Hawaiian Electric Industries stock rose 10% after being added to the S&P SmallCap 600 Index as part of a quarterly rebalancing, which typically attracts index fund investors.

Hawaiian Electric entered into a $250 million Equity Distribution Agreement to issue common shares through various agents. The company also reached a settlement agreement for Maui windstorm and wildfires litigation and extended a Petroleum Fuels Supply Agreement.

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 300 points. Schlumberger reported better-than-expected second-quarter results, with revenue and adjusted EPS beating consensus estimates.

Hawaiian Electric Industries shares are surging after the company reportedly agreed to a $1.5 billion settlement plan over the Maui wildfires. The proposed settlement also includes Charter Communications and state/local governments, though it is not yet finalized.

Intuitive Surgical reported better-than-expected Q2 results, causing its shares to rise 6.7% in premarket trading. Several other stocks also saw significant premarket movements, both positive and negative.

Hawaiian Electric Industries shares surged over 14% after a report suggested a potential settlement for Maui wildfire lawsuits could be reached soon.

Investors remain on edge as geopolitics continue to shape market trends, with Israel mulling a response to Iran while the U.S. and key allies explore further sanctions against Tehran. U.S. major averages display mixed performances as of midday trading Tuesday. The S&P 500 holds steady at 5,200 points, while blue-chip stocks outperform the broader market, and small caps experience some declines. In its April World Economic Outlook, the International Monetary Fund raised growth projections for the U.S. economy, while eyeing the possibility of Federal Reserve rate cuts this year as inflation declines. Yet, an escalation in the Middle East could complicate the picture, pushing oil and inflation higher and forcing central banks to tighten again. Treasury yields continue to kick higher, with the yield on the 10-year Treasury bond reaching 4.65%. Bond-related ETFs declined further, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down 0.5%. Despite the uptick in ...Full story available on Benzinga.com

On CNBC’s "Mad Money Lightning Round," Jim Cramer said he prefers Abbott Laboratories (NYSE: ABT) over Penumbra, Inc. (NYSE: PEN). "I still fear it after the environmental damage. I am concerned that you can’t really put a price on it," Cramer said when asked about Hawaiian Electric Industries, Inc. (NYSE: HE). "I think that the fires were too great, and therefore the stock could still go lower." Sibanye Stillwater Limited (NYSE: SBSW) is a "strange" company, Cramer said, "We don’t know, really, enough about it. We know it has a yield, we know that it’s got good properties." The "Mad Money" host said Emerson Electric Co. (NYSE:

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Berkshire Hathaway Inc. released its 2023 shareholder letter recently. Click here to read the full letter.

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