Check out the companies making the biggest moves midday:
AT&T — The telecommunications giant rallied 6.58% after reporting more wireless subscribers than expected for the fourth quarter.
Sunrun — The solar company dropped 7.01%% after being downgraded to equal weight from overweight by Barclays, which cited a potential slowdown in solar demand. SunPower, downgraded to underweight from equal weight, shed only 0.92%.
Alphabet — Shares shed 2.54%, a day after the Justice Department filed a second antitrust lawsuit against Google. Alphabet also laid off 1,800 employees in California on Wednesday as part of the larger cuts announced last week.
Enphase Energy — The solar stock fell 4.17% after Piper Sandler downgraded it to neutral from buy. The firm cited a potential reset in the U.S. residential solar market coming this year that could hurt shares despite noting the company’s strong product and management.
U.S. Bancorp — The stock gained 5.31% after U.S. Bancorp reported fourth quarter earnings of $1.20, excluding items, versus the $1.12 expected by StreetAccount. Revenue, however, missed estimates.
Intuitive Surgical — The maker of robotic surgical systems saw shares drop 5.5% after the company reported fourth-quarter earnings and revenue that fell just short of expectations. The company cited a Covid-19 resurgence in China that negatively impacted procedure volumes in the area.
Capital One Financial — The bank rallied 8.99%, despite reporting disappointing quarterly results. However, Capital One built credit reserves by $1 billion in the fourth quarter, twice that of peers, BMO Capital Markets said it a note. “We applaud COF for doing what its peers have not so far this earnings season: provision appropriately ahead of a credit cycle,” the firm said.
Nasdaq — The exchange operator fell 5.85% after reporting net revenue of $906 million versus the $909.5 million expected by StreetAccount. Earnings also narrowly missed expectations.
General Dynamics — The aerospace and defense company shed 3.64% after reporting fourth-quarter earnings that missed expectations, although its revenue beat estimates. General Dynamics also said its 2023 fiscal year earnings per share guidance is $12.60-$12.65, versus the $13.87 expected by StreetAccount.
Block — Block initially fell after Oppenheimer downgraded the stock to perform from outperform, but ended the day only down 0.02% The firm said the mobile payments stock would be a first mover in a risk on environment, but expects stocks have yet to see a bottom. “[Thus] we could see the recent SQ rally evaporate (up a whopping 43% last three months),” Oppenheimer said.
Airbnb — Shares of Airbnb dipped after analysts at Gordon Haskett downgraded the company to underperform from hold, citing overly aggressive estimates from Wall Street. However, the stock closed up 0.3%
NextEra Energy — The stock dropped 8.71% after the alternative energy company reported revenue for the fourth quarter that missed expectations.
— CNBC’s Sarah Min, Carmen Reinicke, Tanaya Macheel, Alex Harring and Michael Bloom contributed reporting.