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