Check out the companies making headlines in midday trading. United Airlines – The airline’s shares surged nearly 7% a day after the company reported higher-than-expected revenue and earnings for the fourth quarter. The carrier hit its full-year adjusted earnings target of between $10 and $12 a share in 2023 and said bookings so far in 2024 were solid. United forecast a first-quarter loss due to the grounding of Boeing 737 Max 9 planes this month, however. TKO Group – Shares of TKO Group Holdings rose 13% after announcing a deal to air its flagship WWE program known as “Raw” on Netflix next year. The move marks Netflix’s first major leap into live sports. 3M – 3M plunged more than 12% after issuing disappointing guidance. The company said it expects adjusted earnings per share to range between $9.35 and $9.75 for the year, far from the $9.81 per share expected by analysts polled by LSEG. Alibaba – US shares of the China-based technology company rose nearly 7% after regulatory filings and The New York Times revealed that Alibaba’s co-founders bought more than $200 million worth of stock. Sunnova Energy , Enphase Energy – Sunnova Energy and Enphase Energy gained more than 3% and 2%, respectively, after Truist upgraded the solar stocks to buy ratings, saying both stocks could benefit from rate hikes this year by the Federal Reserve. Coinbase – Coinbase fell 3% after JPMorgan downgraded the cryptocurrency exchange to an equal-weight underweight, saying the company could face some headwinds as enthusiasm for spot bitcoin ETFs fades. NetEase – China’s internet stock rose more than 7%. Beijing’s gaming regulator has pulled draft gaming rules from its website, according to Reuters. These regulations were aimed at reducing spending on video games. The KraneShares CSI China Internet ETF (KWEB) advanced more than 4%. General Electric – The industrial stock slipped less than 1% in midday trading. General Electric beat fourth-quarter estimates on the top and bottom lines, but the company shared weaker-than-expected guidance for the first quarter. GE said it expected EPS to be between 60 and 65 cents, versus an LSEG estimate of 72 cents. Zuora – The enterprise software company added nearly 4% after Goldman Sachs upgraded shares to buy, citing stabilization in fundamentals and “improving profit profile.” The firm sees 30% upside for Zuora shares. Teva Pharmaceutical – The pharmaceutical stock rose about 4%. Jefferies upgraded Teva Pharmaceuticals to a buy rating, citing marginal expansion opportunities in 2024. Lockheed Martin – Lockheed Martin fell more than 3% after the defense contractor shared weaker-than-expected earnings-per-share guidance for the full year. The company said it expects earnings to range between $25.65 and $26.35 per share, versus a FactSet estimate of $26.61 per share. DR Horton – The homebuilder fell more than 9% after posting mixed quarterly results. Earnings beat expectations, but earnings fell 6 cents short of analysts’ expectations, per LSEG. Halliburton – Halliburton advanced close to 2%. The oil company posted mixed quarterly results but increased its dividend to 17 cents a share, up more than a hundredth a share. Logitech – Shares fell nearly 10% after Logitech said sales fell in its fiscal third quarter. The mouse and keyboard maker also raised its revenue guidance for the full year, but it fell within the range expected by analysts, according to FactSet. Rumble – Rumble shares have soared close to 30%. This latest move builds on Monday’s 36% gain after the video platform and cloud services company announced a partnership with Barstool Sports. Johnson & Johnson – Johnson & Johnson shares slipped nearly 2% even after the company slightly beat Wall Street’s fourth-quarter expectations. The pharmaceutical giant also offered full-year guidance, projecting sales between $87.8 billion and $88.6 billion and adjusted earnings of $10.55 to $10.75 per share. Verizon – Shares jumped 5.5% after the telecom giant beat Wall Street expectations for its fourth quarter. Verizon posted $1.08 in adjusted earnings per share on $35.13 billion in revenue, while analysts polled by LSEG had forecast $1.07 per share in earnings and $34.64 billion in revenue. Procter & Gamble – Consumer staples rallied more than 4%. Procter & Gamble posted mixed results for its fiscal second quarter, beating revenue expectations but falling short on revenue. The company said rising prices helped boost revenue and narrowed its full-year outlook. RTX – Shares jumped more than 5% after RTX beat expectations in its fourth quarter results. RTX reported adjusted earnings of $1.29 per share, beating the FactSet consensus estimate of $1.24 per share. Revenue of $19.93 billion came in better than the $19.74 billion forecast by analysts surveyed by FactSet. Zions Bancorporation – The regional bank stock fell 1%. Zions Bancorporation said Monday that during the fourth quarter, net interest income fell 19% to $583 million, while loans rose 4%. — CNBC’s Yun Li, Sarah Min and Alex Harring contributed reporting
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