earnings per share by about $0.24 in 2024 and by $0.06 in 2025, and the company said it will update its full-year guidance when it reports its Q3 earnings results in October. Shares of Johnson & Johnson ( JNJ ) were up 0.5%.

Eli Lilly ( LLY ) said Tuesday that results from a three-year phase 3 study showed that weekly tirzepatide injections reduced the risk of developing type 2 diabetes by 94% in obese or overweight adults with pre-diabetes compared to a placebo. The phase 3 trial also observed sustained weight loss in the participants over the three-year treatment period, with those on the 15 mg dose of the drug seeing a 22.9% average decrease in body weight compared to 2.1% with a placebo, the company said. Tirzepatide is approved in the US as Mounjaro for adults with type 2 diabetes and as Zepbound for obese or overweight adults. Eli Lilly ( LLY ) shares were up 2.9%.

Boeing ( BA ) said Tuesday that it is grounding its 777X test fleet after finding cracks in an engine mounting structure. The issue was discovered on one of the test aircraft after completing an over five-hour flight from Hawaii on Friday, The Air Current reported, citing people familiar with the matter. Another two 777Xs were reportedly similarly affected. Separately, Boeing ( BA ) has selected BAE Systems to upgrade the fly-b-wire flight control computers for the F-15EX Eagle II and F/A-18E/F Super Hornet fighter aircraft, BAE said Tuesday. Financial details of the deal were not disclosed. Boeing ( BA ) shares were down 4.6%.

Paramount Global ( PARAA ) received a $4.3 billion takeover bid from Edgar Bronfman Jr. through the acquisition of National Amusements, which owns a controlling stake in the media company, Reuters reported Monday, citing a person familiar with the matter. Bronfman's offer includes $2.4 billion in debt and equity for National Amusements and a $1.5 billion contribution to Paramount's balance sheet, which can be used to pay down debt, the source reportedly told Reuters. The competing offer threatens to end an acquisition agreement reached last month with Skydance Media. Paramount shares were down 1.7%.

Stellantis NV ( STLA ) has notified the United Auto Workers union that plans to reopen the Belvidere assembly plant in Illinois will be delayed but that it remains committed to the project, the company said Tuesday. The company statement comes a day after the UAW said several union locals representing thousands of Stellantis ( STLA ) workers have prepared to file grievances, setting the stage for a possible national strike at the automaker. The UAW accused Stellantis ( STLA ) of failing to honor its investment commitments and union contract, allegations the automaker denies. Stellantis ( STLA ) shares were up 0.4%.

KKR (KKR) is in advanced talks to acquire The Parking Spot in a deal valued at $1.4 billion, Bloomberg reported Tuesday, citing people with knowledge of the matter. Shares of KKR were down 1.2%.

Price: 948.82, Change: +27.01, Percent Change: +2.93