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Find out which companies are making headlines in the midday business.
Meta – Shares of the tech giant jumped 25% midway through the trading day, on track for its strongest day in nearly a decade. Late Wednesday, Meta reported earnings above analysts’ expectations and announced a $40 billion share buyback plan. The companies also responded positively to the earnings report from Meta, Bank of America and Goldman Sachs pricing the stock as a buy. Meta stocks are at their highest level since September 2022.
fedex — Shares rose 6.4% after the shipping company announced it was laying off 10% of its officers and directors. Citi and Bank of America analysts applauded the decision, saying the company was controlling costs as demand waned. Both companies upgraded the stock to buy from neutral.
Coinbase – Shares of the cryptocurrency exchange operator jumped 20% after a class action lawsuit against Coinbase was dismissed by a federal judge in Manhattan.
Eli Lily – The drugmaker fell 6% after reporting fourth-quarter revenue that slightly beat estimates, according to Refinitiv. The company posted mixed financial results, including better-than-expected earnings. It also raised its earnings per share forecast for 2023.
WW Grainger – Shares of the industrial supplies company gained 11% and hit a 52-week high after reporting its fourth-quarter results. WW Grainger reported adjusted quarterly earnings of $7.14 per diluted share, higher than analysts’ estimate of $7.01 per share, according to FactSet.
Okta — Shares of the cloud software company jumped more than 5% after announcing it would cut its workforce by 5% following a hiring spree during the pandemic. Analysts believe the company has strong growth potential, with Needham upgrading Okta to buy on hold, following the same upgrade from Stifel earlier in the week.
Alignment Technology – The orthodontics company saw its shares jump 28% the day after its quarterly earnings and revenue beat analysts’ expectations, according to Refinitiv. Align also said it would repurchase up to $1 billion of its common stock over the next three years.
First Solar — Shares fell 3% following a Bank of America downgrade to neutral after buying. Bank of America said “favorable catalysts” in the solar stock had already been priced in.
Air products and chemicals — Shares in the industrial gas supplier fell 6% at midday after the company reported weak quarterly results. The company posted earnings and revenue below analysts’ estimates, according to FactSet.
– CNBC’s Alex Harring, Tanaya Macheel and Carmen Reinicke contributed reporting