Check out the companies making headlines in midday trading. Palantir — Shares of the data analytics provider surged more than 24% after the company reported $608.4 million in revenue for the quarter, versus the $602.4 million expected by analysts surveyed by LSEG, formerly known as Refinitiv. Guidance for 2024 was about in line with expectations. Coherent — Shares jumped 17% after Coherent posted stronger-than-expected quarterly results. In its second quarter, the materials company posted earnings of 36 cents per share, greater than the 26 cents per share anticipated by analysts polled by StreetAccount. Revenue of $1.13 billion edged out a consensus estimate of $1.12 billion. GE HealthCare Technologies — GE HealthCare Technologies shares jumped more than 11% following better-than-expected earnings results. In its fourth quarter, the medical technology company reported adjusted earnings of $1.18 per share, more than the earnings of $1.07 per share expected by analysts polled by FactSet. Revenue of $5.21 billion topped the $5.09 billion consensus estimate. Li Auto — U.S.-traded shares of the Chinese electric vehicle maker popped 9% on the heels of a Deutsche Bank upgrade to buy from hold. The bank said shares are at an attractive entry point after recent underperformance. Spotify Technology — Shares of the music streaming company popped 6% after the firm’s price increase and cost-cutting measures helped it narrow losses in the fourth quarter. The number of paid premium subscribers also rose 15% to 236 million in the quarter, beating the FactSet consensus. DuPont de Nemours — The chemicals stock jumped 6% after DuPont de Nemours reported a quarterly profit that came in at the top end of its prior guidance, as well as announced a stock buyback and hiked its dividend. In its fourth quarter, the company posted adjusted earnings of 87 cents per share, compared to guidance of 85 cents to 87 cents in earnings per share. BP — Shares of the oil giant jumped about 6.4% after BP increased the pace of its buybacks as well as its dividend. The company said it was committed to announcing a $3.5 billion share buyback for the first half of the year. BP posted a decline in annual profit, however. Willis Towers Watson — Shares gained 6% after Willis Towers Watson posted fourth-quarter results that beat analysts’ expectations on the top and bottom lines. The insurance service company reported adjusted earnings of $7.44 per share, topping the FactSet consensus estimate of $7.05 in earnings per share. Revenue of $2.91 billion was higher than the $2.90 billion expected by analysts. Simon Property Group — The stock advanced 5% after Simon Property Group posted a fourth-quarter beat and raised its dividend. The real estate investment trust reported funds from operations, or FFO, of $3.69 per share, topping the StreetAccount estimate of $3.33 per share. It raised its quarterly dividend to $1.95 from $1.90. CleanSpark — Shares of the bitcoin miner rose more than 10% midday after the company announced it acquired three bitcoin mining facilities in Mississippi; a new mining facility in Dalton, Georgia; and it’s expanding its existing Dalton campus. The mergers and expansion will help CleanSpark double its current operational hashrate, a measure of its computing power on the bitcoin network, within the first half of this year, the company said. United Parcel Service — The stock added 4.6% after UBS upgraded the delivery company to buy from neutral. The bank said it expects UPS to reduce costs to support margin expansion and earnings growth. UBS also hiked its price target to $175 from $160, suggesting nearly 26% upside from Monday’s close. Check Point Software Technologies — Shares gained 2.4% after Check Point Software Technologies reported fourth-quarter non-GAAP earnings of $2.57 per share, topping the $2.47 FactSet consensus estimate. Revenue of $663.5 million surpassed the $662.1 million expected by analysts. Check Point is also starting the succession process to find a new CEO, with current chief Gil Shwed transitioning into the executive chair position. DocuSign — Shares of the software company fell more than 3% after DocuSign announced it would lay off 6% of its workforce as part of a restructuring plan. The company also said it expects to “meet or exceed” its previous guidance for the previous quarter when those results are finalized and released. UBS — U.S.-traded shares of the Swiss bank dropped more than 5%. The bank posted its second-straight quarter of losses and saw its revenue fall short of analysts’ expectations. Meanwhile, the bank also raised its dividend and announced it would resume share buybacks up to $1 billion in the second half of 2024. FMC — Shares of the chemical manufacturing company dropped 10% after FMC posted weaker-than-expected quarterly results and issued poor guidance. FMC reported adjusted earnings of $1.07 per share on revenue of $1.15 billion. Analysts polled by FactSet were expecting earnings of $1.08 per share on revenue of $1.24 billion. First-quarter earnings and revenue guidance also came in below expectations. Rambus — Rambus shares tumbled 16% after the chipmaker reported a year-over-year decline in revenue in the fourth quarter. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Yun Li, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting.
Stocks making the biggest moves midday: PLTR, SPOT, UPS, DOCU
