Shoppers shop at AT&T at King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania.
Mark Makela | Getty Images
Check out the companies making the biggest moves at noon:
News Corp, Fox – News Corp rose 5.4%, while Fox News rose more than 2% after Rupert Murdoch called off plans to merge the two companies.
AT&T – The telecom giant gained 5.4% after reporting more mobile subscribers than expected for the fourth quarter.
Boeing— The carrier slipped slightly after reporting a fourth-quarter loss and earnings that fell short of expectations, citing labor and supply constraints that overshadowed a surge in jet demand.
Sunrun – The solar company fell 8.6% after being downgraded from overweight to equal weight by Barclays, which cited a possible slowdown in solar demand. SunPower, downgraded from equal weight to underweight, fell more than 2%.
Alphabet — Shares fell 3.3% in midday trade, 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 larger cuts announced last week.
Enphase Energy – Solar stock fell 5.3% after Piper Sandler downgraded it to neutral from buy. The company cited a possible restart of the US residential solar market this year that could hurt shares, although it notes the company’s strong product and management.
US Bancorp — Shares rose 5.7% after US Bancorp reported fourth-quarter earnings excluding items of $1.20, versus $1.12 by StreetAccount. However, revenue fell short of estimates.
Intuitive Surgical – The maker of robotic surgical systems saw shares fall 6.6% after the company reported fourth-quarter earnings and sales that came in just below expectations. The company cited a resurgence of Covid-19 in China, which negatively impacted the volume of cases in the region.
Capital One Financial – The bank gained 7% despite reporting disappointing quarterly results. However, Capital One built $1 billion in credit reserves in the fourth quarter, twice that of its peers, BMO Capital Markets said in a note. “We applaud COF for doing what its peers have failed to do so far this earnings season: adequate precaution ahead of a credit cycle,” the company said.
Nasdaq — The exchange operator fell more than 6.9% after it reported net sales of $906 million versus $909.5 million expected by StreetAccount. The result also fell just short of expectations.
General Dynamics – The aerospace and defense company fell 3% after it reported fourth-quarter earnings that fell short of expectations, even as its revenue beat estimates. General Dynamics also said its guidance for fiscal 2023 earnings per share is between $12.60 and $12.65, versus $13.87 expected by StreetAccount.
Block – Block fell 4.2% after Oppenheimer downgraded the stock to outperform. The company said the mobile payments stock would be a frontrunner in a risk environment, but expects shares are yet to bottom. “[Thus] we could see the recent SQ rally dissipate (an increase of a whopping 43% over the past three months),” Oppenheimer said.
Airbnb – Airbnb’s shares fell 1.6% after analysts at Gordon Haskett downgraded the company from hold to underperform, citing overly aggressive Wall Street estimates.
NextEra Energy — Shares fell 6.1% after the alternative energy company reported fourth-quarter sales that fell short of expectations.
– CNBC’s Sarah Min, Carmen Reinicke, Tanaya Macheel, Alex Harring and Michael Bloom contributed coverage.