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A Carvana used-car vending machine in Miami, May 11, 2022.
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Check out the companies making headlines in midday trading.
Carvana — Shares soared nearly 30% after the used-car retailer reached a deal that will reduce its total outstanding debt more than $1.2 billion. The agreement will eliminate over 85% of its 2025 and 2027 unsecured note maturities and lower its required cash interest expense $430 million a year for the next two years.
Goldman Sachs — The banking titan advanced 1.6% despite missing expectations of analysts polled by Refinitiv for earnings and revenue. Goldman said the profit miss was tied to write-downs in the commercial real estate business and the sale of lending unit GreenSky.
Joby Aviation — Shares sank more than 13% after JPMorgan downgraded the electric aircraft maker to underweight, calling its recent stock outperformance “largely overblown.”
Omnicom — Shares tumbled 10.7% after the marketing and communications company missed revenue expectations, reporting $3.61 billion in the second quarter against a forecast of $3.67 billion from analysts polled by FactSet. The company beat expectations for earnings expectations by one cent at $1.81 per share.
Elevance Health — The stock rose 6% after Elevance Health beat analysts’ expectations on the top and bottom lines in its second-quarter results. The health insurance provider reported adjusted earnings of $9.04 per share, better than consensus estimates of $8.78 per share, according to FactSet. Revenue came in at $43.38 billion, compared with the $41.64 billion forecast. Additionally, Elevance said medical enrollment rose by 938,000 members on a year-over-year basis. It also raised its full-year guidance, which also beat expectations.
Northern Trust — Northern Trust jumped more than 14% after reporting earnings. The regional bank posted earnings of $1.56 per share, a 16% drop from the same quarter in the prior year. It reported total revenue of about $1.8 billion, down 1% from the year-ago period.
Interactive Brokers — Shares slid 3.5% after the electronic broker missed earnings estimates. The firm posted adjusted earnings per share at $1.32 for the second quarter, under the consensus estimate of $1.40 per share from analysts polled by Refinitiv.
J.B. Hunt Transport Services — The transportation and logistics stock rose 1.5% despite a disappointing quarterly report. J.B. Hunt posted $1.81 in earnings per share on $3.13 billion, while analysts polled by Refinitiv estimated $1.92 in earnings per share and $3.31 billion in revenue.
Western Alliance Bancorporation — Shares of the regional bank rose 1.2%, erasing premarket losses following the bank’s mixed second-quarter earnings announcement Tuesday after the bell. The company announced earnings of $1.96 per share and $669 million in revenue. Analysts had estimated earnings of $1.98 per share and revenue of $652 million, according to Refinitiv. The bank also reported a rise in deposits during the quarter.
AT&T — The telecommunications stock climbed 7.8%. Shares have been under pressure in recent days following a Wall Street Journal investigation that found miles of lead cables in the U.S. AT&T said Tuesday that it has no plans to remove cables from Lake Tahoe. Argus downgraded the stock to buy from hold, citing concerns around the cables.
Qualcomm — Shares rose 2.8% after JPMorgan added the stock to its focus list and said it’s one of the firm’s best growth ideas.
Cisco — Shares of the enterprise technology company rose 1.4% after JPMorgan upgraded Cisco to overweight from neutral. The investment firm said a slowdown in demand for Cisco’s products is likely close to bottoming out.
Charles Schwab — The financial stock added 1.9% after JPMorgan added the stock to its focus list following its earnings report, citing improving fundamentals.
Amazon — The e-commerce giant traded 1.6% higher after Bank of America reiterated the stock as a buy, saying it’s optimistic on earnings.
ServiceNow — The software stock jumped 1.8% to hit a 52-week high after Bank of America reiterated the firm as a top pick. The Wall Street firm said its channel checks suggested healthy deal activity in the second quarter amid easing macro pressure.
— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Jesse Pound, Michelle Fox and Yun Li contributed reporting.
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