Monday, March 20, 2023

Stocks making the biggest moves midday: CVS, Fortinet, Lumen Technologies, Alphabet & more

Rafael Henrique | Lightrocket | Getty Images

Check out the businesses making headlines in noon buying and selling Wednesday:

Lumen Technologies — Shares fell 22.5% after the cloud community knowledge firm reported a fourth-quarter lack of about $3.1 billion. Its earnings steering for the yr additionally got here in under StreetAccount estimates.

associated investing information

Bank of America double upgrades Tripadvisor, says travel stock can surge nearly 60% as consumers book more experiences


Alphabet — Shares of Google’s father or mother firm dropped 7.5% after the corporate held an event to show off its new artificial intelligence chatbot referred to as Bard, in the future after competitor Microsoft held an occasion to point out off AI applied sciences in its competing search engine.

CVS Health — CVS Health gained 4.6% after the corporate surpassed revenue and gross sales expectations in its newest quarterly outcomes. The pharmacy operator reported earnings of $1.99 per share on income of $83.8 billion. Analysts polled by Refinitiv have been forecasting earnings of $1.92 per share on income of $76.21 billion. Separately, CVS Health stated it could acquire primary care company Oak Street Health in a transaction valued at $10.6 billion.

The New York Times Company — Shares for the media group popped greater than 14% after its fourth-quarter earnings beat analyst estimates. The firm reported earnings of 59 cents per share, which was higher than a Refinitiv estimate of 43 cents per share. CEO Meredith Kopit Levien stated the corporate gained more than 1 million digital-only subscribers in 2022.

Tripadvisor — The on-line journey firm jumped 4.3% after being double upgraded by Bank of America to purchase from underperform. The financial institution cited accelerating development inside Tripadvisor’s experiences reserving platform, Viator, and powerful U.S. demand.

Under Armour — The athletic attire retailer fell 7.9% regardless of posting earnings and revenue that beat Wall Street’s expectations. Under Armour’s outcomes have been overshadowed by a 50% year-over-year enhance in stock. “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 stated throughout a name.

Fortinet — The cybersecurity firm jumped 10.8% after it beat analysts’ earnings expectations for the latest quarter. Fortinet posted earnings of 44 cents per share, whereas analysts anticipated 39 cents per share, in keeping with StreetAccount.

Fox Corp. — Shares of the broadcaster have been up 5.5% after Fox reported its newest quarterly outcomes. The firm’s earnings per share of 48 cents matched a StreetAccount estimate, whereas income of $4.61 billion. Fox additionally introduced 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% enhance in its common each day quantity. The firm 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 photo voltaic inventory fell greater than 5% even after the corporate posted better-than-expected earnings and income. Wall Street has remained cautious on the U.S. photo voltaic outlook. Several corporations, together with Guggenheim, Susquehanna and Piper Sandler lately reiterated maintain rankings on the inventory.

Chipotle — The Mexican restaurant chain noticed its inventory drop 5.1% after the corporate reported weaker-than-expected earnings and income for its fourth quarter. Chipotle stated clients pulled again on their restaurant spending throughout the quarter amid an underperforming limited-time menu merchandise, robust comparisons to the earlier yr’s brisket launch and climate.

— CNBC’s Tanaya Macheel, Sarah Min, Yun Li, Hakyung Kim, Alex Harring, and Michelle Fox Theobald contributed reporting.

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