Stocks making the biggest moves midday: Amazon, Alphabet, Apple, Nordstrom, Ford and more

Stocks making the biggest moves midday: Amazon, Alphabet, Apple, Nordstrom, Ford and more

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022.

Sandy Huffaker | Reuters

Check out the companies making headlines in midday trading.

Amazon – The e-commerce giant’s stock tumbled 4% despite a revenue beat. Late Thursday, Amazon issued weaker-than-expected guidance for the current period. The company also reported a slowdown in growth within its cloud business.

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Alphabet — The tech giant saw its shares drop 1% following the aftermath of its disappointing earnings report. Alphabet’s posted earnings per share of $1.05 missed Refinitiv analyst consensus estimates of $1.18 per share. The company’s revenue of $76.05 billion also fell below the forecasted $76.53. Despite the tough earnings report, Bank of America reiterated the stock as a buy, saying that they expect results in 2023 to be more encouraging.

Apple – The iPhone maker’s stock gained 3% after analysts said they could look past the company’s difficult quarter. Apple missed profit and revenue estimates for its latest quarterly print. The company posted its largest quarterly revenue decline since 2016 as it fended off a strong dollar, China production issues and a difficult macro picture.

Nordstrom — The retailer surged 20% after The Wall Street Journal reported activist investor Ryan Cohen is building a stake and will push for changes in the board, citing people familiar with the matter.

Clorox – Shares of Clorox rose 7% after the cleaning products company posted an earnings beat. The company made $0.98 per adjusted share on revenue of $1.72 billion where Wall Street expected adjusted earnings per share of $0.65 and $1.66 billion in revenue, per Refinitiv.

Starbucks — Shares of the coffee chain fell more than 3% after the company missed Wall Street expectations for quarterly revenue and reported a hit in its international sales from the Covid surge in China. China is the company’s second-largest market.

Ford – Ford Motor shared shed 6% after fourth-quarter earnings fell short of both Wall Street and its own guidance. Deutsche Bank also downgraded shares of the automaker to a sell rating, citing the fourth-quarter miss and doubt over Ford’s 2023 revenue guidance.

Bill.com — Shares dropped 26% following a downgrade to market perform from outperform from BMO Capital Markets, which said it was concerned about deceleration in its core business. The online bill payment company beat analysts’ expectations for the top and bottom line in its fiscal second quarter, according to FactSet.

Upstart — Shares of the AI lending platform dropped 1.9% after Loop downgraded the stock to hold from buy. The shares have gained nearly 80% year to date. The Wall Street firm said the rally is driven by a short squeeze. which may not be sustainable.

Generac — The battery backup company slid 4% after Guggenheim downgraded the stock to neutral from buy. The firm said the stock is fairly valued after its recent rally.

— CNBC’s Samantha Subin, Hakyung Kim, Tanaya Macheel, Carmen Reinicke and Yun Li contributed reporting

Stocks making the biggest moves before the bell: Apple, Alphabet, Amazon, Starbucks and more

Stocks making the biggest moves before the bell: Apple, Alphabet, Amazon, Starbucks and more

A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California.

Lucy Nicholson | Reuters

Check out the companies making headlines in premarket trading.

Alphabet — Shares declined more than 3% after Google-parent Alphabet missed analyst expectations in its latest earnings report. Alphabet earned $1.05 per share, lower than the expected earnings of $1.18 per share, according to consensus estimates from Refinitiv. It posted revenue of $76.05 billion, less than the forecasted $76.53 billion.

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Apple — The tech giant saw its stock fall about 2% in premarket after the company missed expectations for revenue, profit, and sales for many of its lines of business. Apple’s overall sales for the holiday quarter fell 5% year over year, marking the company’s first top-line decline since 2019.

Amazon — Amazon dropped 4% after the e-commerce giant reported its fourth-quarter results. Although the company’s quarterly sales beat analysts’ estimates, current-quarter guidance came in somewhat light of expectations. The e-retailer estimates its first-quarter revenue to fall between $121 billion and $126 billion. Meanwhile, analysts were expecting sales to come in at $125.1 billion, according to Refinitiv.

Ford – Shares of Ford slipped 6.5% after the company reported earnings that badly missed Wall Street’s earnings expectations. The automaker reported adjusted earnings per share of 51 cents on $41.8 billion in revenue where analysts polled by Refinitiv expected adjusted earnings per share of 62 cents and $40.37 billion in revenue. The company also posted a net income that was down more than $1 billion on the year. 

Starbucks — The coffee giant’s shares slid 2.10% after the company’s earnings report fell short of expectations. Starbucks reported earnings per share of 75 cents compared to Refinitiv analysts’ projections of 77 cents. Revenue also fell short of the $8.78 billion Refinitiv estimates, coming in at only $8.71 billion. Weakened international demand, particularly in its second-largest market China, weighed on the results.

Qualcomm — The semiconductor group saw its stock drop almost 3% after its top line fell short during its fiscal first quarter. Qualcomm’s revenue fell 12% year over year during the quarter. The company cited macroeconomic conditions and higher channel inventory as headwinds to its results. The company’s stock has fallen 24% in the past year.

Nordstrom — Shares of Nordstrom rallied 27% after The Wall Street Journal reported that activist investor Ryan Cohen is building a sizeable stake in the retailer. The report, which cites people familiar with the matter, also said Cohen will push for changes to Nordstrom’s board following a sharp stock price drop.

Clorox — The cleaning products producer saw its shares rise 3.55% before the bell on the back of strong quarterly numbers. Clorox posted fiscal second quarter earnings of 98 cents per share, excluding items, on revenue of $1.72 billion. That compares to earnings of 65 cents per share on revenue of $1.66 billion estimated by analysts, according to Refinitiv.

— CNBC’s Fred Imbert, Carmen Reinicke, Sarah Min and Yun Li contributed reporting

January job growth is forecast to slow slightly, but the impact from big corporate layoffs is uncertain

January job growth is forecast to slow slightly, but the impact from big corporate layoffs is uncertain

Economists expect slightly slower, but still strong job growth in January, while the impact of corporate layoff announcements is unclear.

According to Dow Jones, the consensus forecast calls for 187,000 new nonfarm jobs in January, down from 223,000 that were created in December. The employment report will be released at 8:30 a.m. ET Friday.

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The unemployment rate is expected to edge higher, to 3.6% from 3.5%. Average monthly wage growth is expected to have stayed at about 0.3% in January, while declining on an annual basis, to 4.3% from 4.6%.

Across major technology companies, including Alphabet and Facebook, there have been layoff announcements affecting tens of thousands of workers. Other non-tech firms have also announced staff reductions recently, including FedEx, Dow and Hasbro. But economists say it’s not clear how much of that will show up in the labor numbers.

Tom Simons, money market economist at Jefferies, expects 260,000 jobs were added in January, but he said the number could be even higher.

“The number is not really the number of jobs created, but how many fewer workers were let go,” he said. “Given what we’ve seen in a number of data releases over the month and in the last couple of weeks, businesses are doing their best to hold on to as many jobs as they can…I think they’re really looking to shed workers though attrition, people quitting, people retiring.”

The jobs report is of key importance for the Federal Reserve, which has been trying to slow the economy —and inflation — by cooling the hot labor market. So far, unemployment is still more than a percentage point below where the Fed forecast it will stand at the end of 2023.

Even so, Simons expects markets could react more to a lower-than-expected number of new jobs than a higher one.

“The market is so desperate to find in anything a reason that the Fed is going to pivot. The first really weak employment report the market will be very happy to see,” he said. A higher-than-expected number might be viewed as just an outlier, he added.

Fed Chairman Jerome Powell surprised markets Wednesday with somewhat dovish remarks. One of those comments was his view that perhaps “the economy can return to 2% inflation without a really significant downturn or a really big increase in unemployment.”

Goldman Sachs economists forecast a payrolls increase of 300,000 for last month and said their above consensus forecast was based on the fact that companies do not yet seem to be implementing layoffs, despite the announcements.

The Goldman economists also expect a boost from the return of striking education workers.

“While consensus appears to expect the spike in corporate layoff announcements to weigh on tomorrow’s report, jobless claims have fallen further, and California WARN notices suggest the majority of these mass layoffs have not yet been implemented,” the economists wrote in a note, referring to Worker Adjustment and Retraining Notifications that give workers advance notice of layoffs.

“Our well-above-consensus forecast also reflects strength in Big Data employment indicators, a boost from favorable seasonal factors that are spuriously fitting to last winter’s Omicron wave, still-elevated labor demand, and a 36k boost from the return of striking education workers,” the Goldman economists wrote. “On the negative side, ADP’s employment data flagged possible disruptions from winter weather and California flooding.”

ADP’s private sector January payroll data released on Wednesday was weaker than expected, with companies adding just 106,000 workers, down from an adjusted 253,000 in December. But weekly unemployment claims, reported Thursday, were at a nine-month low of 183,000.

Mark Zandi, chief economist at Moody’s Analytics, expects about 175,000 jobs were created in January, and he does not think it will be so much layoffs that slowdown job growth.

“I don’t think the adjustment is coming through layoffs. It’s happening through less hiring. Hiring is back to pre-pandemic levels, and that trend is continuing into January. I think we’ll get a softer number, more consistent with the way the job market is going to go, and what the Fed wants to see,” said Zandi.

Tom Gimbel, founder and CEO of LaSalle Network, said business was fairly strong for his recruiting and staffing firm in January.

“Sales hiring is still up, which is a very good sign,” he said. Gimbel said his temp hiring business was up 5% in January while search was flat. He said January is typically a very slow period.

“What we’re seeing is small- to medium businesses continue to hire,” he said.

Gimbel said he does not see a recession from his view of the labor market. Accounting and finance continue to add workers.

“In a bad economy, companies cut back on those areas,” he said. “The only negative sign that exists is big tech. What we saw from big tech is they thought people were never coming back to the office again. They overhired.”

Stocks making the biggest moves midday: Meta, Align Technology, Coinbase, Eli Lilly and more

Stocks making the biggest moves midday: Meta, Align Technology, Coinbase, Eli Lilly and more

The Commission took issue with Meta’s pairing of Facebook Marketplace with its personal social network.

Budrul Chukrut | SOPA Images | Lightrocket | Getty Images

Check out the companies making headlines in midday trading.

Meta — The tech giant’s shares jumped 25% by the middle of the trading day, on track for its strongest day in nearly a decade. Late Wednesday, Meta reported revenue that topped analysts’ expectations and announced a $40 billion stock buyback plan. Firms also responded positively to Meta’s earnings report, with Bank of America and Goldman Sachs rating the stock a buy. Meta shares sit at their highest point since September 2022.

FedEx Shares advanced 6.4% after the shipping company announced it was laying off 10% of its officers and directors. Analysts at Citi and Bank of America applauded the decision, saying the company was getting its costs under control as demand slid. Both firms upgraded the stock to buy from neutral.

Coinbase — Shares of the cryptocurrency exchange operator surged 20% after a class-action suit against Coinbase was dismissed by a Manhattan federal judge.

Eli Lilly – The drug maker slid 6% after reporting fourth-quarter revenue that slightly missed estimates, according to Refinitiv. The company posted mixed financial results, including better-than-expected earnings. It also raised its earnings per share guidance for 2023.

W.W. Grainger – The industrial supply company’s shares gained 11% and hit a 52-week high after announcing its fourth-quarter results. W.W. Grainger reported adjusted quarterly earnings of $7.14 per diluted share, which came in ahead of the $7.01 per share estimated by analysts, according to FactSet.

Okta — The cloud software company’s shares jumped more than 5% after announcing it would cut 5% of its workforce following a hiring spree during the pandemic. Analysts believe the company has strong potential for growth, with Needham upgrading Okta to buy from hold, following the same upgrade from Stifel earlier in the week.

Align Technology — The orthodontics company saw its shares surge 28% the day after its quarterly earnings and revenue beat analysts’ expectations, according to Refinitiv. Align also said it will repurchase up to $1 billion of its common stock over the next three years.

First Solar Shares dropped 3% following a downgrade from Bank of America to neutral from buy. Bank of America said the solar stock’s “favorable catalysts” have already been priced in.

Air Products and Chemicals Shares of the industrial gas supplier fell 6% midday after the company reported weak quarterly results. The company posted earnings and revenue that came in short of analysts’ estimates, according to FactSet.

— CNBC’s Alex Harring, Tanaya Macheel and Carmen Reinicke contributed reporting

Stocks making the biggest moves premarket: Meta, Align Technology, FedEx, Honeywell and more

Stocks making the biggest moves premarket: Meta, Align Technology, FedEx, Honeywell and more

Mark Zuckerberg, chief executive officer of Facebook Inc., speaks during the virtual Facebook Connect event, where the company announced its rebranding as Meta, in New York, on Thursday, Oct. 28, 2021.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in early morning trading.

Meta — Shares of the Facebook parent surged 19% in early morning trading after the company posted better-than-expected revenue and announced a $40 billion stock buyback when it reported its quarterly results Wednesday evening. Bank of America upgraded Meta Thursday, saying the company’s new efficiency mentality positions stock for more than 40% upside. The spike in shares helped pull other mega cap tech companies Amazon and Alphabet up by 4% each.

Align Technology — The orthodontics company saw its shares rise 14% after its quarterly earnings and revenue beat analyst expectations. Align also said it will repurchase up to $1 billion of its common stock over the next three years.

FedEx — The shipping giant rose more than 3% after both Citi and Bank of America upgraded the stock. Citi said it sees “increasing signs of cost control following its missteps in 2022.” On Wednesday, the company announced it will lay off 10% of its officers and directors amid cooling demand.

Merck — Shares of the pharmaceutical giant dipped more than 1% despite Merck beating estimates on the top and bottom lines for the previous quarter. The company reported $1.62 in adjusted earnings per share on $13.83 billion in revenue. Analysts surveyed by Refinitiv had penciled in $1.54 per share on $13.67 billion of revenue. Merck did project sales and adjusted earnings to decline in 2023.

Honeywell — Shares of the industrial company fell more than 5% in premarket trading after Honeywell’s revenue for the fourth quarter came in short of expectations. The company generated $9.19 billion of revenue, while analysts surveyed by Refinitiv were looking for $9.25 billion. The safety and productivity solutions segment saw sales decline 5% year over year. Honeywell’s adjusted earnings per share came in at $2.52, 1 cent above estimates.

Tesla — The EV maker saw a 1.8% boost in its shares following a Reuters report that the company will raise output at its Shanghai factory to almost 20,000 vehicles per week for February and March. This would be in response to higher demand after the company cut prices.

e.l.f. Beauty — Shares for the cosmetics company jumped 1.67% after its fiscal third quarter revenue topped analysts’ estimates. The company announced adjusted earnings of 48 cents per share on revenue of $146.5 million. Refinitiv analysts had previously called for per-share earnings of 23 cents on revenue of $121.8 million. The beauty brand also raised its full-year outlook.

C.H. Robinson — The freight company dipped 1.7% after its earnings and revenue fell short of expectations, according to analysts polled by Refinitiv. C.H. Robinson earned $1.03 per share on revenue of $5.07 billion. Analysts expected earnings of $1.38 per share on revenue of $5.68 billion.

Qorvo — The semiconductor company tumbled approximately 3% following its disappointing earnings report. Qorvo reported a fiscal third quarter loss of $15.9 million and earnings of 16 cents per share. Analysts polled by StreetAccount had anticipated per-share earnings of 62 cents on revenue of $725.9 million.

Corteva — Shares of the agricultural chemical company dipped 1.8% following a mixed earnings report. Corteva topped operating earnings expectations for the most recent quarter, according to StreetAccount, but fell short of revenue estimates. Guidance for operating earnings and revenue was weaker than expected.

— CNBC’s Jesse Pound, Hakyung Kim and Alex Harring contributed reporting

Stocks making the biggest moves after hours: Meta, Align Technology, e.l.f Beauty and more

Stocks making the biggest moves after hours: Meta, Align Technology, e.l.f Beauty and more

Rafael Henrique | Sopa Images | Lightrocket | Getty Images

Check out the companies making headlines in after-hour trading.

Meta — The Facebook parent jumped 17% after the company announced a $40 billion stock buyback when reporting quarterly results. Meta beat analysts’ estimates for fourth-quarter revenue, according to Refinitiv. Meta also said it lost $13.7 billion in 2022 in the business unit responsible for the metaverse. Google parent Alphabet added 3.7%, while Amazon gained 2%.

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Align Technology — Shares of the orthodontics company gained 14% after the company beat analysts’ estimates in its latest quarter. Align posted quarterly earnings of $1.73 per share on revenue of $902 million. Analysts polled by Refinitiv anticipated per-share earnings of $1.56 and revenue of $893 million. The company also announced it will repurchase up to $1 billion of its common stock over the next three years.

Hologic — The medical product maker gained 1.7% after reporting first-quarter earnings per share above expectations and previous guidance, according to FactSet. Hologic also said its revenue was in line with expectations for the quarter.

e.l.f Beauty – The cosmetics company’s shares leapt 11% after e.l.f Beauty exceeded analysts’ estimates in its fiscal third quarter. The company posted adjusted earnings of 48 cents per share on revenue of $146.5 million. Analysts called for per-share earnings of 23 cents on revenue of $121.8 million, according to Refinitiv. The company also raised its full-year outlook.

C.H. Robinson — The freight stock dropped 4% after C.H. Robinson missed expectations from analysts polled by Refinitiv for the fourth quarter. The company posted $1.03 earnings per share on $5.07 in revenue. That compares with analysts’ estimates of $1.38 in per-share earnings on $5.68 billion in revenue.

Snap — Shares of the social media company added 1.2%, making up some ground after a selloff during the day on the back of a disappointing fourth-quarter earnings report.

— CNBC’s Darla Mercado contributed reporting

Stocks making the biggest moves midday: Peloton, AMD, Altria, Snap and more

Stocks making the biggest moves midday: Peloton, AMD, Altria, Snap and more

A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Check out the companies making headlines in midday trading Wednesday.

Foot Locker — Shares gained 2.6% after Credit Suisse upgraded the stock to outperform from neutral. The retailer could see upside to expected profit in 2024 and 2025 as its strategic plan takes shape, according to the firm.

Advanced Micro Devices — Shares of chipmaker Advanced Micro Devices jumped 7.9% after the company reported earnings that beat Wall Street’s expectations, according to Refinitiv. AMD also showed relative strength after competitor Intel’s disappointing quarter, analysts said.

Snap — Shares of the social media company plunged 14% after the firm reported quarterly revenue that missed Wall Street’s expectations, according to Refinitiv. Snap had a rough 2022 as a slowing economy led many companies to slash their digital ad budgets. For a third straight quarter, Snap is declining to provide guidance. Its earnings did beat estimates, however.

Match — Shares of the online dating company dipped 9% after posting revenue for the recent quarter that fell short of analysts’ expectations, according to FactSet. Match also said it is reducing its workforce by 8% globally and announced revenue guidance for the first quarter that was lighter than what analysts expected.

Stryker — Shares rallied about 7% after the company reported adjusted fourth-quarter earnings of $3 per share, above FactSet’s estimate of $2.84. Revenue also beat expectations.

Peloton — Peloton shares popped nearly 18% after it announced quarterly results this morning. The company’s fiscal second-quarter revenue topped analysts’ forecasts, according to Refinitiv. The fitness company saw a jump in subscription revenue. Peloton’s net loss was also the narrowest since the fiscal fourth quarter of 2021. CEO Barry McCarthy said the results are a potential “turning point” for the company.

Brinker International — Shares of the restaurant stock slid 5.5% despite Brinker beating estimates on the top and bottom lines for the fiscal second quarter. The Chili’s parent company reported 76 cents in adjusted earnings per share on $1.02 billion in revenue. Analysts surveyed by Refinitiv had penciled in 52 cents per share on $992 million of revenue. However, Brinker management said on its investor call that its restaurants may have lost some market share of customer traffic during the quarter.

Scotts Miracle-Gro — Shares gained 4% after the lawn and gardening products manufacturer on Wednesday posted quarterly results that reflected a narrower-than-expected loss and a beat on analysts’ estimates for revenue, according to Refinitiv.

Altria – The cigarette and tobacco producer’s stock popped more than 4% after earnings for the recent quarter topped estimates, according to Refinitiv. Altria also revealed a $1 billion stock buyback program.

Electronic Arts – Shares of Electronic Arts fell 12% a day after the company reported adjusted earnings and net bookings that missed analysts’ expectations, according to FactSet.

— CNBC’s Samantha Subin, Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, and Hakyung Kim contributed reporting.

Stocks making the biggest premarket moves: Peloton, Snap, AMD, Electronic Arts & more

Stocks making the biggest premarket moves: Peloton, Snap, AMD, Electronic Arts & more

Jen Van Santvoord rides her Peloton exercise bike at her home in San Anselmo, California.

Ezra Shaw | Getty Images

Check out the companies making the biggest moves in premarket trading:

Peloton — The fitness equipment maker jumped more than 5% in the premarket after reporting fiscal second quarter revenue of $792.7 million, above a Refinitiv forecast of $710 million. Peloton said its net loss narrowed year over year and subscription revenue was higher than sales of the product.

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Snap — The social media giant saw its shares slide more than 15% following its quarterly financial update. Snap missed analyst estimates for revenue and declined for a third straight quarter to provide guidance. Its “internal forecast” assumes a sales decline of between 2% and 10% from a year earlier.

Advanced Micro Devices — Shares of chipmaker AMD rose more than 3% premarket after the company reported fourth-quarter earnings and revenue that beat Wall Street expectations.

Electronic Arts — Shares of the video game publisher fell nearly 10% after the Electronic Arts’ fiscal third quarter results missed expectations for adjusted earnings and net bookings, according to StreetAccount. Fourth-quarter guidance also disappointed, as the company announced a delay of its upcoming Star Wars game to later this calendar year.

Foot Locker — The retailer added 3% following an upgrade to outperform from neutral by Credit Suisse. The firm said Foot Locker should see more profit going forward due to its strategic plan.

Match Group — The online dating company slid 8.3% after reporting quarterly revenue that missed Wall Street expectations. Match also said first-quarter revenue will likely be lower than expected.

Western Digital — Western Digital dropped nearly 3% after reporting an earnings miss after the bell Tuesday, although it beat on revenue. The company also said it anticipates revenue in the upcoming quarter to be lower than previously guided.

Brinker International — The casual dining chain reported adjusted earnings of 76 per share, compared to StreetAccount’s estimate of 52 cents for the fiscal second quarter. Revenue was $10.2 billion versus the $991.7 million expected by analysts. Brinker International was up 1.3% in the premarket.

— CNBC’s Tanaya Macheel, Alex Harring, Jesse Pound and Carmen Reinicke contributed reporting.

Stocks making the biggest moves after hours: Snap, Electronic Arts, Advanced Micro Devices and more

Stocks making the biggest moves after hours: Snap, Electronic Arts, Advanced Micro Devices and more

Snapchat logo displayed on a phone screen is seen with a laptop in the background in this illustration photo taken in Krakow, Poland on August 10, 2022.

Jakub Porzycki | Nurphoto | Getty Images

Check out the companies making headlines in after hours trading.

Snap – Shares of social media company Snap sank 14% after the company reported quarterly revenue that was lower than Wall Street expected. Adjusted earnings per share were $0.14 on revenue of $1.30 billion. Analysts expected $0.11 in adjusted earnings on $1.31 billion in revenue, per Refinitiv. The company didn’t give a forecast for the upcoming year. Shares of Meta also fell 1.4% and Pinterest dipped 1.8%.

Electronic Arts – Shares of entertainment company Electronic Arts shed 6.7% after the company reported $2.34 billion in revenue, less than the $2.51 billion analysts expected, per Refinitiv. The company also said it expects bookings to be lower than previously expected going forward.

Western Digital – Western Digital fell 5.6% after reporting quarterly revenue of $3.11 billion, more than analysts $2.99 billion estimate, according to Refinitiv. The company said it expects revenue in the upcoming quarter to be lower than it previously guided.

Match Group – Shares of Match Group slid 7.6% after the company reported quarterly revenue of $786 million, less than the $787 million Wall Street expected, per Refinitiv. The company also had $0.30 loss per share that wasn’t immediately comparable to previous quarter. Match said first-quarter revenue will likely be lower than it expected.

Advanced Micro Devices – Shares of AMD rose 3% after the company reported earnings that beat Wall Street’s sales and profit expectations. The chipmaker had adjusted earnings per share of $0.69 on $5.6 billion in revenue where analysts expected $0.67 per share adjusted and $5.5 billion in revenue, according to Refinitiv. Still, the company said it expects revenue to dip in the first quarter.

Fed expected to slow rate hiking to a quarter point but will stay unrelenting in inflation battle

Fed expected to slow rate hiking to a quarter point but will stay unrelenting in inflation battle

Federal Reserve Board Chairman Jerome Powell holds a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. 

Evelyn Hockstein | Reuters

The Federal Reserve is expected to raise interest rates by just a quarter point but also likely signal it will stay vigilant in its fight against inflation even as it reduces the size of the hikes.

The Fed releases its latest rate decision Wednesday at 2 p.m. ET, and Fed Chair Jerome Powell briefs the media at 2:30 p.m. The expected quarter-point hike follows a half percentage point increase in December, and would be the smallest increase in the federal funds target rate range since the first hike of the cycle last March.

While the meeting is expected to be relatively uneventful, strategists say it could be a challenge for the Fed chief to temper the reaction in financial markets. The markets have been rising as investors expect the central bank might succeed in a soft landing for the economy while also snuffing out inflation sufficiently to move back to easing policy.

“How is he going to tell people to calm down, chill out and don’t get so excited by us getting close to the end of the interest rate increases?” said Peter Boockvar, chief investment officer at Bleakley Financial Group. “He’s going to do that by still saying the Fed’s going to stay tight for a while. Just because he’s done doesn’t mean it’s a quick bridge to an ease.”

The Fed’s rate hike Wednesday would be the eighth since last March. It would put the fed funds target rate range at 4.50% to 4.75%. That is just a half percentage point away from the Fed’s estimated end point, or terminal rate range of 5% to 5.25%.

“I think he will push back on financial conditions. I think the markets are expecting that. I think people realize how much credit spreads have moved, how much the equity market has moved, how much tech stocks have moved. This month has been extraordinary,” said Rick Rieder, BlackRock’s chief investment officer for global fixed income.

A rally that could dampen the Fed’s efforts

Easy credit and a stock market that is rising too quickly could defeat the Fed’s efforts to chill the economy and crush inflation.

Stocks rallied Tuesday as the Fed began its two-day meeting, capping January’s gain of nearly 6.2% for the S&P 500. The tech sector was up 9.2% for the month. Rates have fallen since the end of the year, with the benchmark 10-year Treasury yield at roughly 3.5%, after it ended December at about 3.9%.

Rieder expects Powell to deliver his comments with a hawkish tone. “I think if he’s hawkish, I think the markets have built that in. I think if he’s not, the market could make another leg,” he said.

In the futures market, fed funds futures continued to price a terminal rate of less than 5%. The futures also show investors expect the Fed to actually reverse policy and cut rates by at least 25 basis points by the end of 2023. A basis point equals 0.01 of a percentage point.

“I think he’s going to be hawkish relative to market pricing,” said Jim Caron, head of macro strategies for global fixed income at Morgan Stanley Investment Management.

Caron said the Fed’s downsizing of its rate hikes will be seen dovish in itself. Prior to December’s 50 basis point hike, the central bank raised rates by 75 basis points four times in a row.

“He wants to defend the validity of the 5% to 5.25% terminal rate [forecast],” said Caron. “At the same time, he sees record housing prices are coming down. Wage inflation is coming down. The auto sector is not doing great. Retail’s not doing so great. The jobs market is doing OK. Wage inflation is coming down but it’s still above comfort levels.”

Listening carefully to the Fed’s messaging

Caron said Powell also wants to be careful not to sound too hawkish. “It’s very easy for there to be a mistake in the communication from the Fed or there could be a mistake in the way the market initially interprets things as well,” he said. “That tells me there’s going to be a lot of volatility.”

Investors will be attuned to any comments Powell makes about the economy and whether he expects it to dip into recession, as many economists forecast. The central bank has not projected a recession in its forecast, but it expects very sluggish flat growth, and it sees the unemployment rate rising sharply to 4.6% later this year, from its December level of 3.5%.

The Fed is not expected to make any major changes in its policy statement when it announces the rate hike. Its last statement said that “ongoing increases” in the target rate range will be appropriate in order to reach a policy position that can send inflation back to 2%.

The Fed is making headway against inflation. Personal consumption expenditure core inflation rose by 0.3% in December and was at 4.4% on an annual basis from 4.7% in November, the slowest increase since October 2021

Strategists say the Fed needs more data and will likely wait until at least March to signal how long it could continue to raise interest rates. If it stays at the same pace, there could be two more quarter-point hikes.

The Fed will not be releasing any new forecasts or economic projections Wednesday. Its next forecast is the quarterly release of economic projections at the March meeting, and that is one way markets will get more clues on the intended rate path.

“They don’t want financial conditions to ease all that much, and they don’t have a new set of forecasts to give, so I think what that means is you have fewer changes in the statement and that line about ‘ongoing increases’ is going to stay the same,” said Michael Gapen, Bank of America’s chief U.S. economist.

Gapen said it will be difficult for Powell to sound too hawkish. “Actions speak louder than words. If they decelerate [the size of rate hikes] for the second straight meeting in a row, it’s hard to back that up with overtly hawkish language,” he said.

Boockvar said Powell should emphasize how the Fed will keep rates at higher levels, despite the market view that it will soon cut rates. “Powell is more focused on inflation going down and staying down than trying to help the S&P 500,” said Boockvar. “His legacy is not going to be determined by where credit spreads are or where the S&P is going. It’s going to be determined by whether he slayed inflation and it stayed down.”

Stocks making the biggest moves midday: GM, McDonald's, UPS, Pulte, International Paper and more

Stocks making the biggest moves midday: GM, McDonald’s, UPS, Pulte, International Paper and more

General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan, September 14, 2022.

Rebecca Cook | Reuters

Check out the companies making headlines in midday trading Tuesday.

General Motors — The automaker’s stock surged more than 7% after the company cruised past analyst estimates on the top and bottom lines for its fourth quarter. The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. The outperformance came despite profit margins narrowing year over year. GM also said it expected earnings to fall in 2023, but that guidance was still above analyst estimates.

Caterpillar — Shares fell about 3% after Caterpillar reported a 29% earnings decline. The construction machinery and equipment maker said higher manufacturing costs and foreign currency effects weighed on its quarterly results.

Paramount — Shares of the entertainment giant shed 1% after a downgrade to underperform from neutral by Macquarie, which cited its exposure to advertising. CNBC reported Monday that the company will integrate Showtime’s streaming service into its main streaming platform, Paramount+.

A.O. Smith — Shares skyrocketed 9.6% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. The company has beat EPS estimates three times over the last four quarters.

McDonald’s — Shares dipped 2.60% after McDonald’s reported its latest quarterly results. Although the fast food company’s earnings and revenue beat expectations, management cautioned that rising cost pressures are likely to continue in 2023.

UPS — Shares of United Parcel Service gained 4% after shipping and transportation giant posted earnings of $3.62 a share, slightly ahead of the $3.59 expected by analysts surveyed by Refinitiv. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan.

PulteGroup — Shares of the homebuilder soared 9% in midday trading after the company reported better-than-expected fourth quarter earnings. The company reported $3.63 in adjusted earnings per share on $5.17 billion of revenue, and its homebuilding gross margin rose year over year.

International Paper — Shares of the packaging and paper products company rallied more than 8% after reporting fourth-quarter adjusted operating earnings of 87 cents per diluted share, exceeding StreetAccount’s estimate of 69 cents per diluted share. International Paper also gave fiscal year 2023 guidance of $2.8 billion compared to the $2.4 billion expected.

Pentair — Shares of Pentair surged 6.7% after the water treatment company reported earnings that topped Wall Street estimates for earnings and revenue. The company also gave solid forward guidance for earnings for the full year 2023.

Lam Research — Shares were up 2.3% after Citi added a positive catalyst watch on the semiconductor company and said it expects the stock to outperform.

— CNBC’s Samantha Subin, Alex Harring, Jesse Pound, Yun Li, Carmen Reinicke, Michelle Fox Theobald, and Hakyung Kim contributed reporting.

Stocks making the biggest moves premarket: McDonald's, UPS, General Motors and more

Stocks making the biggest moves premarket: McDonald’s, UPS, General Motors and more

Nathan Stirk | Getty Images News | Getty Images

Check out the companies making headlines before the bell.

McDonald’s — Shares dipped more than 1% after McDonald’s reported its latest quarterly results. The fast food giant topped earnings and revenue estimates, saying customers are increasingly visiting its restaurants. Still, McDonald’s CEO Chris Kempczinski said he expects “short-term inflationary pressures to continue in 2023.”

General Motors — Shares of the automaker rose more than 5% in premarket trading after GM beat estimates on the top and bottom lines for its fourth quarter, even as its profit margin narrowed. The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. GM said it expected earnings to fall in 2023, but guidance was still above analyst estimates.

Ford — Shares of Ford rose 2% after the company announced Monday it would lower the price of the Mach-E, its electric pickup truck. The company reports earnings later in the week.

United Parcel Service – Shares of UPS rose 1.9% after the company reported earnings that beat analyst expectations. The company posted adjusted earnings per share of $3.62 on $27.08 billion in revenue. Analysts had forecast earnings of $3.59 per share and $28.09 billion in revenue, per Refinitiv.

Exxon Mobil — The oil giant was under pressure despite reporting upbeat financial results for the latest quarter. The company, whose stock price rallied more than 80% last year, saw a tightening in supplies as economies began recovering, CEO Darren Woods said in a statement. Shares fell more than 1%.

Caterpillar — Caterpillar shares fell more than 2% after the industrial giant posted a its latest quarterly results. The company reported adjusted earnings of $4.27 per share, above a Refinitiv consensus estimate of $4.02 per share. Caterpillar’s bottom line excludes an “unfavorable ME&T foreign currency impact in other income (expense) of $0.41 per share.”

Pfizer – Shares of the vaccine maker fell more than 2% after the company reported mixed quarterly results and issued earnings and revenue guidance for the full year that came in below analysts’ expectations, according to StreetAccount. Pfizer said it expects revenues from its Comirnaty and Paxlovid drugs to fall 64% and 58%, respectively, from actual 2022 results.

International Paper – The packaging and paper products company reported fourth-quarter adjusted operating earnings of 87 cents per diluted share, exceeding StreetAccount’s estimate of 69 cents per diluted share. However, the company reported a net earnings loss of $318 million for the quarter. International Paper nearly 6% in the premarket.

Lucid – Shares of Lucid slipped 4.4%, further cooling off after a monster options fueled rally on Friday.

PulteGroup – Shares of the homebuilder rose more than 1% in premarket trading after PulteGroup reported a better-than-expected fourth quarter. The company reported $3.63 in adjusted earnings per share on $5.17 billion of revenue. Wall Street analysts were expected $2.93 in earnings per share on $4.58 billion of revenue, according to StreetAccount. PulteGroup’s homebuilding gross margin rose year over year.

— CNBC’s Fred Imbert, Jesse Pound, Tanaya Macheel, Sarah Min, Carmen Reinicke and Michelle Fox contributed reporting.

Correction: Caterpillar reported adjusted earnings per share of $4.27, according to Refinitiv. A previous version of this story used the company’s adjusted $3.86 figure, which did not strip out for a “foreign currency impact.”

Stocks making the biggest moves after hours: Whirlpool, NXP Semiconductors, UnitedHealth and more

Stocks making the biggest moves after hours: Whirlpool, NXP Semiconductors, UnitedHealth and more

An employee stands next to a Whirlpool washing machine inside a home appliances showroom in New Delhi.

Anindito Mukherjee | Reuters

Check out the companies making headlines after the bell

NXP Semiconductors — Shares of NXP Semiconductors dropped 3% in extended trading after its revenue outlook for the first quarter fell short of analysts’ expectations, according to FactSet. The company upped its dividend and posted a slight fourth-quarter revenue beat.

Whirlpool — Whirlpool shares gained more than 1.9% in extended trading after the appliance maker shared strong guidance for the year. Fourth-quarter revenue came in at $4.92 billion, slightly behind the $5.07 billion expected by analysts, according to FactSet. The home appliances company also announced its chief operating officer would transition to an advisory role and then leave the company.

UnitedHealth — Shares of UnitedHealth dipped about 1.4% after the bell as the Centers for Medicare & Medicaid Services issued a final rule to improve payment accuracy in the Medicare Advantage program. Humana shares slumped 2.6% on the news.

Harmonic — Shares of the maker of video delivery software tumbled 9% in after-hours trading on disappointing earnings guidance for the first quarter and full year.

Stocks making the biggest moves midday: Carvana, Colgate-Palmolive, Tesla and more

Stocks making the biggest moves midday: Carvana, Colgate-Palmolive, Tesla and more

Check out the companies making headlines in midday trading Monday.

Macy’s flagship store in Herald Square in New York, Dec. 23, 2021.

Scott Mlyn | CNBC

Colgate-Palmolive — Shares gained 2.8% after Morgan Stanley upgraded the stock to overweight from equal weight and named it the top pick in the household and personal care industry. The firm said the stock was at a good price point after a recent selloff.

Tesla — Shares dropped 2.8% after Berenberg lowered its earnings estimate for Tesla by around 25% for 2023 following the company’s price cuts for its electric vehicles. However, the firm upgraded the stock to buy from hold.

GE HealthCare Technologies — The stock rose 4% after the company reported its first earnings after being spun off as a public company from General Electric. GE Healthcare’s revenue came in at $4.9 billion, an 8% year-over-year increase, and its fourth-quarter adjusted EPS was $1.31.

Ford Motor Company — Shares fell nearly 1.4% after the company announced price cuts for its electric Mustang Mach-E crossover. The move in Ford comes after Tesla said earlier this month it would trim prices to counteract dwindling demand.

Macy’s — Goldman Sachs said Macy’s is the best-positioned retailer and initiated coverage with a buy rating. The stock advanced 1.8%.

AMC Entertainment — Common shares of the theater chain fell by more than 7% after AMC announced a shareholder meeting in March for a potential change to its capital structure. The special meeting would allow shareholders to vote on increasing the total number of shares the company can issue and on a reverse stock split to convert its preferred shares to common shares. The preferred or “APE” shares, which trade at a large discount to the common shares, jumped by more than 16%.

Carvana — Shares surged 28.5% as an apparent short squeeze boosted the beleaguered stock. It was also briefly paused in early morning trading due to the rapid runup.

Moderna — The vaccine producer fell another 3.2%. The company’s stock price has fallen about 7% since last week, after a Reuters report said the European Union is in talks with Pfizer and BioNTech to reduce the number of Covid-19 vaccine doses it’s committed to purchasing this year in exchange for paying a higher price per dose.

Advanced Micro Devices — Shares of semiconductor AMD fell 2.1% after a slew of Wall Street analysts said they are worried about the company’s upcoming earnings report following Intel’s disastrous release. The company is scheduled to report Tuesday.

CNBC’s Hakyung Kim, Jesse Pound, Alex Harring, Carmen Reinicke, Michelle Fox Theobald, and Samantha Subin contributed reporting.

Stocks making the biggest premarket moves: Colgate-Palmolive, Kohl's, Boot Barn and more

Stocks making the biggest premarket moves: Colgate-Palmolive, Kohl’s, Boot Barn and more

The Kohl’s logo is displayed on the exterior of a Kohl’s store on January 24, 2022 in San Rafael, California.

Justin Sullivan | Getty Images

Check out the companies making the biggest moves in premarket trading:

Colgate-Palmolive — The maker of household and personal care products saw shares add more than 1% premarket after Morgan Stanley analysts upgraded the stock to overweight from equal weight. The Wall Street investment firm said the recent dropdown in shares create an attractive entry point for investors.

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Boot Barn — The retailer was downgraded to neutral from outperform by Baird, which cited concerns over macroeconomic risks for the sector. Boot Barn shed 2.5% during premarket trading.

Retail stocks — Shares of Macy’s rose 0.35% in early trading after Goldman Sachs said it is best-positioned in retail with solid upside. Kohl’s dipped 2.4% after the firm rated it a sell, and Nordstrom shares ticked lower after Goldman downgraded it to neutral.

Tesla — The electric-vehicle maker was upgraded by Berenberg, which said Tesla’s price cuts are part of a broader strategy and that battery cell production is another opportunity for the company to scale. Tesla was down less than 1% in the premarket.

Salesforce — Morgan Stanley boosted its price target on the software stock to $236 from $228 per share, implying 43% upside from Friday’s close. The stock, however, was down more than 1% in premarket trading.

Intel — The chipmaker shed 1.5% in the premarket, after its fourth-quarter financial results missed Wall Street’s expectations Friday. Intel, which lost 9% on Friday, also forecast a loss for the current quarter.

Coinbase — JMP Securities reiterated its outperform rating on the stock, which has rallied 85% since the start of trading Jan. 9, analysts said in a note Friday. Coinbase, however, was down 2.7% in the premarket.

— CNBC’s Samantha Subin, Carmen Reinicke and Michael Bloom contributed reporting.

Stocks making the biggest moves midday: American Express, Intel, Silvergate Capital and more

Stocks making the biggest moves midday: American Express, Intel, Silvergate Capital and more

American Express, Visa and Mastercard signage are displayed in a shop window in New York.

Scott Eells | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

American Express — The credit card company saw an 11% jump in its shares after it issued upbeat earnings and revenue guidance for 2023 that was better than expected by Wall Street analysts. The company also said it will increase its dividend by 15%.

Intel — The chipmaker saw its shares drop nearly 7% after its latest financial results missed analysts’ estimates and showed significant declines in the company’s sales, profit and gross margin. The company also forecasted a loss for the current quarter.

Silvergate Capital — The crypto-focused bank slid more than 22% after it suspended dividend payments on its Series A preferred stock, in an effort to preserve capital as it navigates recent crypto market volatility. The stock has been falling since November, after crypto exchange FTX, for whom Silvergate held deposits, collapsed in scandal.

Hasbro — Shares tumbled 6.7% after the toymaker warned of weak holiday quarter results and said it would cut 1,000 jobs, which equates to about 15% of its workforce.

Colgate-Palmolive — Shares fell more than 4% after Colgate-Palmolive released its latest earnings results. The consumer products firm reported a beat on the top and bottom lines, according to consensus estimates from Refinitiv. Colgate sees low- to mid- single-digit earnings growth for the full year, compared with forecasts for 7.6% growth.

KLA — Shares of KLA, a semiconductor manufacturer, shed about 5% after giving a weaker-than-expected fiscal third-quarter forecast. The guidance came even as the company reported earnings that beat on top and bottom lines.

Chevron —  Chevron shares fell nearly 5% after the company reported quarterly earnings of $4.09 per share ex-items, which was short of the analysts’ estimate of $4.38 per share, according to Refinitiv. The company cited asset writedowns and rising costs for the miss.

Chewy — Shares of the pet retailer rose more than 4% following an upgrade by Wedbush to outperform from neutral. The firm expects Chewy to benefit “from steady demand for consumables in 2023.”

Moderna — Shares of the vaccine maker fell about 2% following a Reuters report that the European Union is in talks with Pfizer and BioNTech to lower the number of Covid-19 vaccine doses it’s committed to purchasing this year in exchange for paying a higher price per dose.

Visa — The payments stock rose by more than 2% after a better-than-expected fiscal first quarter. Visa reported $2.18 in adjusted earnings per share on revenue of $7.94 billion. Analysts surveyed by Refinitiv had expected earnings of $2.01 per share on revenue of $7.7 billion. Net revenue rose 12% year over year, with total cross-border volume climbing 22%.

 — CNBC’s Carmen Reinicke, Jesse Pound, Sarah Min and Alex Harring contributed reporting

Stocks making the biggest moves premarket: Intel, Chevron, American Express, Silvergate and more

Stocks making the biggest moves premarket: Intel, Chevron, American Express, Silvergate and more

Intel said April 5, 2022 that it has suspended all business operations in Russia.

Paco Freire/Sopa Images | Lightrocket | Getty Images

Check out the companies making headlines before the bell:

Intel — The chipmaker suffered a 9% loss in its shares in early morning trading after its latest financial results missed analysts’ estimates and showed significant declines in the company’s sales, profit and gross margin. The company also forecasted a loss for the current quarter.

Advanced Micro Devices — Chip stocks such as Advanced Micro Devices fell as a group following Intel’s results. Shares of Advanced Micro Devices fell nearly 2.4%, while shares of Nvidia and Micro dipped about 1.5% each.

Chevron — Shares dipped more than 1% after Chevron reported its latest earnings results. The oil producer missed earnings expectations, but topped revenue forecasts, according to consensus estimates from Refinitiv. The shares had gained on Thursday after Chevron raised its dividend and announced a buyback plan.

American Express — Shares of the credit card company rose 5% despite weaker-than-expected results for the fourth quarter. American Express reported $2.07 in earnings per share on $14.18 billion of revenue. Analysts surveyed by Refinitiv were looking for $2.22 per share on $14.22 billion of revenue. However, American Express’ guidance for 2023 was better than anticipated for earnings and revenue. Also, AMEX said it would be increasing its dividend by 15%.

Ralph Lauren — Shares fell more than 3% after BMO Capital Markets downgraded the stock to underperform. The investment firm said Ralph Lauren’s recent rally has gone too far.  

Chewy — Chewy shares rose more than 4% after Wedbush upgraded the stock to outperform from neutral.

Silvergate Capital — The bank to crypto businesses slid about 8% after the company suspended payments on its Series A preferred stock dividend, in an effort to preserve capital as it navigates recent crypto market volatility. The stock has been falling since November, after crypto exchange FTX, for whom Silvergate held deposits, collapsed in scandal.

Visa — The payment network operator reported strong financial results for its most recent quarter, including adjusted earnings per share of $2.18 and revenue of $7.94 billion. Analysts expected $2.01 per share in adjusted earnings and $7.70 billion in revenue, according to Refinitiv. Visa shares rose about 1% in premarket trading.

Hasbro — Shares of the toy maker slid more than 5% after the company said it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results. The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million annually by the end of 2025.

KLA — Chip maker KLA Corporation declined about 4.6% after issuing weaker-than-expected forward guidance for its fiscal third quarter. Otherwise, KLA reported a beat on earnings and revenue expectations.

— CNBC’s Tanaya Macheel, Yun Li and Jesse Pound contributed reporting

Stocks making the biggest moves after hours: Intel, Visa, Hasbro and more

Stocks making the biggest moves after hours: Intel, Visa, Hasbro and more

The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022.

Arnd Wiegmann | Reuters

Check out the companies making headlines in after-hours trading.

Intel — Shares of Intel plunged 8.2% after the company reported earnings that missed on the top and bottom lines. The company reported adjusted earnings of 10 cents per share on $14.04 billion in revenue where analysts expected 20 cents per share on revenue of $14.46 billion, per Refinitiv. Intel also gave weak guidance, forecasting a net loss in the first quarter.  

Visa — Visa shares rose 1.5% after the company reported an earnings beat. The digital payments company reported adjusted earnings per share of $2.18 and $7.94 billion in revenue, more than Wall Street’s expectations of adjusted earnings of $2.01 per share and $7.70 billion in revenue, per Refinitiv.

Hasbro — Shares slid 7.8% after the toymaker announced it was cutting about 1,000 jobs, or 15% of its workforce. The company also warned of a weak fourth quarter.

KLA Corporation — Shares of KLA Corporation, a semiconductor manufacturer, shed 4.9% even though the company reported earnings that beat analysts’ expectations on the top and bottom lines, according to Refinitiv. The company gave a forward guidance that was weaker than expected for its fiscal third quarter, which weighed on shares.

Stocks making the biggest moves midday: Chevron, Tesla, Seagate Technology, United Rentals and more

Stocks making the biggest moves midday: Chevron, Tesla, Seagate Technology, United Rentals and more

Check out the companies making headlines in midday trading.

Seagate Technology — Shares of the data storage company surged 10.9% a day after Seagate posted beats on the top and bottom line for its fiscal second quarter. Seagate reported earnings of 16 cents per share on revenue of $1.89 billion. Analysts called for earnings of 10 cents per share on $1.83 billion in revenue, according to Refinitiv.

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Chevron – Shares of the energy giant popped 4.9% a day after the company announced a $75 billion buyback and said that it would boost its dividend payout.

Tesla — Shares of the electric vehicle company soared 11% a day after Tesla posted quarterly results that were better than anticipated. The company beat analysts’ expectations on the top and bottom lines, according to Refinitiv.

Albemarle — Shares gained 3.1% after Piper Sandler initiated coverage of the stock at overweight, calling the stock a “lithium pure play on a going forward basis.”

United Rentals — The equipment rental company’s shares jumped 9.9% a day after it posted its latest quarterly results. Though United Rentals missed analysts’ expectations for per-share earnings, it was in-line with Wall Street’s forecasts for revenue, per FactSet. The company forecasted 2023 revenue to range between $13.7 billion and $14.2 billion, surpassing analysts’ estimates, according to FactSet.

EVgo — The electric charging company slid 0.3% following a downgrade by JPMorgan to neutral from overweight. The firm cited slower growth and higher capital intensity than it previously expected.

Steel Dynamics — The steel producer’s stock gained 10% after the company announced its fourth-quarter earnings. The company posted adjusted earnings of $4.37 per diluted share, compared to the $3.76 analysts forecasted, according to FactSet. Steel Dynamics also beat expectations for revenue.

ViaSat — The satellite company tumbled 7.8% following William Blair’s downgrade to market perform from outperform. William Blair said the company sees a more balanced risk-reward ratio for the stock following its outperformance so far in 2023.

Mobileye — The autonomous driving tech company saw its shares jump 6% after posting earnings and revenue that beat analysts’ expectations. Mobileye posted adjusted earnings of 27 cents per share on $565 million in revenue for the fourth quarter. Analysts forecasted earnings of 17 cents per share on $530.2 million in revenue, according to FactSet.

Peloton — The digital workout company added 3.4% after Bank of America reiterated the stock as a buy ahead of its earnings report next week. The firm said it expects modest upside on subscription and churn numbers and is hoping the company says it’s getting closer to having positive cash flows by 2024.

Las Vegas Sands — Shares of the hotel and casino company jumped 6.1% despite a weaker-than-expected fourth quarter. Las Vegas Sands reported an adjusted loss of 19 cents per share on $1.12 billion of revenue. Analysts surveyed by Refinitiv were anticipating a loss of 9 cents per share on $1.18 billion of revenue. However, management struck a positive tone about the outlook in Asia, specifically Macao, for 2023 as China lifts travel restrictions.

AT&T — The telecom stock dipped 2.1% on Thursday, giving back some of its post-earnings pop. The stock rose roughly 6.6% on Wednesday after reporting more wireless subscribers than expected for the fourth quarter.

Sherwin-Williams — Shares of the paintmaker slid 8.9% after reporting fourth quarter sales came in lighter than expected. Sherwin-Williams earned an adjusted $1.89 per share last quarter, topping estimates by 2 cents, according to Refinitiv. But the $5.23 billion in revenue was below expectations of $5.26 billion. Guidance for sales and earnings was also lighter than expected as the company warned of limited visibility in the back half of 2023.

IBM — Shares of IBM slipped 4.5% after the company reported quarterly earnings on Wednesday. The computing company also said it will cut 3,900 jobs, signaling potential weakness ahead. It also said it expects revenue growth on the low end of its mid-single-digit model in 2023.

Southwest Airlines — Shares of Southwest Airlines fell 3.2% after the company reported a $220 million net loss in the fourth quarter, partly due to the holiday debacle when it cancelled 16,700 flights. That cost the company millions in revenue.

Pfizer — Pfizer shares dipped 0.9% after UBS downgraded the pharma stock to neutral from a buy rating. The firm said estimates remain too high for the company’s Covid segment.

Levi Strauss — Levi Strauss shares gained 7.5% after the denim maker beat Wall Street’s estimates and shared optimistic sales guidance for the new fiscal year.

Tractor Supply — Shares gained 6% after the company reported fourth-quarter earnings and revenue before the bell that beat expectations. Tractor Supply’s EPS came in at $2.43 versus analysts’ estimate of $2.35 per share, according to Refinitiv.

— CNBC’s Michelle Fox, Alex Harring, Jesse Pound, Carmen Reinicke, Samantha Subin and Darla Mercado contributed reporting.

Stocks making the biggest moves premarket: Southwest, Tesla, Las Vegas Sands and more

Stocks making the biggest moves premarket: Southwest, Tesla, Las Vegas Sands and more

A Southwest Airlines Co. Boeing 737 passenger jet pushes back from a gate at Midway International Airport (MDW) in Chicago, Illinois.

Luke Sharrett | Bloomberg | Getty Images

Check out the companies making the biggest moves premarket:

Southwest — The airline dropped 2.1% after reporting a $220 million loss for the fourth quarter after the holiday meltdown cost the company millions in expenses and drove up expenses.

Comcast — The media company reported fourth-quarter earnings that beat Wall Street’s expectations, with earnings per share coming in at 82 cents, adjusted, versus the 77 cents expected from analysts surveyed by Refinitiv. Revenue was $30.55 billion compared to the $30.32 expected. Shares, however, were down less than 1% in the premarket.

Tesla — The electric-vehicle maker soared 7% after reporting record revenue and an earnings beat. CEO Elon Musk said Tesla might be able to produce 2 million cars this year.

Las Vegas Sands — Shares of the hotel and casino operator rose about 4% despite the company posting weaker-than-expected financial results for the most recent quarter. Wall Street analysts cited upbeat comments about its reopening in Macao on the company earnings call for their positive outlook on the stock.

Levi Strauss — Shares of the denim maker popped 6% premarket on a better-than-expected quarterly report. Levi Strauss topped analysts’ revenue estimates and beat earnings projections by 5 cents a share.

Blackstone — Blackstone shares dipped less than 1% after the asset manager reported mixed earnings results. Total segment revenues fell short of expectations, while distributable earnings beat estimates by 12 cents a share.

Chevron — The energy giant jumped more than 3% in premarket after the company announced a $75 billion stock buyback program and a dividend hike to $1.51 from $1.42 per share. The buyback program will become effective on April 1.

Dow — The chemicals giant posted fourth-quarter earnings, revenue and adjusted EBITDA that missed analyst expectations before the bell Thursday, sending the stock down more than 3% in premarket trading.

IBM — Shares of IBM shed 2.7% after the company reported quarterly results Wednesday that generally exceeded Wall Street’s expectations but included an announcement that the firm will cut 3,900 jobs. IBM reported adjusted earnings per share of $3.60 per share on $16.69 billion in revenue where analysts expected $3.60 per share and $16.4 billion in revenue, per Refinitiv.

American Airlines — The airline gained 1.5% after its fourth-quarter profits beat Wall Street’s expectations, thanks to strong holiday demand and high fares.

Seagate Technology — The data storage company jumped more than 8% in premarket trading after reporting earnings and revenue for the last quarter that beat expectations.

Pfizer — The pharma giant was downgraded by UBS on Thursday, which said Pfizer’s Covid franchise estimates need to come down and its pipeline is too premature. Pfizer was up less than 1% in the premarket.

— CNBC’s Carmen Reinicke, Yun Li, Samantha Subin, Tanaya Macheel and Michael Bloom contributed reporting.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.