Shoppers shopping at AT&T at the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania.
Mark Makela | Getty Images
Check out the companies making the biggest moves of the afternoon:
AT&T — The telecom giant grew 5.4% after reporting more wireless subscribers than expected in the fourth quarter.
sunrun – The solar company fell 8.6% after it was downgraded from overweight to equal weight by Barclays, which cited a possible slowdown in solar demand. Sun PowerDowngraded from equal weight to underweight was down more than 2%.
Alphabet Shares fell 3.3% in afternoon trading a day after the Justice Department filed a second antitrust suit against google. alphabet too laid off 1,800 employees As part of larger cuts announced last week in California on Wednesday.
enphase energy — Solar stock plunges 5.3% after Piper Sandler downgraded it from buy to neutral, The firm cited a potential reset in the US residential solar market coming this year, which could hurt shares, noting the company’s strong product and management.
US Bancorp – The stock rose 5.7% after US Bancorp reported fourth-quarter earnings of $1.20, excluding items, compared with the $1.12 expected by StreetAccount. Revenue, however, missed estimates.
seamless surgical — The maker of robotic surgical systems saw shares slide 6.6% after the company reported fourth-quarter earnings and revenue that fell short of expectations. The company cited a COVID-19 resurgence in China that negatively impacted process volumes in the region.
Capital One Financial — The bank rose 7% despite disappointing quarterly results. However, Capital One made $1 billion of credit reserves in the fourth quarter, more than double that of peers, BMO Capital Markets said in a note. “We commend COF for doing what its peers have not done so far this earnings season: making appropriate provisions ahead of the credit cycle,” the firm said.
nasdaq – The exchange operator fell more than 6.9% after StreetAccount reported net revenue of $906 million against the expected $909.5 million. Earnings also fell short of expectations.
general mobility — The aerospace and defense company shed 3% after reporting fourth-quarter earnings that missed expectations, although its revenue beat estimates. General Dynamics also said its 2023 fiscal year earnings per share guidance is $12.60-$12.65, versus the $13.87 expected by StreetAccount.
block – Block fell 4.2% after Oppenheimer downgraded the stock to perform with better performance. The firm said the mobile payments stock will be a first mover at risk on the environment, but doesn’t expect the shares to drop just yet. ,[Thus] Oppenheimer said, we may see the recent SQ rally fading (a whopping 43% increase over the past three months).
Next Era Energy — Revenue declined 6.1% after the alternative energy company missed expectations for the fourth quarter.
— CNBC’s Sarah Min, Carmen Reinicke, Tanaya Machel, Alex Haring and Michael Bloom contributed reporting.