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