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Check out the companies making headlines Wednesday at noon:
Lumen Technologies – Shares fell 22.5% after the cloud networking data company reported a loss of about $3.1 billion in the fourth quarter. Its profit forecast for the year is also lower than StreetAccount estimates.
Alphabet – Shares in Google’s parent company fell 7.5% after the company held an event to showcase its new artificial intelligence chatbot called Bard, a day after rival Microsoft held an event to showcase the AI technologies in its competing search engine.
SVC Health – CVS Health gained 4.6% after the company beat profit and sales expectations in its latest quarterly results. The drugstore operator reported earnings of $1.99 per share on revenue of $83.8 billion. Analysts polled by Refinitiv had expected earnings of $1.92 per share on revenue of $76.21 billion. Separately, CVS Health said it would acquire primary care company Oak Street Health in a deal valued at $10.6 billion.
The New York Times Company – Shares of the media organization jumped more than 14% after its fourth-quarter earnings beat analysts’ estimates. The company reported earnings of 59 cents per share, which was higher than Refinitiv’s estimate of 43 cents per share. CEO Meredith Kopit Levien said the company gained more than one million digital-only subscribers in 2022.
Tripadvisor — The online travel company jumped 4.3% after being twice upgraded by Bank of America to buy underperforming. The bank cited accelerating growth within Tripadvisor’s experiences booking platform, Viator, and strong demand in the United States.
under protection — The sportswear retailer fell 7.9% despite earnings and revenue beating Wall Street expectations. Under Armor’s results were overshadowed by a 50% year-over-year increase in inventory. “That 50% increase is a big number, but when you really look at the amount of inventory we currently hold, we hold the right level of inventory for a $6 billion business,” CEO Colin Browne said during a briefing. ‘a call.
Fortinet — The cybersecurity company jumped 10.8% after beating analysts’ earnings forecast for the last quarter. Fortinet posted earnings of 44 cents per share, while analysts expected 39 cents per share, according to StreetAccount.
Fox Corp. – Shares of the broadcaster rose 5.5% after Fox released its latest quarterly results. The company’s earnings per share of 48 cents matched a StreetAccount estimate, while revenue was $4.61 billion. Fox also announced a $3 billion incremental buyout program. r shares, beating analysts’ estimates.
CME Group — CME Group gained 5% after beating fourth-quarter earnings expectations and reporting a 6% increase in average daily volume. The company reported adjusted earnings of $689.1 million, or $1.92 per share, for the quarter. That beat StreetAccount’s forecast of $1.87 per share.
Enphase Energy — Solar stock fell more than 5% even after the company posted better-than-expected earnings and revenue. Wall Street remained cautious on the US solar outlook. Several companies, including Guggenheim, Susquehanna and Piper Sandler, recently reiterated ratings of holding the title.
Chipotle — The Mexican restaurant chain saw its shares tumble 5.1% after the company reported weaker-than-expected earnings and revenue for its fourth quarter. Chipotle said customers cut restaurant spending in the quarter amid an underperforming limited-time menu item, tough comparisons to the previous year’s beef brisket launch and the weather report.
– CNBC’s Tanaya Macheel, Sarah Min, Yun Li, Hakyung Kim, Alex Harring and Michelle Fox Theobald contributed reporting.