Finance

Pedestrians walk through a street crossing in front of the American electric company car Tesla Motors official authorized car dealer store in Hong Kong, July 13, 2022.
Budrul Chukrut | SOPA Images | Lightrocket | Getty Images

Check out the companies making headlines in midday trading.

Tesla  — Shares tumbled nearly 9%. The action comes a day after the electric-vehicle maker reported net income and GAAP earnings for the first quarter that dropped more than 20% from the same quarter last year. CEO Elon Musk also suggested on the earnings call that Tesla would prefer higher volumes to higher margins.

IBM — The tech-based business services company’s shares gained less than 1% after Moderna announced it would be teaming up with IBM to advance mRNA technology. Moderna said it would access IBM’s quantum computing systems to accelerate the discovery of new mRNA vaccines.

American Express — The credit card company’s shares fell nearly 2% after the firm reported an earnings miss. American Express posted earnings per share of $2.40 for the first quarter,  below an estimate of $2.66, per Refinitiv. Its revenue did beat expectations, however.

Las Vegas Sands — Shares gained 5%. On Wednesday, the casino and resort company posted a beat on first-quarter earnings. Las Vegas Sands reported adjusted earnings of 28 cents per share, larger than the 20-cent consensus estimate of analysts polled by Refinitiv. The $2.12 billion in revenue was also ahead of Wall Street’s expectation of $1.85 billion. Shares of Wynn Resorts rose 3.5%.

BuzzFeed — The penny stock shed 20% after the company said it would lay off 15% of its staff and shut down BuzzFeed News.

AT&T — Shares of the telecommunications giant slid 10% Thursday after it posted a beat on adjusted earnings but missed on revenue. The company was able to grow its subscribers, adding 424,000 postpaid phone plans, which matched Wall Street’s expectations.

Zions Bancorporation — The regional bank lost 4.5%. The decline comes a day after Zions missed earnings expectations in the first quarter. Zions reported earnings per share of $1.33, while analysts polled by Refinitiv forecasted $1.53 per share. The bank posted $679 million in net interest income, which was lower than the $687.5 million expected by analysts polled by StreetAccount.

F5 — Shares of the cloud-based software company declined about 2%. On Wednesday, F5 announced adjusted earnings of $2.53 per share and $703.2 million in revenue. Meanwhile, analysts polled by FactSet had anticipated earnings per share of $2.42 and $698.4 million in revenue. The company announced plans to reduce its global headcount by 620 employees, or 9% of its workforce.

D.R. Horton — The homebuilder advanced 6.6% after beating Wall Street expectations in its fiscal second quarter. The company posted earnings of $2.73 per share on revenue of $7.97 billion. Analysts expected $1.93 in earnings per share on $6.47 billion in revenue, according to Refinitiv.

Seagate — The technology stock slid 6% after the data storage company missed expectations on the top and bottom lines in its fiscal third quarter, according to FactSet. Seagate also set guidance for current-quarter earnings per share and revenue below Wall Street expectations, while CEO Dave Mosley said delayed orders from big customers weighed on demand.

Lam Research — The maker of semiconductor equipment added nearly 9%. On Wednesday, the company beat expectations on both the top and bottom lines when reporting results, according to Refinitiv. However, the company gave a weak outlook for its fiscal fourth quarter.

Tripadvisor — The travel booking company saw its stock drop 3.5% after Truist downgraded shares to hold from buy. The Wall Street firm said it sees value elsewhere in the travel industry. The stock is up about 2% on the year.

Capri Holdings — Shares climbed 2% after Raymond James upgraded the stock to strong buy from outperform. The Wall Street firm said the global luxury fashion company behind Versace, Jimmy Choo and Michael Kors is “poised to report better-than-expected results,” given lowered expectations.

Raytheon Technologies — Shares declined 1% after Jefferies downgraded Raytheon Technologies to hold from buy, according to FactSet. The downgrade comes ahead of the defense firm’s first quarter earnings report, which is set to release April 25.

Shift4 Payments — The payment processing stock rose 7% after CEO Jared Isaacman responded to a Wednesday short report from Blue Orca in a letter to shareholders. Stephens upgraded the stock to overweight from equal weight, noting it did not see validity to the contents of the Blue Orca report.

NetApp — The hybrid cloud data services company slipped 3% following a downgrade to underperform from neutral by Bank of America. The firm said the company should experience weaker demand.

Citizens Financial — Shares of the large regional bank fell more than 4% on Thursday after Bank of America downgraded the stock to neutral from buy. The firm said in a note to clients that there were better risk/reward opportunities elsewhere in the bank sector for investors, citing Citizens’ guidance for net interest income. Citizens also posted quarterly results Wednesday, with revenue coming just short of Wall Street’s expectations, according to FactSet.

Sea Limited — Shares slid 3.3% after UBS downgraded the Singapore-based technology company to neutral from buy, citing a lack of visibility.

Elanco — The pet health stock added 2.9% on an upgrade to overweight from equal weight by Barclays. The firm said the stock has an attractive risk-reward ratio.

— CNBC’s Yun Li, Hakyung Kim, Michelle Fox, Sarah Min, Brian Evans and Jesse Pound contributed reporting

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