Check out the companies making headlines in midday trading.
Amazon – The e-commerce giant’s stock tumbled 8.4% despite a revenue beat. Late Thursday, Amazon issued weaker-than-expected guidance for the current period. The company also reported a slowdown in growth within its cloud business.
Alphabet — The tech giant saw its shares drop 2.8% following the aftermath of its disappointing earnings report. Alphabet’s posted earnings per share of $1.05 missed Refinitiv analyst consensus estimates of $1.18 per share. The company’s revenue of $76.05 billion also fell below the forecasted $76.53. Despite the tough earnings report, Bank of America reiterated the stock as a buy, saying that they expect results in 2023 to be more encouraging.
Apple – The iPhone maker’s stock gained 2.4% after analysts said they could look past the company’s difficult quarter. Apple missed profit and revenue estimates for its latest quarterly print. The company posted its largest quarterly revenue decline since 2016 as it fended off a strong dollar, China production issues and a difficult macro picture.
Nordstrom — The retailer surged 24.8% after The Wall Street Journal reported activist investor Ryan Cohen is building a stake and will push for changes in the board, citing people familiar with the matter.
Clorox – Shares of Clorox rose 9.8% after the cleaning products company posted an earnings beat. The company made $0.98 per adjusted share on revenue of $1.72 billion where Wall Street expected adjusted earnings per share of $0.65 and $1.66 billion in revenue, per Refinitiv.
Starbucks — Shares of the coffee chain fell more than 4.4% after the company missed Wall Street expectations for quarterly revenue and reported a hit in its international sales from the Covid surge in China. China is the company’s second-largest market.
Ford – Ford Motor shared shed 7.6% after fourth-quarter earnings fell short of both Wall Street and its own guidance. Deutsche Bank also downgraded shares of the automaker to a sell rating, citing the fourth-quarter miss and doubt over Ford’s 2023 revenue guidance.
Bill.com — Shares dropped 26.7% following a downgrade to market perform from outperform from BMO Capital Markets, which said it was concerned about deceleration in its core business. The online bill payment company beat analysts’ expectations for the top and bottom line in its fiscal second quarter, according to FactSet.
Upstart — Shares of the AI lending platform dropped 7.3% after Loop downgraded the stock to hold from buy. The shares have gained nearly 80% year to date. The Wall Street firm said the rally is driven by a short squeeze. which may not be sustainable.
Generac — The battery backup company slid 6.5% after Guggenheim downgraded the stock to neutral from buy. The firm said the stock is fairly valued after its recent rally.
— CNBC’s Samantha Subin, Hakyung Kim, Tanaya Macheel, Carmen Reinicke and Yun Li contributed reporting