Check out the companies making headlines in midday trading. United Airlines – The airline stock popped nearly 7% a day after the company reported higher-than-expected earnings and revenue 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 have been 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 rallied 13% after announcing a deal to air its WWE flagship program known as “Raw” on Netflix next year. The move marks Netflix’s first major jump into live sports. 3M – 3M sank 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, falling short of the $9.81 per share expected by analysts polled by LSEG. Alibaba – U.S. shares of the China-based technology company surged nearly 7% after regulatory filings and The New York Times revealed that Alibaba’s co-founders have purchased more than $200 million worth of shares. 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 that both stocks could benefit from rate cuts this year from the Federal Reserve. Coinbase – Coinbase slumped 3% after JPMorgan downgraded the crypto exchange to underweight from equal weight, saying that the company could face some obstacles as enthusiasm for spot bitcoin ETFs fades. NetEase – The Chinese internet stock rose more than 7%. Beijing’s gaming regulator pulled draft video gaming rules from its website, according to Reuters. These regulations aimed to reduce 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 surpassed fourth-quarter estimates on the top and bottom lines, but the company shared weaker guidance than anticipated for the first quarter. GE said it expected EPS to range 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 a stabilization in fundaments and “improving profitability 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 margin 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 a share, versus a FactSet estimate of $26.61 per share. D.R. Horton – The homebuilder dropped more than 9% after posting mixed quarterly results. Revenue topped 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 boosted its dividend to 17 cents a share, up from a cent per share. Logitech – Shares sank nearly 10% after Logitech said that sales declined in its fiscal third quarter. The manufacturer of mice and keyboards also raised its revenue guidance for the full year, but it came within the range anticipated by analysts, per FactSet. Rumble – Rumble shares skyrocketed close to 30%. This latest move builds on a 36% gain from Monday after the video platform and cloud services company announced a partnership with Barstool Sports. Johnson & Johnson – Johnson & Johnson’s stock 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 telecommunication giant exceeded Wall Street expectations for its fourth quarter. Verizon posted $1.08 in adjusted earnings per share on $35.13 billion in revenue, while analysts surveyed by LSEG forecasted $1.07 per share in earnings and $34.64 billion of revenue. Procter & Gamble – The consumer staples stock rallied more than 4%. Procter & Gamble posted mixed results for its fiscal second quarter , topping earnings expectations but falling short on revenue. The company said that price hikes helped boost revenue and narrowed its full-year outlook. RTX – Shares jumped more than 5% after RTX exceeded expectations in its fourth-quarter results. RTX reported adjusted earnings of $1.29 per share, topping the FactSet consensus estimate of $1.24 per share. Revenue of $19.93 billion came in better than the $19.74 billion anticipated by analysts polled by FactSet. Zions Bancorporation – The regional bank stock fell 1%. Zions Bancorporation said on 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
Stocks making the biggest moves midday: UAL, TKO, MMM, BABA
