Chevron, Tesla, Seagate Technology, United Rentals and more

Find out which companies are making headlines in the midday business.

Seagate Technology – Shares of the data storage company jumped more than 10% a day after Seagate recorded beatings up and down for its fiscal second quarter. Seagate reported earnings of 16 cents per share on revenue of $1.89 billion. Analysts called for earnings of 10 cents per share on $1.83 billion in revenue, according to Refinitiv.

Chevron – Shares of the energy giant jumped 4% a day after the company announced a $75 billion buyout and said it would increase its dividend payout.

You’re here – Shares of the electric vehicle company soared more than 8% a day after Tesla reported better-than-expected quarterly results. The company beat analysts’ expectations for revenue and earnings, according to Refinitiv.

Albemarle – Shares gained 2.6% after Piper Sandler began hedging the overweight stock, calling the stock “pure lithium play going forward.”

United rentals — Shares of the equipment rental company jumped 7% a day after the release of its latest quarterly results. Although United Rentals missed analysts’ expectations for earnings per share, it was in line with Wall Street revenue forecasts, according to FactSet. The company expected 2023 revenue to be between $13.7 billion and $14.2 billion, beating analyst estimates, according to FactSet.

EVgo – The electric charging company slipped 2.6% following a downgrade from JPMorgan to neutral by overweight. The company cited slower growth and higher capital intensity than it had previously expected.

steel dynamics — The steelmaker’s stock gained 9.5% after the company announced its fourth quarter results. The company posted adjusted earnings of $4.37 per diluted share, versus $3.76 forecast by analysts, according to FactSet. Steel Dynamics also exceeded revenue expectations.

ViaSat — The satellite company fell 8% following the demotion of William Blair to market performance after outperformance. William Blair said the company expects a more balanced risk-reward for the stock after its outperformance so far in 2023.

mobileye — The self-driving technology company saw its shares jump 2.5% after posting earnings and revenue that beat analysts’ expectations. Mobileye posted adjusted earnings of 27 cents per share on revenue of $565 million in the fourth quarter. Analysts expect earnings of 17 cents per share on $530.2 million in revenue, according to FactSet.

Section – The digital drive firm added 1% after Bank of America reiterated the action as a buy ahead of its earnings report next week. The company said it expects a modest uptick in subscription and unsubscription numbers and hopes the company will say it’s getting closer to being cash flow positive by 2024.

Las Vegas Sands — Shares of the hotel and casino company jumped more than 6% despite a weaker-than-expected fourth quarter. Las Vegas Sands posted an adjusted loss of 19 cents per share on $1.12 billion in revenue. Analysts polled by Refinitiv had expected a loss of 9 cents per share on $1.18 billion in revenue. However, management struck a positive tone about the outlook in Asia, particularly Macau, for 2023 as China lifts travel restrictions.

AT&T – The telecommunications stock fell more than 2% on Thursday, giving back some of its post-earnings pop. The stock rose about 6.6% on Wednesday after reporting more wireless subscribers than expected for the fourth quarter.

Sherwin-Williams – Shares of the paint maker fell more than 8% after reporting fourth-quarter sales were weaker than expected. Sherwin-Williams earned an adjusted $1.89 per share last quarter, beating estimates by 2 cents, according to Refinitiv. But the $5.23 billion in revenue was below expectations of $5.26 billion. Forecasts for sales and earnings were also softer than expected as the company warned of limited visibility in the second half of 2023.

IBM – IBM shares fell 4.9% after the company released its quarterly results on Wednesday. The IT company also said it would cut 3,900 jobs, signaling potential weakness ahead. It also said it expects revenue growth in the low single digits of its model in 2023.

South West Airlines – Southwest Airlines shares fell 4.7% after the company reported a net loss of $220 million in the fourth quarter, in part due to the holiday debacle when it canceled 16,700 flights. This is costing the company millions in revenue.

Pfizer – Pfizer shares fell 1.7% after UBS downgraded the pharmaceuticals stock to neutral from a buy rating. The company said the estimates remained too high for the company’s Covid segment.

Levi Strauss – Shares of Levi Strauss gained 5.9% after the denim maker beat Wall Street estimates and shared an upbeat sales forecast for the new fiscal year.

tractor supply – Shares gained more than 5% after the company reported fourth-quarter earnings and revenue before the bell that beat expectations. Tractor Supply’s EPS came in at $2.43 versus analysts’ estimate of $2.35 per share, according to Refinitiv.

– CNBC’s Michelle Fox, Alex Harring, Jesse Pound, Carmen Reinicke, Samantha Subin and Darla Mercado contributed reporting.


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