Shoppers shop at AT&T in the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania.
Mark Makela | Getty Images
Check out the companies making the biggest moves at midday:
press company, Fox – News Corp rose 5.68%, while Fox News gained 2.51%, after Rupert Murdoch canceled plans to merge the two companies.
AT&T — The telecommunications giant jumped 6.58% after reporting more wireless subscribers than expected in the fourth quarter.
Boeing— The airline fell slightly after reporting a fourth-quarter loss and revenue that beat expectations, citing labor and supply tensions that overshadowed a surge in demand for aircraft at reaction.
sunrun – The solar company fell 7.01%% after being downgraded to equal weight from overweight by Barclays, which cited a potential slowdown in solar demand. Sun Powerdowngraded to underweight from equal weight, lost only 0.92%.
Alphabet – Shares fell 2.54%, a day after the Justice Department filed a second antitrust complaint against Google. Alphabet also laid off 1,800 employees in California on Wednesday as part of larger cuts announced last week.
Enphase Energy — Solar stock fell 4.17% after Piper Sandler downgraded it to neutral long. The company cited a potential U.S. residential solar market reset coming this year that could hurt stocks despite the quality of the company’s products and management.
American bank – The stock gained 5.31% after US Bancorp reported fourth-quarter profit of $1.20, excluding items, versus $1.12 expected by StreetAccount. Revenues, however, missed estimates.
Intuitive surgery – The maker of robotic surgical systems saw its shares fall 5.5% after the company reported fourth-quarter earnings and revenue just below expectations. The company cited a resurgence of Covid-19 in China which negatively impacted procedural volumes in the region.
Capital One Financial — The bank rebounded 8.99%, despite disappointing quarterly results. However, Capital One built credit reserves of $1 billion in the fourth quarter, double that of its peers, BMO Capital Markets said. “We commend COF for doing what its peers have failed to do so far this earnings season: provisioning appropriately ahead of a credit cycle,” the company said.
Nasdaq — The exchange operator fell 5.85% after reporting net income of $906 million versus StreetAccount’s expectation of $909.5 million. Earnings also narrowly missed expectations.
General dynamics — The aerospace and defense company lost 3.64% after reporting fourth-quarter results that beat expectations, although its revenue beat estimates. General Dynamics also said its earnings per share forecast for fiscal 2023 was $12.60 to $12.65, compared to $13.87 expected by StreetAccount.
Block – The block initially fell after Oppenheimer downgraded the stock to outperform, but ended the day down just 0.02%”[Thus] we could see the SQ’s recent rally evaporate (up 43% in the last three months),” Oppenheimer said.
Airbnb – Airbnb shares fell after Gordon Haskett analysts downgraded the company for underperforming, citing overly aggressive estimates from Wall Street. However, the stock closed up 0.3%
NextEra Energy — The stock fell 8.71% after the alternative energy company reported fourth-quarter earnings that fell short of expectations.
– CNBC’s Sarah Min, Carmen Reinicke, Tanaya Macheel, Alex Harring and Michael Bloom contributed reporting.
