A Norwegian Gateway cruise ship departs Manhattan Harbor during sunset in New York City, the United States, on April 10, 2022.
Tayfun Coskun | Anadolu Agency | Getty Images
Check out the companies making the biggest moves at noon:
Norwegian Cruise Line – Shares fell more than 6% after the cruise line operator reported in a filing with the Securities and Exchange Commission that it will report net losses for the fourth quarter and full year of 2022 and the first quarter of 2023.
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Charles Schwab – Bank stock fell more than 6% after Bank of America twice downgraded the shares to an underperform rating, saying customers would continue to shift cash to alternatives such as money market funds.
Vornado Realty Trust – Shares in the real estate investment trust fell 3.3% after it cut its quarterly dividend to 37.5 cents a share from 53 cents. Vornado Realty, which owns commercial real estate in cities like New York and San Francisco, cited the current state of the economy and capital markets, as well as Vornado’s revised projected taxable income for 2023, primarily due to higher interest rate risk.
Roblox – Roblox shares fell 6% after a downgrade to an underweight rating by analysts at Morgan Stanley. The bank said the video game stock’s upside potential is limited after a strong earnings report in December.
Philip Morris – Marlboro’s parent company rose 2.4% after Jefferies called the stock “recession-resistant.”
ServiceNow — Shares rose nearly 3% after Bank of America named the software stock a top pick. The company noted its “best-in-class growth.”
Tesla – Shares of the electric vehicle maker fell more than 1% in midday trade. Piper Sandler reiterated his outperform rating on the stock and said investors should “proactively” buy shares. A day earlier, CEO Elon Musk’s fraud case began over tweets he wrote in 2018 about considering taking Tesla private, which had led to a stock price rally.
Alcoa — Shares of the aluminum company fell 4.6% on Thursday after the company announced its fourth-quarter results. Alcoa’s adjusted loss in the fourth quarter was 70 cents a share, below the expected loss of 81 cents, according to StreetAccount. However, the company’s Adjusted EBITDA — an earnings metric that includes less expenses than net income — missed estimates. Alcoa expects total alumina shipments in 2023 to be down year-over-year.
Discover Financial Services — The online bank fell nearly 2% after raising loan loss provisions and forecasting higher net write-off rates this year, a signal that customers are falling behind. Discover that both earnings per share and revenue for the quarter beat expectations.
CureVac — Shares rose more than 9% after the biopharmaceutical company was upgraded to a “buy” from neutral by UBS. The Wall Street firm said the Phase 1 results for an influenza treatment marked an “important turning point.”
Ford – The automaker’s stock fell 1.9% after its price target was lowered by Evercore ISI, which said the automaker could struggle in a recession.
Allstate — Shares fell 7% a day after the insurance company reported preliminary fourth-quarter results that included an estimated adjusted net loss of between $335 million and $385 million.
Northern Trust — Shares of the financial institution fell 10% after the company reported fourth-quarter net income per diluted common share of 71 cents, compared to $1.91 in the fourth quarter of 2021. Revenue from its trust and investment services totaled $1.04 billion, less than the $1.05 billion expected by StreetAccount.
Comerica — Shares rose about 6% after the financial services company beat earnings expectations in its latest earnings report. Comerica reported earnings of $2.58 per share, ahead of the $2.55 earnings per share expected by analysts polled by Refinitiv.
– CNBC’s Samantha Subin, Jesse Pound, Alex Harring, Sarah Min and Michael Bloom contributed coverage.