Stocks making the biggest moves midday: CVS, Fortinet, Lumen Technologies, Alphabet & more
Check out the companies making headlines in midday trading Wednesday:
Lumen Technologies — Shares fell 22.5% after the cloud network data company reported a fourth-quarter loss of about $3.1 billion. Its earnings guidance for the year also came in below StreetAccount estimates.
Alphabet — Shares of Google's parent company dropped 7.5% after the company held an event to show off its new artificial intelligence chatbot called Bard, one day after competitor Microsoft held an event to show off AI technologies in its competing search engine.
CVS Health — CVS Health gained 4.6% after the company surpassed profit and sales expectations in its latest quarterly results. The pharmacy operator reported earnings of $1.99 per share on revenue of $83.8 billion. Analysts polled by Refinitiv were forecasting 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 transaction valued at $10.6 billion.
The New York Times Company — Shares for the media organization popped more than 14% after its fourth-quarter earnings beat analyst estimates. The company reported earnings of 59 cents per share, which was greater than a Refinitiv estimate of 43 cents per share. CEO Meredith Kopit Levien said the company gained more than 1 million digital-only subscribers in 2022.
Tripadvisor — The online travel company jumped 4.3% after being double upgraded by Bank of America to buy from underperform. The bank cited accelerating growth within Tripadvisor's experiences booking platform, Viator, and strong U.S. demand.
Under Armour — The athletic apparel retailer fell 7.9% despite posting earnings and revenue that beat Wall Street's expectations. Under Armour's results were overshadowed by a 50% year-over-year increase in inventory. "That 50% increase is a big number, but when you actually look at the amount of inventory we're now holding, we're holding the right level of inventory for a $6 billion business," CEO Colin Browne said during a call.
Fortinet — The cybersecurity company jumped 10.8% after it beat analysts' earnings expectations for the most recent 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 were up 5.5% after Fox reported its latest quarterly results. The company's earnings per share of 48 cents matched a StreetAccount estimate, while revenue of $4.61 billion. Fox also announced an incremental buyback program of $3 billion. r share, beating analysts' estimates.
CME Group — CME Group gained 5% after surpassing fourth-quarter earnings expectations and reporting a 6% increase in its average daily volume. The company reported adjusted earnings of $689.1 million, or $1.92 per share, for the quarter. That topped a StreetAccount forecast of $1.87 per share.
Enphase Energy — The solar stock fell more than 5% even after the company posted better-than-expected earnings and revenue. Wall Street has remained cautious on the U.S. solar outlook. Several firms, including Guggenheim, Susquehanna and Piper Sandler recently reiterated hold ratings on the stock.
Chipotle — The Mexican restaurant chain saw its stock drop 5.1% after the company reported weaker-than-expected earnings and revenue for its fourth quarter. Chipotle said customers pulled back on their restaurant spending during the quarter amid an underperforming limited-time menu item, tough comparisons to the previous year's brisket launch and weather.
— CNBC's Tanaya Macheel, Sarah Min, Yun Li, Hakyung Kim, Alex Harring, and Michelle Fox Theobald contributed reporting.