business

Sunrun, US Bancorp, Alphabet, AT&T and more

Shoppers shop at AT&T in the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania.

Mark Makela | GettyImages

Check out the companies making the biggest moves midday:

News Corp, Fox — News Corp rallied 5.4%, while Fox news gained more than 2%, after Rupert Murdoch called off plans to merge the two companies.

AT&T — The telecommunications giant rallied 5.4% after reporting more wireless subscribers than expected for the fourth quarter.

Boeing— The air carrier fell slightly after reporting a loss for the fourth quarter and revenue that missed expectations, citing labor and supply strains that overshadowed an increase in jet demand.

sunrun — The solar company 8.6% after being downgraded to equal weight from overweight by Barclays, which cited a potential drop down in solar demand. SunPowerdowngraded to underweight from equal weight, was down more than 2%.

Alphabet — Shares shed 3.3% in midday trading, 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 5.3% after Piper Sandler downgraded it to neutral from buying. The firm cited a potential reset in the US residential solar market coming this year that could hurt shares despite noting the company’s strong product and management.

US Bancorp — The stock gained 5.7% after US 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 6.6% 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 affected procedure volumes in the area.

Capital One Financial — The bank rallied 7%, 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 more than 6.9% 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% 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 fell 4.2% after Oppenheimer downgraded the stock to perform from outperform. The firm said the mobile payments stock would be a first mover in a risk on the 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 1.6% after analysts at Gordon Haskett downgraded the company to underperform from hold, citing overly aggressive estimates from Wall Street.

NextEra Energy — The stock dropped 6.1% 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.

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