Check out the companies making headlines in midday trading.
Seagate Technology — Shares of the data storage company soared more than 10% in a day after Seagate reported its top- and bottom-line results for its fiscal second quarter. Seagate reported earnings of 16 cents a share on revenue of $1.89 billion. Analysts were expecting earnings of 10 cents a share on revenue of $1.83 billion, according to Refinitiv data.
Chevron – Shares of the energy giant jumped 4% in a day after the company announced a $75 billion buyback and said it would increase its dividend payment.
tesla – Shares of the electric car company soared more than 8% in a day after Tesla reported better-than-expected quarterly results. The company beat analysts’ expectations on revenue and profit, according to Refinitiv data.
Albemarle — The stock rose 2.6% after Piper Sandler started adding to the stock, calling it the “future of pure lithium.”
joint tenancy – Shares of the equipment rental company jumped 7% a day after it released its latest quarterly results. While United Rentals missed analysts’ expectations for earnings per share, it met Wall Street’s forecast for revenue, according to FactSet. The company forecast 2023 revenue of between $13.7 billion and $14.2 billion, beating analysts’ estimates, according to FactSet.
electric car — The charging company fell 2.6% after JPMorgan downgraded its rating to neutral from overweight. Growth has slowed and capital intensity is higher than previously expected, the company said.
steel power — Shares of the steelmaker rose 9.5% after the company reported fourth-quarter earnings. The company reported adjusted diluted earnings per share of $4.37, compared with analysts’ forecast of $3.76, according to FactSet. Steel Dynamics’ revenue also topped expectations.
ViaSun — Shares of the satellite company fell 8% after William Blair downgraded his rating to market perform from outperform. William Blair said the firm sees a more balanced risk-reward profile after the stock’s outperformance so far in 2023.
moving eye – Shares of the self-driving technology company rose 2.5% after reporting earnings and revenue that topped analysts’ expectations. Mobileye reported fourth-quarter adjusted earnings of 27 cents a share on revenue of $565 million. Analysts had forecast earnings of 17 cents a share on revenue of $530.2 million, according to FactSet.
large force — The digital exercise company rose 1% after Bank of America reiterated a buy on the stock ahead of next week’s earnings report. The company said it expects a modest uptick in subscription and churn numbers, and expects to be close to cash flow positive by 2024, the company said.
Las Vegas Sands — Shares of the hotel and casino company rose more than 6% despite weaker-than-expected fourth-quarter results. Las Vegas Sands reported an adjusted loss of 19 cents a share on revenue of $1.12 billion. Analysts polled by Refinitiv expected a loss of 9 cents a share on revenue of $1.18 billion. However, management is optimistic about the outlook for Asia (especially Macau) in 2023 as China lifts travel restrictions.
AT&T — The telecom stock fell more than 2 percent on Thursday, giving up some of its post-earnings gains. The stock rose about 6.6% on Wednesday after reporting a stronger-than-expected number of wireless subscribers in the fourth quarter.
Sherwin Wai — Shares of the paint maker fell more than 8% after reporting weaker-than-expected fourth-quarter sales. Sherwin-Williams’ adjusted earnings per share of $1.89 last quarter beat estimates by 2 cents, according to Refinitiv data. But revenue of $5.23 billion missed estimates of $5.26 billion. Sales and earnings guidance also came in below expectations as the company warned of limited visibility into the second half of 2023.
IBM — IBM shares fell 4.9 percent after reporting quarterly earnings on Wednesday. The computing company also said it would cut 3,900 jobs, signaling possible weakness ahead. It also said it expects revenue growth at the low end of its mid-single-digit model in 2023.
Southwest Airlines — Shares of Southwest Airlines fell 4.7% after the carrier reported a net loss of $220 million in the fourth quarter, in part due to a holiday collapse as it canceled 16,700 flights. This cost the company millions of dollars in lost revenue.
Pfizer — Pfizer shares fell 1.7 percent after UBS downgraded the pharma stock to neutral from buy. Estimates remain too high for the company’s Covid segment, the company said.
Levi Strauss — Shares of Levi Strauss rose 5.9% after the denim maker beat Wall Street expectations and shared upbeat sales guidance for the new fiscal year.
tractor supply — Shares rose more than 5 percent after the company reported fourth-quarter earnings and revenue that beat expectations. Tractor Supply earned $2.43 a share, compared with analysts’ expectations of $2.35 a share, according to Refinitiv data.
— CNBC’s Michelle Fox, Alex Harring, Jesse Pound, Carmen Reinicke, Samantha Subin and Darla Mercado contributed reporting
