Stocks making the biggest moves midday: Walmart, Citigroup, Paramount and more

Market Insider

In this article

Exterior view of a Walmart store on August 23, 2020 in North Bergen, New Jersey
VIEW press | Corbis News | Getty Images

Check out the companies making headlines in midday trading.

Walmart — Shares fell about 10.5% after the big-box retailer reported quarterly earnings that significantly missed Wall Street’s expectations. Walmart posted adjusted first-quarter earnings of $1.30 per share on revenue of $141.57 billion. Analysts had expected a profit of $1.48 per share on revenue of $138.94 billion, according to Refinitiv consensus estimates. Walmart cited cost pressures from rising fuel prices, higher inventory levels and overstaffing.

Citigroup — The bank stock rallied roughly 8.2% the day after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway added more than 55 million shares to build a stake worth $2.95 billion in the first quarter. Shares of Citi have been underperforming the financial sector over the past 12 months and are still down 15% this year.

Paramount Global – Paramount shares surged nearly 14% after Berkshire Hathaway revealed a stake worth $2.6 billion in the media company. At the end of the quarter, the media company was Berkshire’s 18th largest holding.

United Airlines – Shares of the air carrier jumped more than 7% after the Federal Aviation Administration cleared 52 Boeing 777 planes to fly again, after they were grounded for engine failure. The planes represent 10% of United’s capacity. United has said it plans to bring the planes back gradually starting later this month.

Take-Two Interactive Software — Shares surged 12.3% despite light guidance and a miss on a bookings metric from the video game company. Analysts are expecting a better outlook after the company closes a pending acquisition of Zynga.

JD.com – Shares of the Chinese e-commerce giant gained about 2% after the company beat revenue estimates for its most recent quarter, despite seeing a slowdown in growth as Covid-19 lockdowns weighed on consumer spending. Revenue came in at 239.7 billion Chinese yuan, an 18% increase from the previous year, compared to expectations of 236.6 billion yuan, according to Refinitiv.

Tencent Music Entertainment – U.S. traded shares of the Chinese online entertainment platform slid more than 3%. Tencent Music posted quarterly revenue of 6.64 billion yuan, a 15% decline from the prior year.

AMD – Shares of the semiconductor stock jumped 8.7% after Piper Sandler upgraded Advanced Micro Devices to overweight from neutral and said shares could rally nearly 50% after dipping this year.

Workday — Shares dipped 1.8% after UBS downgraded the HR software stock to a neutral rating from buy. The firm said Workday could be hit hard during an economic downturn.

Maxar Technologies — The space stock retreated nearly 2% after Bank of America downgraded Maxar to an underperform rating from neutral. The bank said it expects lower revenue and margins at the satellite imaging company moving forward.

Molson Coors — The beverage stock dipped more than 2% following a downgrade from Bernstein. The investment firm said that the recovery trade for Molson Coors has largely run its course and moved its rating to market perform from outperform.

— CNBC’s Yun Li, Jesse Pound, Sarah Min, Samantha Subin and Tanaya Macheel contributed reporting.

Articles You May Like

7 Stocks to Buy Now to Beat Inflation
Robinhood Stock Is Still Far From Safe
Stock futures rise as Wall Street looks to snap losing streak
How Safe Is Venmo and What Are Its Fees?
Occidental Petroleum Stock Rallies Are Opportunities to Exit